What is a Real Estate Auctioneer and how do they get paid

Here are the license laws for Mississippi.  If someone is advertising for an auction without a license, I'd stay away.  There is a carve out for Sealed Bid Sales which means that an unlicensed agent CAN (probably) set a date and time for when offers are due.  This is not really an auction though. 

To really get it all explained to you, the best thing is to contact the state or national auctioneers association, find a real estate auctioneer in your area and call them.  I would be shocked if they didn't spend more time than you plan for answering your questions as there has been a huge push ove the past years to increase the cooperation between Realtors and Auctioneers.  Many auctioneers now are teaching courses to Realtors.  You can also look in the Auctioneers Group here on AR and call one of us.

Mississippi Auctioneers Commission
Kam Remsen, Executive Director
P.O. Box 5088
Jackson, MS 39296-5088
Phone: 601-364-2384
Fax: 601-364-2387
Email: mailto:auction@netdoor

• An auctioneer's license is required for the state of Mississippi. License fees fees are $200 biannually for Resident (gallery and livestock); $450 biannually for non-resident auctioneer (includes gallery and livestock).
• Requirements for license applicants : Applicants must be 18 years old, must have a high school diploma or GED, graduation from an auctioneer school, two years in auction business and pass the state examination if not grandfathered in.
• Exceptions to license requirements : Bankruptcy sale; sale by the U.S. or the State of Mississippi; sale by a charity or non-profit organization; sale of individual property; foreclosure sale; sale by sealed bid; sale by stockyard as defined in Federal Packers Act of 1921; sale of livestock by non-profit association.
• Mississippi requires applicants to pass an examination . Examination fee is $100.
• An auctioneer must hold a real estate license if he/she will be calling bids and/or handling any aspect of a real estate auction, including the closing.
• A person must hold an auctioneer's license to call bids at a real estate auction.
• Mississippi has reciprocity agreements with Alabama Arkansas, Florida, Georgia, Illinois, Kentucky, Louisiana, Massachusetts, North Carolina, South Carolina, Tennessee and Texas. No third party residency.
• The required bond amount for the state of Mississippi is $10,000.
• The state of Mississippi does not maintain its own recovery fund .
• The state of Mississippi does not require continuing education.

Michelle:

Did you attend the auction or call the auctioneer to find out?

Its usually the best way.