REIQ Best Practice Guidelines v03.23 - Flipbook - Page 32
(b) If the last bid at an auction is made by a
Member Auctioneer on behalf of the Client and
the auction is ended because the reserve price
has not been reached, any future statements or
representations made when marketing the
property must not state the amount of the last
bid without also stating that the bid was a bid
made on behalf of the Client28.
9. REGISTRATION OF BIDDERS
(a) The Member Auctioneer must keep a register
of all registered bidders for an auction29.
(b) In order to validly register for an auction, a
prospective bidder must30:
i. provide a signed Bidder Registration Form
and REIQ Conditions of Sale – Public Auction;
and
ii. provide their name, address, contact details
and sufficient identification material to the
Member Auctioneer.
(c) Member Auctioneers must only accept bids
from bidders that have formally registered for
the auction31.
(d) When a bidder is registered for an auction, the
Member Auctioneer must provide a bidder
registration number to the registered bidder
which they must use in order to make a bid at
the auction32.
(e) Bidders should use their best endeavours to
register for an auction prior to the
commencement of the auction. If the Member
Auctioneer wishes to accept a registration of a
bidder during an auction, the Member
Auctioneer must not accept a bid from that
person until they have registered to bid in
accordance with Agency Law and as set out in
this Guideline 9.
28
Auctioneers are required to
hold an Auctioneer Licence
in addition to a real estate
licence or registration
Property Occupations Regulation 2014, s 24
29
Property Occupations Regulation 2014, s 23(1)
30
Property Occupations Act 2014, s 23(4)
31
Property Occupations Regulation 2014, s 23(2)
32
Property Occupations Regulation 2014, s 23(5)
REIQ BEST PRACTICE GUIDELINES
V08.23
32