Local Rule 6005-1: Appraisers, Auctioneers & Real Estate Agents

6005-1 Appraisers, Auctioneers & Real Estate Agents

(a) Qualifications of Auctioneers and Real Estate Agents. Applications to employ auctioneers (including on-line) or real estate agents shall detail the auctioneer's or agent's qualifications, including any professional licenses held.

(b) Compensation of Auctioneers. An auctioneer's commission may be deducted from the gross proceeds of sale and/or added to the sale price as a buyer's premium. Except upon motion filed pursuant to the LBR 9013-1 Motion Practice Procedures, compensation shall not exceed:

(1) Ten percent (10%) of gross proceeds for real property and vehicles—including cars, trucks, trailers, all-terrain vehicles, boats, aircraft, farm machinery and implements and earth moving equipment; or

(2) Twenty-five percent (25%) of the first $40,000 of gross proceeds for other personal property and fifteen percent (15%) thereafter.

(c) Compensation of Real Estate Agents. Compensation of a real estate agent shall not exceed six percent (6%) of gross proceeds except upon motion filed pursuant to the LBR 9013-1 Motion Practice Procedures. Any variance above 6% requires a court order and is excluded from the "if objection" process of the LBR 9013-1 Motion Practice Procedures. Expenses of a real estate agent shall only be reimbursed upon motion filed pursuant to the LBR 9013-1 Motion Practice Procedures.

(d) Retrieval of Sale Items. Auctioneers and agents who ship sale items at buyers' expense must allow buyers to arrange for retrieval of sale items without charge.

(e) Reimbursement of Credit Card Fees. Auctioneers and agents who accept payment by credit card may charge a buyer's premium to offset credit card processing fees only if that charge is disclosed in the application to employ and in the notice of sale.