AARE (Accredited Auctioneer, Real Estate): Real estate auctioneer who has met the certification requirements of the Auction Marketing Institute and agree to the Institute's code of ethics and standards of practice

Abandonment: Leaving a home, as homeowner, intending to not return.

Absentee Bid: Bidding practice which allows a bidder to participate in the auction while not physically present in the auction venue. Absentee bids are usually made prior to the auction. Each auction company has a particular set of rules and practices relating to absentee bids.

Absentee Bidder: A bidder, either a person or an entity, who submits a bid for an auction in advance but does not attend the auction. The submitted bid is the top price the absentee bidder is willing to pay.

Absolute Auction: An auction where the property is to be sold to the highest bidder, with no required minimum amount. The seller is not allowed to bid personally, or through an agent. This is also called a no-reserve auction.

Accounting of Sale: A detailed statement of the financial aspects of the sale, issued to the seller by the auctioneer.

Acceleration Clause: Clause in trust deed or mortgage allowing lender to “call the loan,” or demand all money due and payable, if a certain circumstance (such as default or sale) occurs.

Adjustable Rate Mortgage: A loan with a mortgage rate that varies at certain intervals according to certain rules, and secured by the house purchased with the mortgage loan.

Advertising: Communication directed to the general public to raise awareness of the time, place, and other details of auction, such as television, radio, newspaper and direct mail.

Agent: A person with the authority to act for another person or entity.

Appraisal: Estimate of value; also a verb meaning the act of determining the value.

Apprentice Auctioneer: An auctioneer who is training under the supervision of a full-fledged auctioneer.

As Is: Property sold without warranties as to condition or fitness for a particular use. Buyers are responsible for inspecting and judging the property; no guarantees are offered. Also known as "As Is, Where Is" and "In Its Present Condition".buyer purchases the house in present condition with no improvements.

Assumption of Mortgage: When a person takes title to a property and “takes over payment” on someone else’s loan.

Auction: Real estate sale in which property is sold through competitive bidding in a forum open to the public. Other terms for this are public auction or auction sale.

Auction Block: Formally, the podium or platform where the auctioneer stands. In vernacular, "putting something on the auction block" means to place it up for auction.

Auction Listing Agreement: A contract between the seller and the auctioneer authorizing the auctioneer to conduct the auction and specifying the terms of the auction, as well a rights and responsibilities of each party.