201 KAR 3:035. Real estate sales by auction.

 

      RELATES TO: KRS 330.020(2)

      STATUTORY AUTHORITY: KRS 330.050(8)

      NECESSITY, FUNCTION, AND CONFORMITY: To define the interaction of the real estate licensing statutes and the auctioneer licensing statutes as they relate to persons holding one license or the other but not both.

 

      Section 1. Pursuant to an Opinion of the Attorney General, OAG-759, dated October 20, 1965, which held that a licensed real estate broker may not sell real estate at auction without an auctioneer's license; and a licensed auctioneer may not sell real estate at auction without a real estate broker's license, it shall be considered improper dealing for an auctioneer to engage in any practice to obtain or negotiate a contract for the sale of real estate at auction, or advertise, or conduct a sale of real estate at auction without a license issued by the Kentucky State Real Estate Commission. However, nothing contained in this administrative regulation shall prevent a licensed real estate broker and a licensed auctioneer from participating jointly in such transactions for the sale of real estate at auction. (5 Ky.R. 694; eff. 6-6-79.)