Terms Used In Indiana Code > Title 25 > Article 6.1 > Chapter 9 - Continuing Education

• Auction: means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of the auctioneer's audience, which exchanges consist of a series of invitations for offers for the purchase of goods or real estate made by the auctioneer and offers to purchase made by members of the audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience. See Indiana Code 25-6.1-1-3
• Auctioneer: means an individual who is engaged in, or who by advertising or otherwise holds the individual out as being available to engage in, the calling for, the recognition of, and the acceptance of offers for the purchase of goods or real estate at an auction. See Indiana Code 25-6.1-1-3
• Commission: means the Indiana auctioneer commission. See Indiana Code 25-6.1-1-3
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Licensee: means any person licensed under this article and, in the case of an auction company, includes the person required to obtain a license for such auction company. See Indiana Code 25-6.1-1-3
• Licensing agency: means the Indiana professional licensing agency established by IC 25-1-5-3. See Indiana Code 25-6.1-1-3
• Person: means an organization or an individual. See Indiana Code 25-6.1-1-3
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5