(A) An auction shall be a reserve auction unless explicitly stated otherwise in the contract for the auction and in the terms and conditions governing the auction. For purposes of a reserve auction, there need not be an announcement or indication that the reserve is attained.
(B) A person licensed under this chapter shall not use absentee bidding unless the owner of the real or personal property being sold provides prior written permission to use absentee bidding.
(C) A person licensed under this chapter shall be an agent of the owner or consignee of the real or personal property for purposes of all aspects of the auction.
Effective Date: 05-06-2005Section: Previous 4707.01 4707.011 4707.02 4707.021 4707.022 4707.023 4707.024 4707.03 4707.04 4707.05 4707.06 4707.07 4707.071 4707.072 4707.073 Next
Last modified: October 10, 2016