Virginia Code 54.1-600: Definitions
As used in this chapter, unless the context requires a different meaning:
Terms Used In Virginia Code 54.1-600
- Auction: means the sale of goods or real estate by means of exchanges between an auctioneer and members of his audience, the exchanges consisting of a series of invitations for offers made by the auctioneer, offers made by members of the audience, and acceptance by the auctioneer of the highest or most favorable offer. See Virginia Code 54.1-600
- Auctioneer: means any person who conducts or offers to conduct an auction. See Virginia Code 54.1-600
- Board: means the Auctioneers Board. See Virginia Code 54.1-600
- 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.
- Director: means the Director of the Department of Professional and Occupational Regulation. See Virginia Code 54.1-600
- Goods: means any chattels, merchandise, real or personal property, or commodities of any form or type which may be lawfully kept or offered for sale. See Virginia Code 54.1-600
- 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 any natural person, association, partnership, or corporation, and the officers, directors, and employees of a corporation. See Virginia Code 54.1-600
- Personal property: All property that is not real property.
- real estate: includes lands, tenements and hereditaments, and all rights and appurtenances thereto and interests therein, other than a chattel interest. See Virginia Code 1-219
“Absolute auction” means an auction where at the time of the auction sale the real or personal property to be sold will pass to the highest bidder regardless of the amount of the highest and last bid.
“Auction” means the sale of goods or real estate by means of exchanges between an auctioneer and members of his audience, the exchanges consisting of a series of invitations for offers made by the auctioneer, offers made by members of the audience, and acceptance by the auctioneer of the highest or most favorable offer.
“Auction firm” means any corporation, partnership or entity, except a sole proprietorship, performing any of the acts of an auctioneer as defined in this section.
“Auctioneer” means any person who conducts or offers to conduct an auction.
“Board” means the Auctioneers Board.
“Director” means the Director of the Department of Professional and Occupational Regulation.
“Goods” means any chattels, merchandise, real or personal property, or commodities of any form or type which may be lawfully kept or offered for sale.
“Person” means any natural person, association, partnership, or corporation, and the officers, directors, and employees of a corporation.
“Virginia licensed auctioneer” means any auctioneer who meets the requirements for licensure as prescribed by the Board.
1982, c. 538, § 54-824.2; 1983, c. 522; 1986, c. 61; 1988, c. 765; 1991, c. 299; 2003, c. 367.