REIQ Best Practice Guidelines v03.23 - Flipbook - Page 34
14. CONDUCT OF THE AUCTION
A Member Auctioneer should conduct the auction
by:
(a) announcing clearly when a bid is made by a
registered bidder;
(b) announcing clearly what sale price has been
bid;
(c) announcing clearly what increment a bid may
be increased by;
(d) clarifying with a registered bidder immediately
if there is any doubt about whether they have
bid and what amount they have bid; and
(e) when the highest bid has been made (which
exceeds the reserve price) without further bids,
the Member Auctioneer should clearly
announce that the property is going to be sold
to that registered bidder, by making no less
than three (3) final announcements, clearly
distinguishing between each of those
announcements, prior to announcing the sale
of the property to that registered bidder.
15. REFUSING TO TAKE A BID
Member Auctioneers have the discretion to refuse
a bid from any bidder (such as from a bidder that
has not registered). If a Member Auctioneer
refuses a bid, they should announce the refusal to
all other bidders during the auction.
i. be prepared by the Sales Agent or the
Client’s Legal Practitioner; and
ii. include the relevant particulars in the
contract schedule to form a binding contract
once signed by both parties.
(c) If a Member Auctioneer is authorised to sign
any document or contract on behalf of a Client
or buyer, the Member Auctioneer must hold
such authority in writing.
18. COMPLIANCE
Member Auctioneers must comply with the REIQ
Conditions of Sale – Public Auction.
19. MEMBER AUCTIONEER ACTING FOR
SELLER AND POTENTIAL BUYER
Where a contractor, employee or agent of a
Member Auctioneer has been requested to bid at
an auction for a prospective buyer and where the
Member Auctioneer is also the appointed agent of
the seller, the Member Auctioneer must, regardless
of whether the buyer is present or absent from the
auction, announce that fact and identify the
contractor, employee or agent of the Member
Auctioneer who will be bidding.
20. PROPERTY PASSED IN
If a property is passed in at auction, the Member
Auctioneer may be reappointed by the Client to
conduct another auction.
16. DISPUTES
If there is a dispute in relation to a bid or the result,
Member Auctioneers can resubmit the property for
auction, or with the Client’s bid in the event the
dispute arises before the reserve price was reached.
17. CONTRACT OF SALE
(a) Member Auctioneers should ensure they have
a draft contract of sale on hand at the auction
for the successful bidder to enter into after
the auction.
REIQ BEST PRACTICE GUIDELINES
(b) The draft contract of sale should:
V08.23
21. DUMMY BIDDING
Member Auctioneers must not arrange for or
knowingly allow dummy bidding to occur at an
auction. If a Member Auctioneer reasonably
suspects a dummy bid is made at auction, the
Member Auctioneer should reject the bid.
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