Which of the following is NOT a common auction term?

The term "Trade limit" is not a common auction term, distinguishing it from the others listed. In the context of auctions, the hammer price refers to the final bid at which an item is sold, typically signaled by the auctioneer bringing down the gavel. The buyer's premium is an additional fee charged to the buyer, often calculated as a percentage of the hammer price, and is a standard practice in many auction settings. The reserve price is the minimum price that a seller is willing to accept for an item, which must be met for the item to be sold.

Understanding these common auction terms is essential for anyone involved in auctions, whether as a buyer, seller, or auctioneer. Each of these terms plays a crucial role in the auction process, providing clarity and structure during the bidding and selling activities.