Are You Ready to Become a Licensed Auctioneer in North Carolina?

Licensing Requirements for Auctioneers in North Carolina

• The North Carolina Auctioneers Commission is responsible for licensing auctioneers, apprentice auctioneers, and auction firms to ensure compliance with G.S. 85B.

• The Board does not have jurisdiction to settle disputes between parties concerning commission rates, division of commissions, or pay of assistants.

• The administrative offices of the Board are located in Fuquay-Varina, North Carolina, and office hours are 8:30 a.m. to 5:00 p.m., Monday through Friday, excluding State holidays.

• Definitions provided in this chapter include: auction house, auctioneers law, Board, buyer's premium, course, minimum bid, principal(s), and sole proprietor auction business.

• Administrative hearings in contested cases conducted by the Board or an administrative law judge are governed by Article 3A of G.S. 150B, the Rules of Civil Procedure, and the General Rules of Practice for the Superior and District Courts.

• Petitions for declaratory rulings must contain the petitioner's name, address, and telephone number, the statute, rule, or order to which the request relates, all relevant facts and information, a statement of how the petitioner has been aggrieved, and a statement as to whether the petitioner desires to present oral argument to the Board prior to its decision.

• Petitions for rule-making must contain the petitioner's name, address, and telephone number, a draft of the proposed rule adoption or amendment, and the effect of the proposal on existing rules.

• Each applicant for an auctioneer license must make application on a form prescribed by the Board and provide their legal name, contact information, social security number, date of birth, residency information, high school diploma or proof of equivalency, character endorsements, and notarized signature.

• Additional requirements for auctioneer license applicants include submitting a color photograph, completed fingerprint cards, an employee classification form, applicable fees, and documentation of required auctioneer schooling or apprenticeship experience.

• Non-resident reciprocal auctioneer applicants must also provide a statement of good standing from the licensing board or Commission of each jurisdiction where they hold an auctioneer, apprentice auctioneer, or auction firm license, and irrevocable consent that service to the Board shall be sufficient for actions against the applicant by a resident of North Carolina.

• Apprentice auctioneer applicants must also provide a written statement of each proposed supervisor's background and experience in the auction profession.

• Auction firm applicants must also provide information about the firm's legal name and type of business entity, the names, addresses, and titles of each owner, officer, and partner of the firm, contact information for the applicant, high school diploma or proof of equivalency, character endorsements, notarized signature, completed fingerprint cards for each principal and proposed designated person, an employee classification form, applicable fees, certified copy of any applicable Articles of Incorporation, Partnership Agreement, or Assumed Name Certificate, and aNorth Carolina Auctioneer Licensing Board Regulations

• The North Carolina Auctioneer Licensing Board regulates the auctioneering profession in the state.

• Applicants for an auctioneer or auction firm license must submit an application and required documents at least 30 days prior to the scheduled exam or auction.

• There are various fees for different types of licenses, renewals, and applications, ranging from $50 to $250.

• License renewal fees and reinstatement of license fees may be paid by credit or debit card only.

• Members of the Armed Forces of the United States may be granted an extension of time for up to one year for completing and reporting continuing education credits.

• The auctioneer license examination tests the applicant's knowledge of the auction business, licensing law, and rules of the Subchapter.

• If an applicant does not pass the examination, they may request an appointment to review their examination with Board staff.

• The Board issues non-transferable license numbers and pocket cards to each individual or firm.

• An apprentice auctioneer's license is valid only while associated with and supervised by a licensed auctioneer approved by the Board.

• The supervising auctioneer must be on the premises and supervise the apprentice at all times during bid calling and ensure compliance with auctioneer law and rules.

• The Board may assess civil penalties, deny, suspend, or revoke a license, or issue a letter of reprimand to a licensee for various grounds, including violations of auctioneer law or rules, false statements, incompetence, and unprofessional conduct.

• Licensees must possess truth, honesty, and integrity sufficient to be entitled to the high regard and confidence of the public.North Carolina Auctioneering Regulations

• Auction firms and their applications must comply with disclosure requirements, including reporting criminal arrests or charges and civil suits involving dishonesty, fraud, or incompetency.

• Administrative proceedings involving potential license revocation or suspension in other states must also be reported to the Board.

• Schools of auctioneering must apply for approval of their curriculum and instructors, providing information such as school name, instructor qualifications, and hours of instruction.

• Schools must provide a minimum of 80 hours of classroom instruction, covering subjects such as bid calling, advertising, auctioneer law, ethics, and accounting.

• Schools must have a minimum of five different instructors, with no more than 20 hours of instruction from any individual counting towards the requirements.

• Schools must maintain records of course offerings, student information, instructor qualifications, and subject instruction for five years.

• Approval of a school's curriculum and instructors is valid for two years and subject to evaluation for reapproval by the Board.

• Unlicensed bid calling is allowed for students enrolled in an approved course, under the direct supervision of a licensed auctioneer who is also an instructor.

• Licensees must notify the Board in writing of changes to their residence or business address, trade name, or ownership within 10 days of the change.

• Advertisements for auctions must include the auctioneer's, apprentice auctioneer's, or auction firm's name and license number, and disclosure of relationships with other auctioneers or firms.

• Advertisements for estate sales must disclose whether the estate is of a living or deceased person, and the majority of items in the sale must come from the estate.

• Advertisements for bankruptcy sales must only include items from an active bankruptcy action, and the majority of items in the sale must come from the bankruptcy of one or more parties.

• Advertisements for absolute or without reserve auctions must only include items offered for sale without conditions, and other items may be included if designated as such in all announcements and advertisements. Descriptive words such as "urgent" or "emergency" cannot be used to advertise auctions.North Carolina Auctioneer Licensing Board Rules

• North Carolina requires auctioneers to be licensed by the Auctioneer Licensing Board.

• The Board has rules in place to regulate the conduct of auctions and ensure transparency and fairness.

• Auctioneers must disclose any conflicts of interest and cannot bid on items without the intent to purchase them.

• Auctioneers must also disclose any reserves on items in the auction.

• Advertisements for auctions must not be misleading and must accurately describe the items being sold.

• Auctioneers must maintain records of payments and disbursements and keep them in a designated account.

• Bidders must register with their name, address, telephone number, and email address.

• Auction firms must have at least one Board-approved designated person who is responsible for managing and supervising auctions.

• Sole proprietor auction businesses must be owned and operated by a licensed auctioneer who is present during the auction.

• To renew their license, auctioneers, apprentice auctioneers, and designated persons in auction firms must complete Board-approved continuing education courses.

• The Board approves courses conducted by approved sponsors, with subject matter determined by the sponsor.

• The sponsor may conduct the course at any location and as often as desired during the approval period.

Licensing Requirements and Procedures for Auctioneers in North Carolina

• The Auctioneer Licensing Board is responsible for licensing auctioneers, apprentice auctioneers, and auction firms in North Carolina.

• The Board does not have jurisdiction to settle disputes between parties concerning commission rates or pay of assistants.

• The Board's administrative offices are located in Fuquay-Varina, North Carolina, and its website is www.ncalb.org.

• Office hours are 8:30 a.m. until 5:00 p.m., Monday through Friday, excluding State holidays.

• Definitions of terms used in the licensing process are provided, including "auction house," "auctioneers law," and "sole proprietor auction business."

• Administrative law procedures for contested cases, declaratory rulings, and petitions for rule-making are outlined.

• Application forms for auctioneer, non-resident reciprocal auctioneer, apprentice auctioneer, and auction firm licenses are prescribed by the Board.

• Requirements for auctioneer license applications include providing personal information, character endorsements, and documentation of schooling or experience.

• Non-resident reciprocal auctioneer license applicants must provide a statement of good standing from licensing boards in other jurisdictions where they hold auctioneer licenses.

• Apprentice auctioneer license applicants must obtain the signature of a licensed auctioneer who will supervise them and provide a written statement of the supervisor's background and experience.

• Auction firm license applicants must provide personal and business information, as well as documentation of high school education, character endorsements, and fingerprint cards for each principal and proposed designated person.

• Fees for licensing applications are set forth and must be submitted with completed applications at least seven days prior to a published Board meeting.North Carolina Auctioneer Licensing Board Rules and Regulations

• The North Carolina Auctioneer Licensing Board sets fees for various licenses related to the auctioneering profession.

• The fees include new licenses for auctioneers, apprentice auctioneers, and auction firms, as well as renewal fees and fees for converting non-resident reciprocal licenses to in-state licenses.

• License fees can be paid by cash, check, money order, or credit/debit card.

• License renewal fees and reinstatement of license fees can only be paid by credit/debit card when submitted through the Board's website.

• Members of the Armed Forces of the United States who are serving and to whom G.S. 105-249.2 grants an extension of time to file a tax return may receive an extension of up to one year for completing and reporting continuing education credits for auctioneer licenses.

• The auctioneer license examination tests knowledge of the auction business, the licensing law, and the rules of the Subchapter.

• The auction firm license examination tests knowledge of the licensing law and the rules of the Subchapter.

• If an applicant fails to pass the initial examination, they will be rescheduled for the next scheduled examination. If they fail again, the licensure fee will be refunded, but not the application or examination fee.

• Any applicant who fails to obtain a passing score of 75 percent or higher on an examination may request an appointment with the Board staff to review their examination.

• License numbers issued by the Board are non-transferable, and a pocket card with the licensee's name, license number, and expiration date must be carried during auctioneering activities and made available for inspection.

• Apprentice auctioneers must be associated with and supervised by a licensed auctioneer approved by the Board, who must have at least five years of active experience in the auctioneering profession and not have committed any acts resulting in license suspension or revocation.

• The supervising auctioneer must be present at all times an apprentice auctioneer is engaged in bid calling, provide training and supervision, and ensure compliance with the law and rules of the Subchapter.North Carolina Auctioneering Regulations

• Auction firms and their principals must report criminal arrests, charges, or convictions of misdemeanors involving dishonesty, deceit, fraud, or misrepresentation, or any arrests, charges, or convictions of felonies to the Board within 30 days.

• Auctioneers, apprentice auctioneers, and auction firms must report civil suits involving gross negligence, dishonesty, fraud, misrepresentation, or incompetency related to an auction sale or transaction within 30 days of being served.

• Auctioneers, apprentice auctioneers, and auction firms must report administrative proceedings involving potential revocation or suspension of auction or auctioneer licenses in another state within 30 days of being notified.

• Schools of auctioneering must apply for approval of their curriculum and instructors by the Board using a prescribed form that includes information such as the school name, director, instructors, topics, and hours.

• Schools of auctioneering must provide a minimum of 80 hours of classroom instruction in subjects such as bid calling, advertising, auctioneers law and regulations, accounting and mathematics, auction ethics, and other supplemental areas.

• Each school's curriculum must include instruction by a minimum of five different instructors, at least two of whom must be professional auctioneers, and instructors must exhibit truth, honesty, and integrity.

• Schools of auctioneering must furnish each student who completes their course a transcript containing their name, completion date, and total number of hours completed.

• Schools of auctioneering must maintain records for five years, containing information such as course dates, student information, instructor qualifications, and subject hours taught.

• The Board may deny, suspend, or revoke the approval of any school's curriculum and instructors when it fails to meet or maintain any requirement of the regulations or falsifies or misrepresents information.

• An enrolled person in a class at a school of auctioneering may call bids without a license for the purpose of training and receiving instruction under the direct supervision of a licensed auctioneer who is also an instructor in the school.

• Licensees must notify the Board in writing of changes or additions of residence or business address, mailing address, trade name, assumed name, or combination of names under which they conduct business related to auctions within 10 days of the occurrence of such change.

• Licensees must disclose their name and license number in all advertisements relating to an auction, and any general advertisement that does not concern a specific sale or specific sales is exempt from identification requirements. A licensee may advertise under a name, assumed name, trade name, or combination of names only if written notice has been filed with the Board.North Carolina Auctioneer Licensing Board Rules

• The North Carolina Auctioneer Licensing Board regulates the auctioneering industry in North Carolina.

• Auctioneers, apprentice auctioneers, and designated persons in auction firms must be licensed by the Board to conduct auctions in the state.

• The Board has established rules regarding advertising, sale proceeds and accounting, contracts and records, bidding, auction firms, and sole proprietor auction businesses.

• Advertising rules prohibit the use of certain descriptive words, such as "urgent" or "seized," without disclosing the reason for the urgency or government action, and require auctioneers to review advertisements before publication.

• Sale proceeds must be deposited in an escrow account within three business days and disbursed according to written agreements with the seller.

• Records of consignment and sales must be kept for two years, and bidder registration records must include contact information.

• Auctioneers are prohibited from bidding on items they are conducting the sale for, except in a sale with a reserve.

• Reasonable minimum bid increments may be set by the auctioneer, and a minimum opening bid is not required in an absolute auction.

• Auction firms must have at least one Board-approved designated person to transact business under the firm license and supervise auction staff.

• Sole proprietor auction businesses are owned and operated by licensed auctioneers who are responsible for all aspects of the auction.

• Applicants for the recovery fund must serve verified applications to the Commission according to state procedures.

• Continuing education courses approved by the Board must be completed by auctioneers, apprentice auctioneers, and designated persons in auction firms to renew their licenses. Courses must be completed and documented by May 15th of the renewal period.

Licensing Requirements and Procedures for Auctioneers in North Carolina

• The Auctioneer Licensing Board is responsible for licensing auctioneers, apprentice auctioneers, and auction firms in North Carolina.

• The Board does not have jurisdiction to settle disputes between parties concerning commission rates or pay of assistants.

• The Board's administrative offices are located in Fuquay-Varina, North Carolina, and its website is www.ncalb.org.

• Office hours are 8:30 a.m. until 5:00 p.m., Monday through Friday, excluding State holidays.

• Definitions of terms used in the licensing process are provided, including "auction house," "auctioneers law," and "sole proprietor auction business."

• Administrative law procedures for contested cases, declaratory rulings, and petitions for rule-making are outlined.

• Application forms for auctioneer, non-resident reciprocal auctioneer, apprentice auctioneer, and auction firm licenses are prescribed by the Board.

• Requirements for auctioneer license applications include providing personal information, character endorsements, and documentation of schooling or experience.

• Non-resident reciprocal auctioneer license applicants must provide a statement of good standing from licensing boards in other jurisdictions where they hold auctioneer licenses.

• Apprentice auctioneer license applicants must obtain the signature of a licensed auctioneer who will supervise them and provide a written statement of the supervisor's background and experience.

• Auction firm license applicants must provide personal and business information, as well as documentation of high school education, character endorsements, and fingerprint cards for each principal and proposed designated person.

• Fees for licensing applications are set forth and must be submitted with completed applications at least seven days prior to a published Board meeting.North Carolina Auctioneer Licensing Board Rules and Regulations

• The North Carolina Auctioneer Licensing Board sets fees for various licenses related to the auctioneering profession.

• The fees include new licenses for auctioneers, apprentice auctioneers, and auction firms, as well as renewal fees and fees for converting non-resident reciprocal licenses to in-state licenses.

• License fees can be paid by cash, check, money order, or credit/debit card.

• License renewal fees and reinstatement of license fees can only be paid by credit/debit card when submitted through the Board's website.

• Members of the Armed Forces of the United States who are serving and to whom G.S. 105-249.2 grants an extension of time to file a tax return may receive an extension of up to one year for completing and reporting continuing education credits for auctioneer licenses.

• The auctioneer license examination tests knowledge of the auction business, the licensing law, and the rules of the Subchapter.

• The auction firm license examination tests knowledge of the licensing law and the rules of the Subchapter.

• If an applicant fails to pass the initial examination, they will be rescheduled for the next scheduled examination. If they fail again, the licensure fee will be refunded, but not the application or examination fee.

• Any applicant who fails to obtain a passing score of 75 percent or higher on an examination may request an appointment with the Board staff to review their examination.

• License numbers issued by the Board are non-transferable, and a pocket card with the licensee's name, license number, and expiration date must be carried during auctioneering activities and made available for inspection.

• Apprentice auctioneers must be associated with and supervised by a licensed auctioneer approved by the Board, who must have at least five years of active experience in the auctioneering profession and not have committed any acts resulting in license suspension or revocation.

• The supervising auctioneer must be present at all times an apprentice auctioneer is engaged in bid calling, provide training and supervision, and ensure compliance with the law and rules of the Subchapter.North Carolina Auctioneering Regulations

• Auction firms and their principals must report criminal arrests, charges, or convictions of misdemeanors involving dishonesty, deceit, fraud, or misrepresentation, or any arrests, charges, or convictions of felonies to the Board within 30 days.

• Auctioneers, apprentice auctioneers, and auction firms must report civil suits involving gross negligence, dishonesty, fraud, misrepresentation, or incompetency related to an auction sale or transaction within 30 days of being served.

• Auctioneers, apprentice auctioneers, and auction firms must report administrative proceedings involving potential revocation or suspension of auction or auctioneer licenses in another state within 30 days of being notified.

• Schools of auctioneering must apply for approval of their curriculum and instructors by the Board using a prescribed form that includes information such as the school name, director, instructors, topics, and hours.

• Schools of auctioneering must provide a minimum of 80 hours of classroom instruction in subjects such as bid calling, advertising, auctioneers law and regulations, accounting and mathematics, auction ethics, and other supplemental areas.

• Each school's curriculum must include instruction by a minimum of five different instructors, at least two of whom must be professional auctioneers, and instructors must exhibit truth, honesty, and integrity.

• Schools of auctioneering must furnish each student who completes their course a transcript containing their name, completion date, and total number of hours completed.

• Schools of auctioneering must maintain records for five years, containing information such as course dates, student information, instructor qualifications, and subject hours taught.

• The Board may deny, suspend, or revoke the approval of any school's curriculum and instructors when it fails to meet or maintain any requirement of the regulations or falsifies or misrepresents information.

• An enrolled person in a class at a school of auctioneering may call bids without a license for the purpose of training and receiving instruction under the direct supervision of a licensed auctioneer who is also an instructor in the school.

• Licensees must notify the Board in writing of changes or additions of residence or business address, mailing address, trade name, assumed name, or combination of names under which they conduct business related to auctions within 10 days of the occurrence of such change.

• Licensees must disclose their name and license number in all advertisements relating to an auction, and any general advertisement that does not concern a specific sale or specific sales is exempt from identification requirements. A licensee may advertise under a name, assumed name, trade name, or combination of names only if written notice has been filed with the Board.North Carolina Auctioneer Licensing Board Rules

• The North Carolina Auctioneer Licensing Board regulates the auctioneering industry in North Carolina.

• Auctioneers, apprentice auctioneers, and designated persons in auction firms must be licensed by the Board to conduct auctions in the state.

• The Board has established rules regarding advertising, sale proceeds and accounting, contracts and records, bidding, auction firms, and sole proprietor auction businesses.

• Advertising rules prohibit the use of certain descriptive words, such as "urgent" or "seized," without disclosing the reason for the urgency or government action, and require auctioneers to review advertisements before publication.

• Sale proceeds must be deposited in an escrow account within three business days and disbursed according to written agreements with the seller.

• Records of consignment and sales must be kept for two years, and bidder registration records must include contact information.

• Auctioneers are prohibited from bidding on items they are conducting the sale for, except in a sale with a reserve.

• Reasonable minimum bid increments may be set by the auctioneer, and a minimum opening bid is not required in an absolute auction.

• Auction firms must have at least one Board-approved designated person to transact business under the firm license and supervise auction staff.

• Sole proprietor auction businesses are owned and operated by licensed auctioneers who are responsible for all aspects of the auction.

• Applicants for the recovery fund must serve verified applications to the Commission according to state procedures.

• Continuing education courses approved by the Board must be completed by auctioneers, apprentice auctioneers, and designated persons in auction firms to renew their licenses. Courses must be completed and documented by May 15th of the renewal period.

Licensing Requirements and Procedures for Auctioneers in North Carolina

• The Auctioneer Licensing Board is responsible for licensing auctioneers, apprentice auctioneers, and auction firms in North Carolina.

• The Board does not have jurisdiction to settle disputes between parties concerning commission rates or pay of assistants.

• The Board's administrative offices are located in Fuquay-Varina, North Carolina, and its website is www.ncalb.org.

• Office hours are 8:30 a.m. until 5:00 p.m., Monday through Friday, excluding State holidays.

• Definitions of terms used in the licensing process are provided, including "auction house," "auctioneers law," and "sole proprietor auction business."

• Administrative law procedures for contested cases, declaratory rulings, and petitions for rule-making are outlined.

• Application forms for auctioneer, non-resident reciprocal auctioneer, apprentice auctioneer, and auction firm licenses are prescribed by the Board.

• Requirements for auctioneer license applications include providing personal information, character endorsements, and documentation of schooling or experience.

• Non-resident reciprocal auctioneer license applicants must provide a statement of good standing from licensing boards in other jurisdictions where they hold auctioneer licenses.

• Apprentice auctioneer license applicants must obtain the signature of a licensed auctioneer who will supervise them and provide a written statement of the supervisor's background and experience.

• Auction firm license applicants must provide personal and business information, as well as documentation of high school education, character endorsements, and fingerprint cards for each principal and proposed designated person.

• Fees for licensing applications are set forth and must be submitted with completed applications at least seven days prior to a published Board meeting.North Carolina Auctioneer Licensing Board Rules and Regulations

• The North Carolina Auctioneer Licensing Board sets fees for various licenses related to the auctioneering profession.

• The fees include new licenses for auctioneers, apprentice auctioneers, and auction firms, as well as renewal fees and fees for converting non-resident reciprocal licenses to in-state licenses.

• License fees can be paid by cash, check, money order, or credit/debit card.

• License renewal fees and reinstatement of license fees can only be paid by credit/debit card when submitted through the Board's website.

• Members of the Armed Forces of the United States who are serving and to whom G.S. 105-249.2 grants an extension of time to file a tax return may receive an extension of up to one year for completing and reporting continuing education credits for auctioneer licenses.

• The auctioneer license examination tests knowledge of the auction business, the licensing law, and the rules of the Subchapter.

• The auction firm license examination tests knowledge of the licensing law and the rules of the Subchapter.

• If an applicant fails to pass the initial examination, they will be rescheduled for the next scheduled examination. If they fail again, the licensure fee will be refunded, but not the application or examination fee.

• Any applicant who fails to obtain a passing score of 75 percent or higher on an examination may request an appointment with the Board staff to review their examination.

• License numbers issued by the Board are non-transferable, and a pocket card with the licensee's name, license number, and expiration date must be carried during auctioneering activities and made available for inspection.

• Apprentice auctioneers must be associated with and supervised by a licensed auctioneer approved by the Board, who must have at least five years of active experience in the auctioneering profession and not have committed any acts resulting in license suspension or revocation.

• The supervising auctioneer must be present at all times an apprentice auctioneer is engaged in bid calling, provide training and supervision, and ensure compliance with the law and rules of the Subchapter.North Carolina Auctioneering Regulations

• Auction firms and their principals must report criminal arrests, charges, or convictions of misdemeanors involving dishonesty, deceit, fraud, or misrepresentation, or any arrests, charges, or convictions of felonies to the Board within 30 days.

• Auctioneers, apprentice auctioneers, and auction firms must report civil suits involving gross negligence, dishonesty, fraud, misrepresentation, or incompetency related to an auction sale or transaction within 30 days of being served.

• Auctioneers, apprentice auctioneers, and auction firms must report administrative proceedings involving potential revocation or suspension of auction or auctioneer licenses in another state within 30 days of being notified.

• Schools of auctioneering must apply for approval of their curriculum and instructors by the Board using a prescribed form that includes information such as the school name, director, instructors, topics, and hours.

• Schools of auctioneering must provide a minimum of 80 hours of classroom instruction in subjects such as bid calling, advertising, auctioneers law and regulations, accounting and mathematics, auction ethics, and other supplemental areas.

• Each school's curriculum must include instruction by a minimum of five different instructors, at least two of whom must be professional auctioneers, and instructors must exhibit truth, honesty, and integrity.

• Schools of auctioneering must furnish each student who completes their course a transcript containing their name, completion date, and total number of hours completed.

• Schools of auctioneering must maintain records for five years, containing information such as course dates, student information, instructor qualifications, and subject hours taught.

• The Board may deny, suspend, or revoke the approval of any school's curriculum and instructors when it fails to meet or maintain any requirement of the regulations or falsifies or misrepresents information.

• An enrolled person in a class at a school of auctioneering may call bids without a license for the purpose of training and receiving instruction under the direct supervision of a licensed auctioneer who is also an instructor in the school.

• Licensees must notify the Board in writing of changes or additions of residence or business address, mailing address, trade name, assumed name, or combination of names under which they conduct business related to auctions within 10 days of the occurrence of such change.

• Licensees must disclose their name and license number in all advertisements relating to an auction, and any general advertisement that does not concern a specific sale or specific sales is exempt from identification requirements. A licensee may advertise under a name, assumed name, trade name, or combination of names only if written notice has been filed with the Board.North Carolina Auctioneer Licensing Board Rules

• The North Carolina Auctioneer Licensing Board regulates the auctioneering industry in North Carolina.

• Auctioneers, apprentice auctioneers, and designated persons in auction firms must be licensed by the Board to conduct auctions in the state.

• The Board has established rules regarding advertising, sale proceeds and accounting, contracts and records, bidding, auction firms, and sole proprietor auction businesses.

• Advertising rules prohibit the use of certain descriptive words, such as "urgent" or "seized," without disclosing the reason for the urgency or government action, and require auctioneers to review advertisements before publication.

• Sale proceeds must be deposited in an escrow account within three business days and disbursed according to written agreements with the seller.

• Records of consignment and sales must be kept for two years, and bidder registration records must include contact information.

• Auctioneers are prohibited from bidding on items they are conducting the sale for, except in a sale with a reserve.

• Reasonable minimum bid increments may be set by the auctioneer, and a minimum opening bid is not required in an absolute auction.

• Auction firms must have at least one Board-approved designated person to transact business under the firm license and supervise auction staff.

• Sole proprietor auction businesses are owned and operated by licensed auctioneers who are responsible for all aspects of the auction.

• Applicants for the recovery fund must serve verified applications to the Commission according to state procedures.

• Continuing education courses approved by the Board must be completed by auctioneers, apprentice auctioneers, and designated persons in auction firms to renew their licenses. Courses must be completed and documented by May 15th of the renewal period.