Ohio Code 4707.021 – Real property auctions
Only an auctioneer who is licensed under this chapter and who is licensed as a real estate broker or a real estate salesperson under Chapter 4735 of the Revised Code shall sign an auction contract for the sale of real property at auction. A real estate broker who is licensed under Chapter 4735 of the Revised Code, but who is not licensed as an auctioneer under this chapter shall not sign an auction contract or conduct an auction, but may contract for the sale of real property at auction only if either of the following applies:
Terms Used In Ohio Code 4707.021
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Auction: includes a sale of real or personal property, goods, or chattels in which there has been a solicitation or invitation by advertisement to the public for an advance in bidding using sealed bidding, provided that the bids are opened and there is a call for an advancement of the bids. See Ohio Code 4707.01
- Auctioneer: means any person who engages, or who by advertising or otherwise holds the person out as being able to engage, in the calling for, recognition of, and the acceptance of, offers for the purchase of real or personal property, goods, or chattels at auction either directly or through the use of other licensed auctioneers. See Ohio Code 4707.01
- Contract: A legal written agreement that becomes binding when signed.
- Property: means real and personal property. See Ohio Code 1.59
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(A) The auctioneer who signs the auction contract and who conducts the auction is a salesperson licensed under Chapter 4735 of the Revised Code and is associated with the real estate broker who contracts for the sale of real property.
(B) The real estate broker enters into a cooperative agreement with another real estate broker licensed under Chapter 4735 of the Revised Code with whom an auctioneer licensed under this chapter is associated and the auctioneer is solely responsible for signing the auction contract and conducting the auction.
Nothing in this section shall be construed to permit a business to contract for the sale of real property at auction through an individual who is not licensed under this chapter and Chapter 4735 of the Revised Code.
Last updated July 7, 2022 at 2:05 PM