Need, Greed, Pass....what?

[Reiterpallasch]

Can everyone pass? If so then what? What if more than one person chooses need?

If everyone passes, the item is lost forever.

Yeah essentially need the item if you can use it as better gear, greedy if you plan to sell it for money or trade it, and pass if you don't want it.

It's worth noting that not every item that drops in a dungeon is automatically bound to you. Greens can generally be sold. If you greed roll a green and win it, it will not be bound and can be sold. However, rolling NEED on that same item will instantly bind it to you, to prevent people from rolling need just to sell it.