Terms Used In Maine Revised Statutes > Title 32 > Chapter 5-B > Subchapter 3 - Licensing Qualifications

• Auction: means the offering of goods or real estate for sale by means of exchanges between an auctioneer and bidders. See Maine Revised Statutes Title 32 Sec. 284
• Auctioneer: means any person who conducts, advertises or offers that person's service to conduct auctions; contracts or offers to contract with consignors of real or personal property, with or without receiving or collecting a fee, commission or other valuable consideration; or sells or offers to sell property at auction. See Maine Revised Statutes Title 32 Sec. 284
• Bid: means an offer to buy. See Maine Revised Statutes Title 32 Sec. 284
• Board: means the Board of Licensing of Auctioneers, as established by Title 5, section 12004?A, subsection 5. See Maine Revised Statutes Title 32 Sec. 284
• Completion of the sale: means the acceptance of the final bid by the auctioneer as indicated by the fall of the hammer or in another customary manner. See Maine Revised Statutes Title 32 Sec. 284
• Consignor: means the bona fide owner, agent or party in interest of the personal property or real estate being offered for sale. See Maine Revised Statutes Title 32 Sec. 284
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Municipality: includes cities, towns and plantations, except that "municipality" does not include plantations in Title 10, chapter 110, subchapter IV; or Title 30?A, Part 2. See Maine Revised Statutes Title 1 Sec. 72
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual. See Maine Revised Statutes Title 32 Sec. 284
• Real estate: includes lands and all tenements and hereditaments connected therewith, and all rights thereto and interests therein. See Maine Revised Statutes Title 1 Sec. 72
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• With reserve: means that the consignor reserves the right to establish a minimum bid, to accept or reject any bid and to withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer. See Maine Revised Statutes Title 32 Sec. 284
• Without reserve: means that no minimum opening bid or other condition that limits the sale other than to the highest bidder is required and that the consignor may not modify or nullify the sale by bidding either personally or through a representative. See Maine Revised Statutes Title 32 Sec. 284