Absolute Auction — The property sells to the highest bidder regardless of price.  This typically generates a much greater interest among potential buyers resulting in greater attendance at the auction , and a higher final sale price for the item in question.

Auctioneer — The person who conducts an auction, accepting bids from the audience.

Bid Assistant — A person who assists the bidder.  Calls out bidders' bids and answers questions.

Buyer's Premium — An amount (usually a percentage) that is added to the winning bid to determine the contract selling price which the buyer pays for the property being sold. The use of the buyer's premium is so effective because it benefits both the buyers and the sellers.  Sellers benefit because it helps to defray many of the expenses associated with conducting an auction.  The buyer benefits because without the use of this tool, there may not have been an auction.  The open and competitive bidding process might not exist if the buyer's premium were not used to offset some of the auction related expenses.

Reserve Auction — The seller establishes a confidential reserve price and has the right to accept or decline the highest bid if it falls below the established reserve.  If the reserve auction method is chosen, it is imperative that the reserve price be realistic.