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Sample Virginia Auction License

Virginia Auction License

The local Department of Professional Regulation oversees a special auctioneer board. It regulates individuals and companies willing to obtain a Virginia auction license. This group consists of 3 certified auctioneers and two citizens. They are responsible both for issuing and suspending the permits.

The board can authorize non-residents as well. There are reciprocal agreements with 14 states. If you are from these states, there is no need to take an exam. You have just to fill in a reciprocal application.

Remember that the state is not regulating online bidding. Thus, you do need an auction license if you operate online.

Main requirements

What to start with before submitting an application? Start by completing a course as you have to take an exam. The Department provides a list of approved schools to choose from.

This is when you need to submit an application. You will have to fill in personal details and answer several questions. This includes a background check to see if you faced convictions in the past. After sending the form, the authorities will contact you to schedule a test. Bear in mind that there are different applications for individuals and firms.

The applicant also has to pay a non-refundable fee of $25. This is in the form of a check or money order.

So, the main requirements to get authorized are to:

  • be at least 18
  • have proper education
  • pass an exam
  • have insurance
  • pay a fee

If you are also interested in obtaining a Nevada auction license, you may check this article.

Training and tests

Once you passed your training, you have to request a seat for the exam. The board reviews the request and confirms the eligibility. Once approved, you can register directly with the PSI platform. The test lasts 150 minutes and costs $40.

However, this is not the only time you have to prove your professionalism. One of the prerequisites for the renewal is to take a 6-hour course.

Further procedures

Imagine you have passed the exam. You will receive the results immediately. There is no score you need to reach, and you get a successful notification immediately. The same is in the case of a negative result. There will be an immediate notification and also a diagnostic report of your mistakes.

So, the test is over and you are ready for the next step. PSI provides you with a pass letter and a licensure notice. The applicant has to mail it to the board together with a surety bond.

The bond has to be for 2 years. The future auctioneer needs to post a $10,000 bond to work in VA. If you meet all requirements, you will receive your document by mail.

Renewal

The license is valid for two years. The Department usually notifies you approximately 45 days before the expiration date. Unless you received it, there is a form you have to use.

The auctioneer also sends proof of current bond and a $45 renewal fee. And, as mentioned above, you have to comply with continuing education requirements.

Online services

The Department’s website offers useful services to professionals and consumers. Any person can inspect the status and reputation of an auctioneer using a Lookup tool. There is a chance to see if he faced disciplinary actions in the past. You have to simply insert the name to get the necessary data.

Anna Ghazaryan

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