Definitions & Terms

Question 1

what’s the definition of a backhauler

Answer 1

A carrier who’s office is located in the city where the load is to be delivered to.

Question 2

What’s the definition of a broker

Answer 2

A person who provides a service for another, that they could do for themselves, but they choose not to

Question 3

What’s the definition of brokering

Answer 3

Making a market between a willing buyer and seller,

Question 4

What’s the definition of a Motor carrier?

Answer 4

The person authorized to take possession of freight in Interstate Commerce

Question 5

What’s the definition of a Motor carrier sales Representative.

Answer 5

A person authorized to act as a load finder, on behalf of the motor carrier.

Question 6

Whats the definition of a shipper

Answer 6

the person who pays the freight bill

Question 7

Whats the definition of a Consignor

Answer 7

The person who creates the bill of lading, and consigns the freight to the shipper

Question 8

Whats the definition of a Consignee

Answer 8

The person who executes the Bill of lading, by signing it received there by terminating the Motor carrier consignment.

Question 9

Whats the definition of Forwarder

Answer 9

A broker wo takes possession of and insures the cargo among various modes of transportation such as truck to rail to truck

Question 10

What’s the definition of a consolidator

Answer 10

An unlicensed person who takes possession of less than truck load freight, and makes full truckloads.

Question 11

What is a Holder of beneficial interest

Answer 11

A person having possession of and /or a property right in a bill of lading

Question 12

Can a broker qualify as a Holder of beneficial interest

Answer 12

Only if the broker the broker accepts liability in case of a lose.

Question 13

What is the definition of Congruency

Answer 13

Being in agreement or harmony,

Question 14

What is the definition of Intermodality

Answer 14

Any freight movement involving more than one mode of transportation

Question 15

What is the definition of rate matrix

Answer 15

Method for learning what freight rates prevail before you start your brokering or trucking or sale process, a method of freight rate development

Question 16

What is the definition of Bill of Lading (BOL)

Answer 16

Receipt, contract to haul and title between motor carrier and consignor for the transport of property interstate.

Question 17

What’s the definition of overage?

Answer 17

Means there is more freight on the truck that was not accounted for on the Bill of Lading

Question 18

Whats the definition of shortage

Answer 18

Cargo listed on the BOL is short of the agreed upon load.

Question 19

what’s the definition of re-consignment

Answer 19

when any party to a transportation transaction extends, shortens or in otherwise changes the terms of the rate confirmation

Question 20

What’s the definition of the Elkins act of 1903

Answer 20

that the payment of the freight bill must occur before a valid claim for loss can be paid

Question 21

what’s the definition of Holder of beneficial interest?

Answer 21

A person having possession of and or/or a property right in a bill of lading

Question 22

What’s the definition of Drop shipment

Answer 22

Any shipper who purchases transportation without actually taking possession of it. Standard non-binding, collect, and bind and or double binding

Question 23

What’s the definition of double brokering

Answer 23

The willful misrepresentation of a motor carrier to a broker for the purposes of re-brokering a load without shipper’s or brokers knowledge

Question 24

What’s the definition of re-brokering

Answer 24

Is double brokering by a different name, and is also outlawed.

Question 25

What’s the definition of Co-Brokering

Answer 25

When two brokers split one commission, not when they take two commissions.

Question 26

What’s the definition of Interlining

Answer 26

When two authorized motor carriers involved in the movement of freight from point A to point B

Question 27

What’s the definition of retail freight rate

Answer 27

Any freight rate invoiced by a broker or carrier directly to a shipper (100%) the highest market rate

Question 28

What’s the definition of wholesale freight rate

Answer 28

Any retail freight rates less a broker’s commission, a

Question 29

What is the definition of Truck waiting freight rate

Answer 29

Motor carrier bids to a broker for posted load. Another

Question 30

What’s the definition of a Bid?

Answer 30

Motor carrier asking a broker for miles and money

Question 31

What’s the definition of an Ask?

Answer 31

Shipper or broker are asking motor carriers for a rate