The Auctioneer Bond has a common renewal date of June 30. the cost of this surety bond is as low as $125.00 per year, subject to approval of the underwriting company.
The State of Ohio requires auctioneers to be licensed by the Ohio Department of Agriculture. In order to become a licensed auctioneer you must first serve a one year apprenticeship, act as a bid caller in twelve auctions, attend an approved auction school before applying for the auctioneer license. The auctioneer exam consists of a written and verbal examination. The applicant must score 75% or better to have a passing grade. Applicants must also have proof of financial responsibility in the form of a surety bond in the amount of $25,000.
License Requirements : must provide proof that the applicant:
- Has a good reputation,
- Is of trustworthy character,
- Has attained the age of at least 18 years,
- Has obtained a written promise of a licensed auctioneer to sponsor the applicant during the applicant’s apprenticeship,
- Has satisfied the financial responsibility requirements established by posting the required $25,000.00 surety bond ,
- Proof of attendance at an approved auction school.
- The applicant must take and pass the apprentice auctioneer examination with a score of 70% or better.
With a common renewal date of June 1, now is a good time to shop this bond if you are paying more than $125.00 a year. Surety1 offers free, no obligation quotes.