Ill. Admin. Code tit. 68 § 1450.1320

Current through Register Vol. 48, No. 49, December 6, 2024

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 ].

Ill. Admin. Code tit. 68, § 1450.1320

Added at 40 Ill. Reg. 12588, effective 9/2/2016