21 NCAC .06 General Auctioneering

<p>No minimum opening bid is required (A)</p> Signup and view all the answers

<p>Announce such bidding in advance of the auction (B)</p> Signup and view all the answers

<p>Calculated and distributed per consignor's written contract (D)</p> Signup and view all the answers

<p>All required records must be open for inspection or provided upon written request (C)</p> Signup and view all the answers

<p>Based on the type and value of the property being offered (D)</p> Signup and view all the answers

<p>Seized (B)</p> Signup and view all the answers

<p>The consignor's relationship to the item (B)</p> Signup and view all the answers

<p>Referencing the U.C.C. if not legally required (B)</p> Signup and view all the answers

<p>Permitting the name to appear without review (B)</p> Signup and view all the answers

<p>If the auctioneer has received prior written approval (A)</p> Signup and view all the answers

<p>The auctioneer must ensure advertisement content aligns with G.S. 85B (A)</p> Signup and view all the answers

<p>The auctioneer must be the original owner (B)</p> Signup and view all the answers

<p>Buyers might receive an unusual bargain due to government action (B)</p> Signup and view all the answers

<p>Items must have been present without interruption for 30 days. (A)</p> Signup and view all the answers

<p>They should be advertised as unrelated to the premises. (D)</p> Signup and view all the answers

<p>It must be displayed publicly at the auction site. (D)</p> Signup and view all the answers

<p>They should be deposited in an escrow account within three business days. (D)</p> Signup and view all the answers

<p>A receipt or settlement statement in compliance with G.S. 85B-7.1(a). (B)</p> Signup and view all the answers

<p>Custodial Account for Sellers Proceeds (B)</p> Signup and view all the answers

<p>All items must come from the same residence. (B)</p> Signup and view all the answers

<p>It must be disclosed at the beginning of the auction. (B)</p> Signup and view all the answers

Written agreements with repeat sellers lasting up to one year.

Records of consignments and sales must be kept for two years.

Records must include bidder's contact information for two years.

All records must be available for inspection by the Board.

Auctioneers cannot bid unless purchasing unless bidding for a reserve item.

Auctioneers can bid up to a reserve price without purchasing.

Auctioneer must announce any self-bidding in advance.

Certain terms cannot be used unless items were present for 30 days.

Majority of items in sale must be from the premises listed.

Non-related items must be identified in advertisements.

Items for sale not needing the 30-day presence rule if directly related to premises.

Buyer's premium must be disclosed at the start and shown to attendees.

Payments due to an auctioneer/firm must be escrowed within three business days.

Auction houses must prepare receipts per legal standards.

Separate bank accounts for seller’s proceeds must indicate fiduciary status.

Terms like 'Seized' must disclose government action nature.

Terms like ‘estate’ or ‘bankruptcy’ require original owner reference.

Cannot reference U.C.C. unless it's legally required.

Can only refer to regulatory bodies if required by law or approved.

Auctions cannot falsely appear as required by a government agency.

Items not intended for sale cannot be included in ads.

Auctioneers must review ads for compliance before publishing.