- All auction listings entered the MLS must be subject to a valid listing agreement signed by
the owner of the property.
- The listing must contain a list price as set forth in these Rules and Regulations and remain
listed with the listing Participant during the time the listing is active in the MLS.
- Excluding online auctions, a Virginia Auctioneers license is required to auction real
property and publicly advertise the terms, conditions and other details of a real estate
auction.
- Mandatory Language (Remarks Field)
The following auction information must be included in the Remarks field:
a. The first sentence in the Remarks field must identify the listing as a property subject to
auction.
b. an explanation of the basis for the list price (tax assessment, appraisal, opening bid).
c. whether or not the seller will accept an offer to purchase prior to the scheduled
auction.
d. The Auctioneer’s name and Virginia Auctioneer license number OR the auction firm’s
name and Virginia Auctioneer’s License number must be included for auctions that
are not online auctions.
- Optional Language (Remarks Field)
The following language may be included in the Remarks field:
a. The date, time and place of the auction.
b. The terms and conditions of the auction.
c. Whether the auction is being conducted with or without the seller’s reserve.
d. The time or way potential bidders may inspect the listed property.
e. The amount of Buyer premium, if any.
f. Any required procedures for Participants/Subscribers to register their representation of
a potential bidder.
g. Any other material rules or procedures for the auction
- Agent Only Comments
The following information is prohibited from the Remarks field but may be included in the
Agent Only field:
a. Contact or solicitation information.
b. Auction Company URL addresses may not be included in the Remarks field.
- When a property is no longer available for purchase prior to auction (“freeze” or “auction
status”) the listing must be placed in Temp Withdrawn or released status. In the event the
auction is unsuccessful and there is still a valid listing agreement in place, the listing may
be restored to active status.
Article 5: LISTING PROCEDURES←Back to the Table of Contents
