21 NCAC 04B .0606. AUCTION FIRMS

(a)  All licensed auction firms shall have at least one Board approved designated person.  If a licensed auction firm does not have at least one designated person in good standing, the status of the auction firm license shall be changed to invalid.

(b)  Only designated person(s) for an auction firm 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 the sponsor 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 are exempt from the auction firm examination if their authority to transact business under the auction firm license is only related to real estate sales at auction.

 

History Note:        Authority G.S. 85B-1; 85B-3.1; 85B-4;

Eff. May 1, 2006.