Real Estate Contract For Deed
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FAQ
No licensee shall attempt to escalate bidding through false bids, or through collusion with another (shills). The licensee shall not bid on the owner's behalf nor knowingly accept a bid made by the owner or made on the owner's behalf unless notice has been given that liberty for such bidding has been reserved.
If the remote bidders ceiling price allows him to win then he has won at or below his ceiling price. If the bids exceed the remote bidders price the auctioneer will state ?I'm out?, (the bids are higher than the maximum set by my remote bidder so therefore I'm out).
Question: Do I need to be licensed to perform online auctions? Answer: Virginia does not regulate online auctions, so no license is needed.
Fees: Exam $40, License $25, Renewal $55.
Unless exempted by § 54.1-601, no person or firm shall sell at auction without being licensed by the Board.
Virginia Auctioneer License Requirements Auction School: Western College of Auctioneering is an approved auction school in the State of Virginia. State Auction License Required: Yes. State License Required for Online-Only Auctions: No. Minimum Age: 18. School/Apprenticeship Required: Yes. Bonding/ Insurance: $10,000.
(1) COMMISSION ? The auctioneers commission is around 2% + VAT of the final sale price and that's only paid when the property successfully sells.
Unless exempted by § 54.1-601, no person or firm shall sell at auction without being licensed by the Board.
