(1) “Affiliate auctioneer” means an individual who, for compensation or valuable consideration, or otherwise, is employed, directly or indirectly, by a principal auctioneer to deal or engage in any activity described in subdivision (9);

(2) “Auction” means a sales transaction conducted by oral, written, or electronic exchange between an auctioneer and members of the audience, consisting of a series of invitations by the auctioneer for offers to members of the audience to purchase goods or real estate, culminating in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience;

(3) “Auctioneer” means a principal auctioneer, bid caller auctioneer, or public automobile auctioneer;

(4) “Bid caller auctioneer” means an individual who, for compensation or valuable consideration, or otherwise, is hired by a principal auctioneer, public automobile auction, or public automobile auctioneer to solicit bids for the purchase of goods at an auction;

(5) “Commission” means the Tennessee auctioneer commission;

(6) “Continuing education” means six (6) hours each renewal period;

(7) “Goods” means chattels, merchandise, real or personal property, or commodities of any form or type that may lawfully be kept or offered for sale;

(8) “Person” includes an individual, association, partnership, corporation, and the officers, directors, and employees of a corporation;

(9) “Principal auctioneer” means an individual who, for a fee, commission, or any other valuable consideration, or with the intention or expectation of receiving a fee, commission, or any other valuable consideration by the means or process of auction or sale at auction, offers and executes a listing contract, sale, purchase, or exchange of goods, and is responsible for the management and supervision of an auction company, including its wholly owned subsidiary or affiliate company;

(10) “Public automobile auction” means offering motor vehicles for sale to the highest bidder, where buyers are members of the public, by a motor vehicle dealer licensed to sell used motor vehicles and licensed as a public automobile auctioneer by the commission. However, no public automobile auction may otherwise limit the auctioning of used motor vehicles exclusively to licensed motor vehicle dealers or their duly authorized agents;

(11) “Public automobile auctioneer” means an individual who, for a fee, commission, or any other valuable consideration, or with the intention or expectation of receiving a fee, commission, or any other valuable consideration at an auction or sale at auction, offers, negotiates, or attempts to negotiate a listing contract, sale, purchase, or exchange of goods, including motor vehicles; and

(12) “Timed listing” means offering goods for sale with a fixed ending time and date that does not extend based on bidding activity.