Section 5.31 Auction Properties

All auction listings entered into the MLS must be subject to a valid listing agreement signed by the owner of the property and contain a list price; unconditional offer of cooperative compensation from the Listing Participant, as set forth in these Rules and Regulations and provide for agency pursuant to Virginia law during the time the listing is active in the MLS. Note: A VA Auctioneers license is required to auction real property and publicly advertise the terms, conditions and other details of a real estate auction.

The following auction information must be included in the Remarks field:
(a) a statement identifying the listing as a property subject to auction;
(b)an explanation of the basis for the list price (tax assessment, appraisal, opening bid) and
(c) whether or not the seller will accept an offer to purchase prior to the scheduled auction;
The information referenced in items (i)-(viii) below is prohibited in the remarks field.

The information referenced in items (i)-(viii) below is prohibited in the Remarks field but may be entered in the Agent Only Remarks field:
(i.) Any required procedures for Participants/Subscribers to register their representation of a potential bidder
(ii.) The date, time and place of the auction
(iii.) The terms and conditions of the auction
(iv.) Whether the auction is being conducted with or without the seller’s reserve
(v.) The time or manner in which potential bidders may inspect the listed property
(vi.) The amount of Buyer premium, if any
(vii.) Any other material rules or procedures for the auction
(viii.) Auction Company URL

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is no longer available for purchase prior to auction (“freeze” or “auction status”) the listing must be placed in Temp Withdrawn or released status.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.


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