On-Site Auction

An auction conducted on the premises of the property being sold. Participating Broker See Cooperating Broker. Preview Specified date and time property is available for prospective buyer viewing and audits. Also known as Open House or Inspection. Referring Broker A real estate broker who does not have a listing on a property, but refers the auction company to a potential seller for an auction. Usually earns a flat fee commission for referring product to an auction company. Regroup A process used in real estate auctions where a bidder has the opportunity to combine several parcels of land previously selected by other bidders, thereby creating one larger parcel out of several smaller parcels.