Illinois Compiled Statutes 225 ILCS 407/5-10 – Definitions
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As used in this Act:
“Advertisement” means any written, oral, or electronic communication that contains a promotion, inducement, or offer to conduct an auction or offer to provide an auction service, including but not limited to brochures, pamphlets, radio and television scripts, telephone and direct mail solicitations, electronic media, and other means of promotion.
“Advisory Board” or “Board” means the Auctioneer Advisory Board.
“Auction” means the sale or lease of property, real or personal, by means of exchanges between an auctioneer and prospective purchasers or lessees, which consists of a series of invitations for offers made by the auctioneer and offers by prospective purchasers or lessees for the purpose of obtaining an acceptable offer for the sale or lease of the property, including the sale or lease of property via mail, telecommunications, or the Internet.
“Auction contract” means a written agreement between an auctioneer or auction firm and a seller or sellers.
“Auction firm” means any corporation, partnership, or limited liability company that acts as an auctioneer and provides an auction service.
“Auction school” means any educational institution, public or private, that offers a curriculum of auctioneer education and training approved by the Department.
“Auction service” means the service of arranging, managing, advertising, or conducting auctions.
“Auctioneer” means a person or entity who, for another, for a fee, compensation, commission, or any other valuable consideration at auction or with the intention or expectation of receiving valuable consideration by the means of or process of an auction or sale at auction or providing an auction service, offers, negotiates, or attempts to negotiate an auction contract, sale, purchase, or exchange of goods, chattels, merchandise, personal property, real property, or any commodity that may be lawfully kept or offered for sale by or at auction.
“Address of record” means the designated address recorded by the Department in the applicant’s or licensee’s application file or license file maintained by the Department.
“Buyer premium” means any fee or compensation paid by the successful purchaser of property sold or leased at or by auction, to the auctioneer, auction firms, seller, lessor, or other party to the transaction, other than the purchase price.
“Department” means the Department of Financial and Professional Regulation.
“Division” means the Division of Real Estate within the Department.
“Email address of record” means the designated email address recorded by the Department in the applicant’s application file or the licensee’s license file maintained by the Department’s licensure maintenance unit.
“Goods” means chattels, movable goods, merchandise, or personal property or commodities of any form or type that may be lawfully kept or offered for sale.
“Interactive computer service” means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically a service or system that provides access to the Internet.
“Internet auction listing service” means a website on the Internet, or other interactive computer service, that is designed to allow or advertise as a means of allowing users to offer personal property or services for sale or lease to a prospective buyer or lessee through an online bid submission process using that website or interactive computer service and that does not examine, set the price, prepare the description of the personal property or service to be offered, or in any way utilize the services of a natural person as an auctioneer.
“Licensee” means any person licensed under this Act.
“Managing auctioneer” means any person licensed as an auctioneer who manages and supervises licensees.
“Person” means an individual, association, partnership, corporation, or limited liability company or the officers, directors, or employees of the same.
“Pre-renewal period” means the 24 months prior to the expiration date of a license issued under this Act.
“Real estate” means real estate as defined in Section 1-10 of the Real Estate License Act of 2000 or its successor Acts.
“Secretary” means the Secretary of Financial and Professional Regulation or his or her designee.
“Advertisement” means any written, oral, or electronic communication that contains a promotion, inducement, or offer to conduct an auction or offer to provide an auction service, including but not limited to brochures, pamphlets, radio and television scripts, telephone and direct mail solicitations, electronic media, and other means of promotion.
Terms Used In Illinois Compiled Statutes 225 ILCS 407/5-10
- 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.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- 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.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
“Advisory Board” or “Board” means the Auctioneer Advisory Board.
“Auction” means the sale or lease of property, real or personal, by means of exchanges between an auctioneer and prospective purchasers or lessees, which consists of a series of invitations for offers made by the auctioneer and offers by prospective purchasers or lessees for the purpose of obtaining an acceptable offer for the sale or lease of the property, including the sale or lease of property via mail, telecommunications, or the Internet.
“Auction contract” means a written agreement between an auctioneer or auction firm and a seller or sellers.
“Auction firm” means any corporation, partnership, or limited liability company that acts as an auctioneer and provides an auction service.
“Auction school” means any educational institution, public or private, that offers a curriculum of auctioneer education and training approved by the Department.
“Auction service” means the service of arranging, managing, advertising, or conducting auctions.
“Auctioneer” means a person or entity who, for another, for a fee, compensation, commission, or any other valuable consideration at auction or with the intention or expectation of receiving valuable consideration by the means of or process of an auction or sale at auction or providing an auction service, offers, negotiates, or attempts to negotiate an auction contract, sale, purchase, or exchange of goods, chattels, merchandise, personal property, real property, or any commodity that may be lawfully kept or offered for sale by or at auction.
“Address of record” means the designated address recorded by the Department in the applicant’s or licensee’s application file or license file maintained by the Department.
“Buyer premium” means any fee or compensation paid by the successful purchaser of property sold or leased at or by auction, to the auctioneer, auction firms, seller, lessor, or other party to the transaction, other than the purchase price.
“Department” means the Department of Financial and Professional Regulation.
“Division” means the Division of Real Estate within the Department.
“Email address of record” means the designated email address recorded by the Department in the applicant’s application file or the licensee’s license file maintained by the Department’s licensure maintenance unit.
“Goods” means chattels, movable goods, merchandise, or personal property or commodities of any form or type that may be lawfully kept or offered for sale.
“Interactive computer service” means any information service, system, or access software provider that provides or enables computer access by multiple users to a computer server, including specifically a service or system that provides access to the Internet.
“Internet auction listing service” means a website on the Internet, or other interactive computer service, that is designed to allow or advertise as a means of allowing users to offer personal property or services for sale or lease to a prospective buyer or lessee through an online bid submission process using that website or interactive computer service and that does not examine, set the price, prepare the description of the personal property or service to be offered, or in any way utilize the services of a natural person as an auctioneer.
“Licensee” means any person licensed under this Act.
“Managing auctioneer” means any person licensed as an auctioneer who manages and supervises licensees.
“Person” means an individual, association, partnership, corporation, or limited liability company or the officers, directors, or employees of the same.
“Pre-renewal period” means the 24 months prior to the expiration date of a license issued under this Act.
“Real estate” means real estate as defined in Section 1-10 of the Real Estate License Act of 2000 or its successor Acts.
“Secretary” means the Secretary of Financial and Professional Regulation or his or her designee.