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

1. (1) 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.
2. (2) 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.
3. (3) Bond--Recovery fund fee.
4. (4) Employed by a licensed auctioneer--Participating in all aspects of the auction business under the supervision of a licensed auctioneer.
5. (5) Operated--To have fiduciary and operational responsibilities for all aspects of an auction company's auctions conducted in Texas, and to have supervisory responsibility for the company's employees who perform auction functions in Texas.
6. (6) Participated--To have performed bid calling.
7. (7) Recurring basis--More than once every 12 months.

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.