201 KAR 3:035. Real estate sales by auction

      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.)

Notation

      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.