21 N.C. Admin. Code 4B.0606

Current through Register Vol. 39, No. 8, October 15, 2024

Section 04B .0606 - AUCTION FIRMS

(a) All licensed auction firms shall have at least one Board-approved designated person as defined by G.S. 85B-1(10). If a licensed auction firm does not have at least one Board-approved designated person, it shall not engage in auctioneering activity.

(b) Only Board-approved designated person(s) for an auction firm shall have the authority to transact business under the firm license. This includes arranging, managing, soliciting, and contracting auctions; the supervision of the auction staff; the supervision of the acceptance of consignments of items for sale at auction; the supervision of the advertising of an auction; and the supervision of the acceptance of payment and disbursement of monies for items sold at auction.

(c) At least one designated person shall be on the premises of an auction firm's auction sale location while the auction sale is conducted.

(d) Any auctioneer licensed under G.S. 85B may call bids for a licensed auction firm without being a designated person.

(e) Any apprentice auctioneer licensed under G.S. 85B and supervised by his or her supervising auctioneer may call bids for a licensed auction firm without being a designated person.

(f) Individuals that hold a currently valid real estate broker license shall be exempt from the auction firm examination. Their authority to transact business as a designated person under the auction firm license is limited to real estate sales at auction.

21 N.C. Admin. Code 04B .0606

Authority G.S. 85B-1; 85B-3.1; 85B-4;
Eff. May 1, 2006;
Readopted Eff. July 1, 2020.

Authority G.S. 85B-1; 85B-3.1; 85B-4;
Eff. May 1, 2006.

Readopted by North Carolina Register Volume 35, Issue 03, August 3, 2020 effective 7/1/2020.