Register November 2011 No. 671
Chapter SPS 120
AUTHORITY AND DEFINITIONS
SPS 120.01
SPS 120.01 Authority. The rules in this chapter are adopted under authority of s.
227.11 (2), Stats., and
ch. 480, Stats.
SPS 120.01 History
History: Cr.
Register, June, 1995, No. 474, eff. 7-1-95.
SPS 120.02(1)(c)
(c) The seller may not withdraw the goods or real estate from the auction after the first bid is received.
SPS 120.02(1)(d)
(d) The seller may not nullify the sale by bidding himself or herself or through an agent.
SPS 120.02 Note
Note: An “absolute auction" is also known as an “auction without reserve". The department will construe written statements of an auctioneer or auction company in advertising or in other written materials relating to an auction, such as “everything will be sold" or “everything goes," as being indicative of the auctioneer's intent to conduct an absolute auction.
SPS 120.02(2)
(2) “Auction with reserve" means an auction where the seller or his or her agent reserves the right to establish a minimum bid, to accept or reject any and all bids or to withdraw the goods or real estate from sale at any time prior to the announcement of the completion of the sale by the auctioneer.
SPS 120.02(4)
(4) “Buyer's fee or surcharge" means an amount of money, usually based on a percentage of the successful bid, charged to the successful bidder and either added to the successful bid to determine the final selling price or paid separately by the successful bidder in addition to the successful bid.
SPS 120.02(5)
(5) “Consignor" means the owner or representative of the owner who places goods or real estate with a registrant for sale at auction.
SPS 120.02(6)
(6) “Department" means the department of safety and professional services.
SPS 120.02(7)
(7) “False bid" means a non-existent bid acknowledged by an auctioneer in an attempt to escalate bidding.
SPS 120.02(8)
(8) “Minimum bid" means the lowest acceptable price at which the seller agrees to complete the sale.
SPS 120.02(9)
(9) “Registrant" means a person registered as an auctioneer or auction company by the department.
SPS 120.02(10)
(10) “Shill" means an employee or agent of the registrant who bids against legitimate bidders at an auction to escalate bidding.
SPS 120.02(11)
(11) “State registration number" means the number issued to a registrant by the department, as indicated upon the certificate of registration.
SPS 120.02(12)
(12) ``Trade name" means a name other than the name appearing on an auctioneer's or auction company's registration certificate, under which an auctioneer or an auction company advertises or does business.
SPS 120.02 History
History: Cr.
Register, June, 1995, No. 474, eff. 7-1-95
; am.
Register, November, 1996, No. 491, eff. 12-1-96; am. (4) and cr. (12),
Register, July, 1999, No. 523, eff. 8-1-99;
correction in (intro.), (6) made under s. 13.92 (4) (b) 6., 7., Stats., Register November 2011 No. 671.
