W. Va. Code R. § 61-11B-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 61-11B-2 - Definitions

2.1. "Absolute auction" means the sale of real or personal property at auction whereby every item offered from the block is sold to the highest bidder without reserve and without the requirements of a minimum bid or other conditions which limit the sale other than to the highest bidder.

2.2. "Apprentice auctioneer" means an auctioneer who is in training and is operating under the supervision of a licensed auctioneer.

2.3. "Auction house" or "auction firm" means and includes any person or entity that contracts with one or more individuals or entities to provide for the auctioning of goods, but does not auction the goods itself, and must retain the services of a licensed auctioneer to perform the auction.

2.4. "Auctioneer" means a person who sells goods or real estate at public auction for another on commission or for other compensation.

2.5. "Bid rigging" means any action in which two or more people conspire to restrain trade by artificially "fixing" or influencing bids in an auction. This can occur when bidders agree not to bid against one another so as to depress selling prices, or when an auctioneer and one or more others agree to try and artificially increase selling prices.

2.6. "Commissioner" means the Commissioner of Agriculture of West Virginia.

2.7. "Department" means the West Virginia Department of Agriculture.

2.8. "Escrow account" means a separate custodial or trust fund account maintained by the auctioneer.

2.9. "Estate auction" means the sale at auction of property of a specified deceased person or the property of a specified living person's estate.

2.10. "In this state" means a that an auction satisfies one of the following criteria:

2.10.a. The auctioneer performed the auction within the borders of the State of West Virginia;

2.10.b. The auctioneer is selling items for a person located in the State of West Virginia;

2.10.c. The auctioneer is auctioning is real or personal property located in the State of West Virginia;

2.10.d. The auctioneer delivers purchased property to a location in the State of West Virginia; or

2.10.e. The auctioneer is otherwise subject to the laws, including taxation authority, of the State of West Virginia.

2.11. "License year" means the twelve-month period for which an auctioneer or apprentice auctioneer's license is valid. For purposes of licenses issued in 2019, "license year" means the eighteen-month period for which that license is valid.

2.12. "Public auction" or "auction" means any public sale of real or personal property in any manner, whether in-person, via written offers or bids, or online, when offers or bids are made by prospective purchaser and the property is sold to the highest bidder.

2.13. "Reserve" means the minimum bid a seller has indicated he or she will accept at the auction.

W. Va. Code R. § 61-11B-2