HB1232 Summary

• Creates exemption from real estate licensing requirements for auctioneers holding valid licenses under the Auction License Act when conducting real estate auctions, subject to compliance with specified provisions.

• Establishes "real estate auction certification" issued by the Department of Financial and Professional Regulation to auctioneers who complete a 30-hour approved course, pass an examination, and meet other reasonable requirements.

• Limits certified auctioneer activities to establishing auction time/place/method, advertising, and conducting the auction itself; all other real estate brokerage activities must be performed by licensed brokers or exempt persons.

• Makes enabling, aiding, or abetting an auctioneer to conduct real estate auctions in violation of the Act grounds for discipline under the Auction License Act.

• Takes effect 12 months after becoming law; allows sponsoring brokers to compensate auctioneers licensed under the Auction License Act who are providing services under the new certification provisions.