Quick-Look comparison between Real Estate Licensees and Auctioneers

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Quick-Look comparison between Real Estate Licensees and Auctioneers

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Agency

The Supreme Court of the United States in 1921 said “auctioneers are to represent sellers,” regarding a real estate auction. However, an Auctioneer represents the seller in most situations other than Real Estate. Just as required by real Estate Agents to state the Agency Relationship, Auctioneers do as well when representing a seller.

Dual Agency

Auctioneers as dual agents? Permissible for personal property auctions with proper knowledge and consent, but not at a real estate auction due to the resulting dual agency relationship illegal in the State of Florida. Important to understand and disclose.

Using another’s professional License

An Auctioneer cannot use another Auctioneers License, just like Real Estate Agents cannot. It Is a form of accountability.

Contract’s between the parties

A solid agreement should be in place. Real Estate Agents sell assets for thousands to millions of dollars. Auctioneers do as well. Who is responsible, what is the agreement?

Case law to settle complaints

Case law to settle disagreements have been part of the Real Estate and Auction Industries for many years. This process is vital. License laws are vital.

Auctioneers dealing fairly with public

Auctioneers just like Real Estate Agents owe the public honest and fair dealings. How licensees are required to provide obligations and duties are in place at present.

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Real Estate licensees handle money / operating trust fund.

Without supervision of others money, accountability may be lack luster.

Licensing of broker associates and sales associates.

Just like Real Estate Brokers, Auction Companies supervise Auctioneers.

Collection of tax

Real Estate agents write contract agreements between the parties. Closing agents administer the contract and accounts for the tax and recoding payments. Auctioneers collect tax on sales of personal property and are responsible for the accounting and payment to appropriate authority.

License to expire on change of address.

Currently this is applicable to Real Estate Professionals and Auctioneers. The oversight of the State affords a safety position to the public. The person who is responsible for the sale may be contacted at the last known public address, in case there are any adverse situations or necessary notifications.

Nonresident Licenses

Real Estate Agents, Brokers, and Auctioneers from other states to do business. By licensure and registration out of state entities can be regulated. This is a protective measure for citizens in the State of Florida.

Citations

Real Estate Brokers and Agents follow a set of rules. If the rules are broken penalties can be administered. This effective course of action is good for Auctioneers as well. 

Prosecution of criminal violations

A guideline is now in place for licensees who break the law. This is a strong deterrent for many reasons. Violators in the real estate industry and other regulated industries certainly need to be punished for offensive and unlawful actions.

Disciplinary matters

The regulators do not have to spend time, money of effort to recreate the organized disciplinary procedures,

 Real Estate recovery fund

Funds were set in place for both Real Estate Professionals as well as Auctioneers. This fund is a strong measure to compensate consumers from illicit actions of licensees. 

Brokerage business records

Business records are a staple in the strong foundation of any business. Currently real estate licensees and Auctioneers are required to keep records. This affords the consumer and the licensee a total understanding of how the business is to occur. If there is ever a dispute the records provide a paper trail and accountability.

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