DEFINITIONS

In this chapter: (1) "Advisory board" means the Auctioneer Advisory Board. (2) "Associate auctioneer" means an individual who, for compensation, sells or offers to sell property at an auction under the direct supervision of a licensed auctioneer. (3) "Auction" means the sale of property by competitive bid using any method, format, or venue. (4) "Auction company" means a person who engages in the business of arranging, managing, sponsoring, advertising, or conducting auctions. (5) "Auctioneer" means any individual who sells or offers to sell property of another person by live bid at auction, with or without receiving consideration. (6) "Commission" means the Texas Commission of Licensing and Regulation. (7) Repealed by Acts 2003, 78th Leg., ch. 816, Sec. 4.019(1); Acts 2003, 78th Leg., ch. 1276, Sec. 14A.351(a). (8) "Department" means the Texas Department of Licensing and Regulation. (8-a) "Executive director" means the executive director of the department. (9) "Fund" means the auctioneer education and recovery fund. (10) "Personal property" means any property other than real property. (11) "Real property" means land, including improvements, fixtures, and other property appurtenant to or used in connection with the land, and any other estate, interest, or legal or equitable right in the land, improvement, fixture, or appurtenant property. (12) Repealed by Acts 2015, 84th Leg., R.S., Ch. 777 , Sec. 15, eff. September 1, 2015. (13) "Sealed bid auction" means a sealed bidding procedure that incorporates or allows for the competitive increasing or decreasing of bids after the opening of sealed bids. (14) "Security instrument," "substitute trustee," and "trustee" have the meanings assigned by Section 51.0001, Property Code.