HB406 Summary

• Amends Delaware Code Title 24 to clarify auctioneer exemptions from real estate broker licensing requirements when advertising, marketing, and conducting property auctions on the scheduled auction day.

• Auctioneers remain exempt from licensing only while performing ministerial tasks necessary for settlement on property sold by auction.

• Allows auctioneers to offer property to alternate registered bidders at the same price and terms if the original successful bidder fails to sign the Agreement of Sale or complete settlement.

• Requires an affidavit signed by both the alternate bidder and auctioneer verifying the alternate bidder was registered and attended the auction in person or electronically, with copies retained by the auctioneer, buyer, and Delaware attorney.

• Any auctioneer providing real estate services beyond auction activities must comply with Title 24, Chapter 29 real estate broker licensing requirements.