Section 1450.1320  Real Estate Auction Certification Activities

a)         A licensed auctioneer with a real estate auction certification, who is not otherwise exempt from holding a broker or managing broker license under Section 5-20(13) of the Act, performing activities related to the auction of real estate shall be limited to:

1)         Establishing the time of the real estate auction;

2)         Establishing the place of the real estate auction;

3)         Establishing the method of the real estate auction;

4)         Placing proper advertisements regarding the real estate auction as set forth in Sections 1450.715 and 1450.720; and

5)         Crying or calling the real estate auction.

b)         A licensed auctioneer exempt from holding a broker or managing broker license under Section 5-20(13) of the Act who is performing activities related to the auction of real estate shall be limited to:

1)         Establishing the time of the real estate auction;

2)         Establishing the place of the real estate auction;

3)         Establishing the method of the real estate auction;

4)         Placing proper advertisements regarding the real estate auction as set forth in Sections 1450.715 and 1450.720;

5)         Crying or calling the real estate auction; and

6)         Selling or leasing real estate at auction.

c)         As set forth in Section 5-32 of the Act, the Department may revoke, suspend or otherwise discipline the real estate auction certification of a licensed auctioneer who violates Section 5-32 of the Act or Section 20-15 of the Auction License Act [225 ILCS 407].

(Source:  Added at 40 Ill. Reg. 12588, effective September 2, 2016)