AUCTIONING REAL ESTATE

Real Estate brokers are sometimes asked to sell property at auction; however, certain licensing and procedural requirements must first be met in order to do so.

Should a property owner wish to contract with a licensed real estate broker to conduct an auction of his property (both real and personal), the broker must first obtain an auction firm license (no examination required) and then employ a licensed auctioneer to cry the sale. Under this cooperative arrangement, the "broker/auction firm" would advertise the auction, describe at the auction the property to be sold, maintain and account for an monies received at the auction, deliver the various document to the parties, and perform other functions normally associated with conducting auctions and brokering real estate; the broker cannot, however, cry any bide.

The auctioneer would cry the bids for both the real estate and the personal property and could also assist the "broker/auction firm" by performing any of the above ace or similar acts with respect to any personal property to be sold.

For further information concerning auctioneer and auction firm license, contact the North Carolina Auctioneer Licensing Board, Suite 306 — Haworth Building, 3509 Haworth Drive, Raleigh, North Carolina 27609 (Phone 919/733-2182).