WP: Auctions: Conclusion/Footnotes

V: CONCLUSION

Selling real estate at auction is growing in popularity and can be a successful way to sell or buy real estate. Although auction sales make up only a small number of the total real estate sales, brokers and agents need to be familiar with the process so that they can inform their clients about auctions as an option and assist them. There are several professional trade organizations for auctioneers, including the Ohio Auctioneers Association (“OAA”), the National Auctioneers Association (“NAA”) and the Auction Marketing Institute (“AMI”), which is the educational arm of the NAA.
The National Association of REALTORS Auction Committee has prepared a 1993 report entitled “Real Estate Auction Advantages” for the Seller, Buyer and Agent. A copy can be obtained by contacting NAR.

Footnotes for Auction White Paper
1 The information presented in this article is not intended to be–and should not be construed as–legal advice. Readers should be especially aware that the focus of this article is on Ohio law governing auctions as they apply to the sale of real estate. This information was updated in May, 2005 by the legal staff of the Ohio Association of REALTORS to reflect revisions to the Ohio Revised Code made by SB 209 & 99.
2 Ms. Grillo is an attorney in the Columbus, Ohio office of Baker & Hostetler LLP, where she practices in the area of corporate and commercial (including real estate) law. Ms. Grillo can be contacted at mgrillo@bakerlaw.com, 65 East State Street, Suite 2100, Columbus, Ohio 43215, (614) 462-4756. The authors would like to thank Ms. Lisa Knickerbocker for her assistance with this article.
3 Mr. Kramer is Chairman of, and serving his 7th year on, the Ohio Auctioneers Commission. He is a past President of the Ohio Auctioneers Association and a member of its Hall of Fame, and a second-generation auctioneer. He is the owner of Kramer & Kramer Inc. Auctioneers REALTORS and specializes in the sale of real estate at auction. He obtained his auctioneer license in 1973 and his real estate license in 1972 and has been a full time Auctioneer & Realtor since 1975. Mr. Kramer can be contacted at http://www.kramerauctions.com or P. O. Box 85 – 420 N. Barron St., Eaton, Ohio 45320, (937) 456-1101.
4 The authors would like to acknowledge and thank Mr. Chris Davis of Coldwell Banker-King Thompson REALTORS who provided some practical information presented in this article and assisted in its editing. Mr. Davis started his career as an auctioneer in 1984, obtaining his real estate license in 1985. Mr. Davis has worked for the past 13 years in the auction division of King Thompson REALTORS, which conducted approximately 170 auctions in the year 2000. Mr. Davis can be contacted at http://www.auctionohio.com, 110 Polaris Parkway, Columbus, Ohio 43082, (614) 523-0808.
5 Auctioneers may use the term “private treaty listing” when referring to a traditional exclusive listing.
6 Court-ordered sales pursuant to bankruptcy are governed by slightly different rules. REALTORS would not be dealing with these sales as the courts contact qualified auctioneers directly. A separate process exists for auctioneers to be employed by the court.
7 Under Ohio law, an individual providing verbal auctioneer services without a license faces penalties.
8 Ohio Revised Code Section (“O.R.C. §”) 4707.02.
9 A licensed REALTOR may not perform a sealed bid auction without an auctioneer’s license if it is advertised to the public at a predetermined place and time.
10 O.R.C. §4707.021.
11 O.R.C. §4707.07(A).
12 O.R.C. §4707.09.
13 O.R.C. §4707.07.
14 O.R.C. §4707.14. Ohio law does permit nonresidents to operate in Ohio as auctioneers in certain circumstances. O.R.C. §4702.12; §4702.14. The Department of Agriculture may issue a one time auction license to a non-resident if that auctioneer’s home state would do the same (i.e., reciprocity applies) and the auctioneer agrees to be sued in Ohio for any disputes that may arise. O.R.C. §4707.072.
15 An examination is not required for renewal of a license unless the license has been revoked or suspended or is allowed to expire without renewal.
16 O.R.C. §4707.02.
17 O.R.C. §§4707.07(A), 4707.09 and 4707.12. Auctioneers who served apprenticeships and who hold licenses issued before May 1, 1996 are not subject to additional apprenticeship requirements. See O.R.C. §§4707.07(B) and 4707.08.
18 O.R.C. §4707.073.
19 O.R.C. §4707.09.
20 O.R.C. §4709.09.
21 O.R.C. §4707.09.
22 O.R.C. §4707.09.
23 O.R.C. §4707.10.
24 O.R.C. §4707.11.
25 O.R.C. §4707.10.
26 O.R.C. §4707.10.
27 O.R.C. §4707.10(D).
28 O.R.C. §4707.10(D).
29 O.R.C. §4707.10(D).
30 O.R.C. §4707.21. Note that auctioneers who are also licensed as real estate brokers must maintain these records for three years to satisfy the real estate licensing provisions.
31 O.R.C. §4707.20.
32 O.R.C. §4707.021.
33 O.R.C. §4707.20(A).
34 O.R.C. §4707.20(D).
35 O.R.C. §4707.20(C).
36 O.R.C. §4707.20(B).
37 O.R.C. §4735.55
38 O.R.C. §4735.56
39 O.R.C. §4735.58(B).
40 O.R.C. §4707.01(F).
41 O.R.C. §4707.022(A).
42 O.R.C. §4707.01(E).
43 O.R.C. §4707.023(A)(1).
44 O.R.C. §4707.023(A)(3).
45 O.R.C. §4707.023(A)(2).
46 O.R.C. §4707.023(D).
47 O.R.C. §4707.023(A)(3).
48 O.R.C. §4707.023(B).
49 O.R.C. §4707.023(E).
50 O.R.C. §4707.023(C).
51 O.R.C. §4707.22(E).
52 O.R.C. §4707.22.
53 O.R.C. §4735.16.
54 O.R.C. §4707.22(F).
55 O.R.C. §4707.22(C).
56 O.R.C. §4707.22(D).
57 O.R.C. §4707.02(H).
58 O.R.C. §4707.151; 4707.99
Updated 06/05