Virginia Code 54.1-607: Advertising; absolute auctions involving real property
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A. No advertisements for any auction sale of personal or real property shall contain false, misleading, or deceptive statements, with respect to types or conditions of merchandise offered at auction, why merchandise is being sold, who has ownership, where the merchandise was obtained, or the terms and conditions of the auction and sale.
Terms Used In Virginia Code 54.1-607
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
B. No auctioneer shall advertise an auction sale of real property as “absolute” unless all lots included in the sale meet that criteria.
2003, c. 367.