(a) “Auction” means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of his audience, which exchanges consist of a series of invitations for offers for the purchase of goods made by the auctioneer and offers to purchase made by members of his audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience.

(b) “Auction firm” means any business establishment or other location owned by any entity where goods are sold or advertised to be sold at auction or on any recurring basis.

(c) “Auctioneer” means an individual who is engaged in, or who by advertising or otherwise holds himself out as being available to engage in, the calling for, the recognition of, and the acceptance of, offers for the purchase of goods or real estate at an auction.

(d) “Commission” means the Mississippi Auctioneer Commission.

(e) “Goods” means any tangible personal property that can be lawfully offered for sale, real estate, property sold pursuant to any will or settlement of any estate, property sold pursuant to any legal foreclosure, automobiles or farm or other heavy equipment.

(f) “Licensee” means any person licensed under this chapter, and, in the case of an auction firm, includes the person required to obtain a license for such auction firm.

(g) “Organization” means a corporation, partnership, trust (specifically a business trust), firm, association, or any other form of business enterprise which is owned by two (2) or more individuals.

(h) “Person” means an organization or an individual.