SECTION 67.10. Definitions

The following words and terms, when used in this chapter shall have the following meanings, unless the context clearly indicates otherwise.

(1) Advertisement--Any written, print, or broadcast commercial message that promotes the services of an auctioneer. For purposes of this chapter and the Texas Occupations Code, a general listing in a telephone directory that does not otherwise solicit auction business is not an advertisement.

(2) Auction listing contract--An agreement executed by the auctioneer and the seller which authorizes the auctioneer to conduct the auction, identifies the property to be sold at auction, and sets out the terms of the agreement and the rights and responsibilities of each party. This includes seller and consignment contracts.

(3) Auction without reserve (also called Absolute Auction)--An auction in which property put up for sale is sold to the highest bidder, where the seller may not withdraw the property from the auction after the auctioneer calls for bids unless no bid is made in a reasonable time, and where the seller may not bid himself or through an agent.

(4) Auction with reserve--An auction in which the seller or his agent reserves the right to establish a minimum bid, accept or reject any and all bids, and withdraw the property at any time prior to the announcement of the completion of the sale by the auctioneer.

(5) Operated--To have fiduciary and operational responsibilities for an auction company's auctions conducted in Texas.

Source Note: The provisions of this §67.10 adopted to be effective January 27, 1993, 18 TexReg 301; amended to be effective June 1, 1993, 18 TexReg 3241; amended to be effective January 7, 1994, 18 TexReg 9928; amended to be effective February 13, 1995, 20 TexReg 564; amended to be effective December 1, 2006, 31 TexReg 9601; amended to be effective January 1, 2014, 38 TexReg 9507