Menu

4. Auctions

Declaratory Ruling 91-18 Matter of Doyle - license required for real estate auctioneers, including ringmen and bid assistants

147 DOS 93 Matter of DOS v. Feld - auctions; auctioneer requires real estate license; improper for salesperson to incorporate and act as auctioneer (without a broker's license) and thereby receive commission splits; unintentional violation based upon faulty advice, therefore, $500 fine, rather than revocation; lack of proof of failure to supervise

62 DOS 99 Matter of DOS v. Absolute Auction and Realty, Inc. - auctions; DOS fails its burden of proof; in performing agency agreements, licensees’ contractual and rational duties owed to a principal must be balanced with the duties owed to third parties to the agency business (the registered bidders at auction); seller’s agent not required to disclose to registered bidders prior to the auction and sale that some of their employees are stockholders and officers of a registered, corporate bidder that is a bona fide potential purchaser; broker fulfilled contractual and rational obligations owed to sellers where sellers understood and accepted the agency contract, including the terms of compensation of commission and buyers’ premium, and were fully aware of and consented to the bidding at auction; permissible to have bona fide potential buyer, which is a corporation as to which employees of the seller’s real estate broker were officers and stockholders; complaint dismissed

1 DOS APP. 00 DOS v. Absolute Auction and Realty, Inc. - auctions; administrative appeal; no duty to disclose to bidders at an auction of real estate that an affiliate of the listing broker will be bidding on its own behalf; seller consented to arrangement whereby affiliate of listing broker would be bidder at auction on their own behalf; DOS fails to establish violation of 19 NYCRR §175.7 where the terms and conditions of the sale, including the seller and the buyer’s premium, were included in information provided to each bidder; determination of ALJ is confirmed

Featured Content

First quarter Legal Lines now available

The first quarter 2018 edition of NYSAR’s Legal Lines is now available online at NYSAR.com. This edition covers commission issues, a New York State Supreme Court ruling on unsigned letters not creating a contract, support animals and more. Learn more

legal-NYSAR-180x150-2016
Legal