Test Your Knowledge of North Carolina Auction Laws

North Carolina Auction Laws

• Chapter 85B defines auction and auctioneer and provides exemptions for certain types of auctions.

• An auctioneer is defined as any person who conducts or offers to conduct auctions and may include apprentice auctioneers.

• The North Carolina Auctioneers Commission is a five-member commission responsible for licensing auctioneers and enforcing regulations.

• The Commission has the power to issue licenses, deny, suspend, or revoke licenses, and issue declaratory rulings.

• The Commission may assess civil penalties for violations and has the power to acquire, hold, rent, encumber, alienate, and otherwise deal with real property.

• Applicants for licensure as an auctioneer, apprentice auctioneer, or auction firm must undergo a criminal history record check.

• The Commission may deny licensure based on criminal history but must consider certain factors before making a decision.

• Licenses are required for anyone selling or offering to sell goods or real estate at auction in the state unless exempted under Chapter 85B.

• Auction firms are defined as sole proprietorships, partnerships, associations, or corporations that sell real or personal property at auction or arrange, sponsor, manage, conduct, or advertise auctions.

• The definition of owner includes the bona fide owner of the property being offered for sale, a general partner in a partnership that owns the property, or an officer or director or employee of a corporation that owns the property.

• An absolute auction is a sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner or agent of the owner.

• An estate sale is the liquidation by sale at auction of real or personal property of a specified person.Licensing and regulation of auctioneers in North Carolina

• Individuals under 18 years of age or without a high school diploma cannot be licensed as auctioneers in North Carolina, unless licensed prior to July 1, 1999.

• Applicants for an apprentice auctioneer license must submit a written application and provide at least two statements from community residents attesting to their good moral character.

• Apprentice auctioneers must have a licensed auctioneer supervisor who approves all auction contracts and regularly reviews apprentice records.

• To become a licensed auctioneer, individuals must hold an apprentice auctioneer license for two years, accumulate sufficient knowledge and experience, and pass an exam approved by the Commission.

• Completion of 80 hours of classroom instruction in auctioneering at an approved institution exempts individuals from serving as an apprentice, but they must still pass the exam.

• Applicants for an auctioneer license must submit a written application, pay applicable fees, and provide at least two statements from community residents attesting to their good moral character.

• Auction firms must also be licensed and make contributions to the Auctioneer Recovery Fund.

• The Commission may require licensees to complete up to six hours of continuing education courses annually.

• The Commission may investigate the ethical background of any applicant for licensure.

• The Auctioneer Recovery Fund must maintain at least $200,000 and can be used for educational purposes related to the auctioneer profession.

• The Fund may be invested in interest-bearing accounts, and any interest accrued is added to the Fund.

• The Fund may also be used to underwrite educational seminars, training centers, and research projects related to the auctioneer profession in North Carolina.

North Carolina Auction Laws

• Chapter 85B defines auction and auctioneer and provides exemptions for certain types of auctions.

• An auctioneer is defined as any person who conducts or offers to conduct auctions and may include apprentice auctioneers.

• The North Carolina Auctioneers Commission is a five-member commission responsible for licensing auctioneers and enforcing regulations.

• The Commission has the power to issue licenses, deny, suspend, or revoke licenses, and issue declaratory rulings.

• The Commission may assess civil penalties for violations and has the power to acquire, hold, rent, encumber, alienate, and otherwise deal with real property.

• Applicants for licensure as an auctioneer, apprentice auctioneer, or auction firm must undergo a criminal history record check.

• The Commission may deny licensure based on criminal history but must consider certain factors before making a decision.

• Licenses are required for anyone selling or offering to sell goods or real estate at auction in the state unless exempted under Chapter 85B.

• Auction firms are defined as sole proprietorships, partnerships, associations, or corporations that sell real or personal property at auction or arrange, sponsor, manage, conduct, or advertise auctions.

• The definition of owner includes the bona fide owner of the property being offered for sale, a general partner in a partnership that owns the property, or an officer or director or employee of a corporation that owns the property.

• An absolute auction is a sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner or agent of the owner.

• An estate sale is the liquidation by sale at auction of real or personal property of a specified person.Licensing and regulation of auctioneers in North Carolina

• Individuals under 18 years of age or without a high school diploma cannot be licensed as auctioneers in North Carolina, unless licensed prior to July 1, 1999.

• Applicants for an apprentice auctioneer license must submit a written application and provide at least two statements from community residents attesting to their good moral character.

• Apprentice auctioneers must have a licensed auctioneer supervisor who approves all auction contracts and regularly reviews apprentice records.

• To become a licensed auctioneer, individuals must hold an apprentice auctioneer license for two years, accumulate sufficient knowledge and experience, and pass an exam approved by the Commission.

• Completion of 80 hours of classroom instruction in auctioneering at an approved institution exempts individuals from serving as an apprentice, but they must still pass the exam.

• Applicants for an auctioneer license must submit a written application, pay applicable fees, and provide at least two statements from community residents attesting to their good moral character.

• Auction firms must also be licensed and make contributions to the Auctioneer Recovery Fund.

• The Commission may require licensees to complete up to six hours of continuing education courses annually.

• The Commission may investigate the ethical background of any applicant for licensure.

• The Auctioneer Recovery Fund must maintain at least $200,000 and can be used for educational purposes related to the auctioneer profession.

• The Fund may be invested in interest-bearing accounts, and any interest accrued is added to the Fund.

• The Fund may also be used to underwrite educational seminars, training centers, and research projects related to the auctioneer profession in North Carolina.

North Carolina Auction Laws

• Chapter 85B defines auction and auctioneer and provides exemptions for certain types of auctions.

• An auctioneer is defined as any person who conducts or offers to conduct auctions and may include apprentice auctioneers.

• The North Carolina Auctioneers Commission is a five-member commission responsible for licensing auctioneers and enforcing regulations.

• The Commission has the power to issue licenses, deny, suspend, or revoke licenses, and issue declaratory rulings.

• The Commission may assess civil penalties for violations and has the power to acquire, hold, rent, encumber, alienate, and otherwise deal with real property.

• Applicants for licensure as an auctioneer, apprentice auctioneer, or auction firm must undergo a criminal history record check.

• The Commission may deny licensure based on criminal history but must consider certain factors before making a decision.

• Licenses are required for anyone selling or offering to sell goods or real estate at auction in the state unless exempted under Chapter 85B.

• Auction firms are defined as sole proprietorships, partnerships, associations, or corporations that sell real or personal property at auction or arrange, sponsor, manage, conduct, or advertise auctions.

• The definition of owner includes the bona fide owner of the property being offered for sale, a general partner in a partnership that owns the property, or an officer or director or employee of a corporation that owns the property.

• An absolute auction is a sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner or agent of the owner.

• An estate sale is the liquidation by sale at auction of real or personal property of a specified person.Licensing and regulation of auctioneers in North Carolina

• Individuals under 18 years of age or without a high school diploma cannot be licensed as auctioneers in North Carolina, unless licensed prior to July 1, 1999.

• Applicants for an apprentice auctioneer license must submit a written application and provide at least two statements from community residents attesting to their good moral character.

• Apprentice auctioneers must have a licensed auctioneer supervisor who approves all auction contracts and regularly reviews apprentice records.

• To become a licensed auctioneer, individuals must hold an apprentice auctioneer license for two years, accumulate sufficient knowledge and experience, and pass an exam approved by the Commission.

• Completion of 80 hours of classroom instruction in auctioneering at an approved institution exempts individuals from serving as an apprentice, but they must still pass the exam.

• Applicants for an auctioneer license must submit a written application, pay applicable fees, and provide at least two statements from community residents attesting to their good moral character.

• Auction firms must also be licensed and make contributions to the Auctioneer Recovery Fund.

• The Commission may require licensees to complete up to six hours of continuing education courses annually.

• The Commission may investigate the ethical background of any applicant for licensure.

• The Auctioneer Recovery Fund must maintain at least $200,000 and can be used for educational purposes related to the auctioneer profession.

• The Fund may be invested in interest-bearing accounts, and any interest accrued is added to the Fund.

• The Fund may also be used to underwrite educational seminars, training centers, and research projects related to the auctioneer profession in North Carolina.

North Carolina Auction Laws

• Chapter 85B defines auction and auctioneer and provides exemptions for certain types of auctions.

• An auctioneer is defined as any person who conducts or offers to conduct auctions and may include apprentice auctioneers.

• The North Carolina Auctioneers Commission is a five-member commission responsible for licensing auctioneers and enforcing regulations.

• The Commission has the power to issue licenses, deny, suspend, or revoke licenses, and issue declaratory rulings.

• The Commission may assess civil penalties for violations and has the power to acquire, hold, rent, encumber, alienate, and otherwise deal with real property.

• Applicants for licensure as an auctioneer, apprentice auctioneer, or auction firm must undergo a criminal history record check.

• The Commission may deny licensure based on criminal history but must consider certain factors before making a decision.

• Licenses are required for anyone selling or offering to sell goods or real estate at auction in the state unless exempted under Chapter 85B.

• Auction firms are defined as sole proprietorships, partnerships, associations, or corporations that sell real or personal property at auction or arrange, sponsor, manage, conduct, or advertise auctions.

• The definition of owner includes the bona fide owner of the property being offered for sale, a general partner in a partnership that owns the property, or an officer or director or employee of a corporation that owns the property.

• An absolute auction is a sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner or agent of the owner.

• An estate sale is the liquidation by sale at auction of real or personal property of a specified person.Licensing and regulation of auctioneers in North Carolina

• Individuals under 18 years of age or without a high school diploma cannot be licensed as auctioneers in North Carolina, unless licensed prior to July 1, 1999.

• Applicants for an apprentice auctioneer license must submit a written application and provide at least two statements from community residents attesting to their good moral character.

• Apprentice auctioneers must have a licensed auctioneer supervisor who approves all auction contracts and regularly reviews apprentice records.

• To become a licensed auctioneer, individuals must hold an apprentice auctioneer license for two years, accumulate sufficient knowledge and experience, and pass an exam approved by the Commission.

• Completion of 80 hours of classroom instruction in auctioneering at an approved institution exempts individuals from serving as an apprentice, but they must still pass the exam.

• Applicants for an auctioneer license must submit a written application, pay applicable fees, and provide at least two statements from community residents attesting to their good moral character.

• Auction firms must also be licensed and make contributions to the Auctioneer Recovery Fund.

• The Commission may require licensees to complete up to six hours of continuing education courses annually.

• The Commission may investigate the ethical background of any applicant for licensure.

• The Auctioneer Recovery Fund must maintain at least $200,000 and can be used for educational purposes related to the auctioneer profession.

• The Fund may be invested in interest-bearing accounts, and any interest accrued is added to the Fund.

• The Fund may also be used to underwrite educational seminars, training centers, and research projects related to the auctioneer profession in North Carolina.