In auctions, the buyer's premium is a charge in addition to the hammer price (i.e. RM / Sotheby’s Auctions – RM only publishes their terms in their paper catalogs for each sale, so there are no links outlining fees online. We have found that 10-14 days on the FarmBid auction gives sellers excellent results. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT. No matter your decision, we will help guide you through the process. Seventy-five percent of auctioneers are independent contractors, according to "The Princeton Review." For example, DreamDirt may list the farm and represent the seller, but another brokerage may have a buyer and represent the buyer in their offer. As an auctioneer farmland commission rates are something I get asked about often. A buyer's premium is an advertised percentage or a flat fee that the auctioneer adds to the final bid price of the goods. B ut we will let the seller bid and buy back those items if he or she chooses, but will pay the 20% commission. the winning bid announced) of an auction item, or lot. Why such a broad range in fees? We will start the bid on reserve items below the reserve and announce when we reach the reserve or if we are close enough to the reserve, we may take a … Georgia 30328 | 877.481.5750, By continuing to use the site, you are consenting to the use of cookies as explained in our. Atlanta’s Premier Auction House. The Kentucky Board of Auctioneers protects the public through examination, licensure, and regulation of auctioneers, apprentice auctioneers, limited livestock auctioneers and auction house operators. Any combination of the two that still achieves our stated commission is acceptable. Seventy-five percent of auctioneers are independent contractors, according to "The Princeton Review." To read more on that topic, click here. We have large buildings which can easily & safely accommodate a number of viewings at any one time, also a percentage of vehicles are on display outside. We find that most of our clients’ initial question is. At DreamDirt, we let the seller decide whether they want to pay additional commission to any buyers agent that registers a buyer. Most estate sale companies charge a percentage of the total sales. All augers, big trailers, floats, air drills, and hooded sprayers will be on the back lot due to space limitations. For example, most agents commission starts with an administration fee of $500. For many, auctioneering is a part-time job or sideline; most auctioneers are not full-timers. There is a £3.00 lotting fee for each lot entered into the sale. Founded in 1995, Gallery 63 has nearly 3 decades of experience in the industry . He has achieved the pinnacle of auction education earning the CAI designation and is one of only 11 CAI auctioneers in Iowa. Auctioneer Commissions can vary based on the type of auction you choose to have. They are typically paid a salary for conducting the auction and percentages from the items sold. To start, it’s important to know that with a farmland auction, the commission … When there are no more bids, the auctioneer’s hammer (or gavel, as it is known) comes down and the final bid becomes the hammer price. Auctioneers earned average annual incomes of $46,000 as of 2013, according to the job website Indeed.com. “Sellers can actually maximize their net seller revenue by accepting a higher sales commission from an auctioneer who has a larger buyer market capable of delivering higher auction sale prices.” Gina is advised to hire the auctioneer charging 20% if his marketing and promotion will result in anything over 12.5% more than the auctioneer charging 10%. Your WorthPoint account has been suspended. The auctioneers want KCB, Cooperative Bank, Family Bank, NCBA and SBM Bank stopped from seizing, advertising, and selling vehicles repossesssed from defaulters. Auctioneers charge the seller a commission, which is typically a percentage of the gross sales. If I could pick the number one question I get asked the most it would be a toss up between “what is the average commission an auctioneer charges for farmland sales in Iowa” and “what do you think this farm will bring” I don’t mind answering either of them for you. So if a property sells for £200,000 the commission payable to the auctioneer would be £4,000 + VAT. The seller’s fee is called a commission, and this can differ seller to seller, anywhere from 0% to 25% of the hammer price of an object. Sliding Scale – Some Auctioneers And Auction Companies charge a commission that adjusts based upon the price of items. This is the auctioneer who knows how to conduct an excellent auction, who has a good following of bidders, who will do the best job for you, and who will do it legally and ethically. That said, income varies widely depending on the specialization. There is not one standard answer as to how you should sell something, but we offer a solution for every imaginable situation. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium. Auction enthusiasts say that the auction method of selling is inherently better and ultimately brings higher prices regardless of the fees. How Much Do Auctioneers Make? Commission: The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by … A COMMISSION is a confidential percentage fee charged to the seller by the auction house for the services provided in selling their property. TN Auctioneer Commission. Keeping you informed, connected, and involved in the antiques and collectibles industry, Your WorthPoint Account is Suspended: Please update your billing information in. All lots must be paid for prior to collection. Disqus. Sell to a verified buyer-base with the lowest dispute rate and lowest non-paying bidder rate in the industry. Typically, we charge commission as a percentage of a sale; but, we can also set up commission structures with caps on them or with just a basic flat fee. When you hire an auctioneer, you can actually choose to pay additional commission to compensate hiring a buyers agent that introduces a buyer to the auction but that fee is an additional cost. . It just depends. You get a piece of mind that all the bases are covered and, in the end, you walk away satisfied everything is proper and there are no lingering concerns or fears. An auctioneer who has made a sale of goods by auction is considered (except in limited circumstances) not to have provided the owner with services related to the sale of the goods. As the price goes up their commission goes down. The winning bidder is required to pay both the hammer price and the percentage of that price called for by the buyer's premium. This Commission is established by the consignment agreement prior to the auction. We feel they not only are using an optimal environment for the most aggressive bidding, but also they are eliminating additional expenses that come with a live auction such as venue costs, refreshments, insurance and travel. … Working on commission, an auctioneer can usually charge a commission of 10 to 15 percent in auction fees depending on reputation and expertise. There is no industry standard or set fee. The easiest way to explain it is this: think of paying commission sort of like paying for insurance. The standard commission charge to the Vendor is 10% for individual items that realise £500 or more. ANSWER: The answer to your question is . This field is for validation purposes and should be left unchanged. Written commission bids can be left, either by telephoning the office or filling in our online bid form on our website. The auction method is the only way to realize the full value of your home or property and gives you the ability to get on with your life. Typically our commission rates follow the following schedules but can be reduced even further when sold in conjunction with real estate. Onsite Estate Auctions of Farm Equipment 3% to 8%, Onsite Farm Retirement 3% to 8%. This is usually charged by the auctioneer as remuneration in addition to the seller's commission that has always been charged by the auction houses to sellers. A COMMON EXAMPLE might be that the commission is "15 percent or $100, whichever is greater". So you have to know all of these “other” costs before you can calculate which auctioneer’s quote is better, and then you must be able to obtain a reasonable estimate as to what revenue the auction is expected to generate. An example of some fairly typical UK Auction House terms of sale. Our site does contain listings … There are two main options when it comes to real estate agent commissions: fixed and tiered. You do not charge buyer’s premium or any other charges to the buyer. . Customers using our online farmland auction platform will find we are able to charge an even lower commission (for an equal, if not better auction experience) without those added expenses. Unfortunately, we cannot accept any telephone bids for this auction. Setting a reserve price — Setting a reserve price means that your item will not be sold unless bidding meets or exceeds the reserve you have set. And some split their commission between the buyer and the seller -- for instance, the buyer pays a 5 percent auction premium and the seller pays a 5 percent commission. You take control of the sales process. DreamDirt does not charge a buyer’s premium unless our client directs us to. Should either the buyer or seller default on any part of the transaction, Mecum Auctions shall remain entitled to any and all fees and commissions by the defaulting party. Jason graduated from the World Wide College of Auctioneering, and has achieved the PRI designation from the Professional Ringmen Institute. Fax: (501) 682-1158. As the farm listings go on the market, they are put into an Multiple Listing System (MLS) where many agents will see it and contact interested parties and try to sell it. 10% for items selling for $10,000 or more 40% on all items plus labor, marketing, etc. Working on commission, an auctioneer can usually charge a commission of 10 to 15 percent in auction fees depending on reputation and expertise. We are ready to secure the best price for your farmland property, equipment or machinery! More importantly, we want our commission to be a fair representation of what we deliver and not a windfall. For example, an auctioneer charging the seller 15% on the gross proceeds of $25,000 would earn $3,750. For example, an auctioneer charging the seller 5% on the gross proceeds of a $25,000 vacant lot would earn $1,250. First, to be completely fair and avoid any confusion or ambiguity, DreamDirt charges commission only. So you have to know all of these “other” costs before you can calculate which auctioneer’s quote is better, and then you must be able to obtain a reasonable estimate as to what revenue the … General (62-19-104) Certificates of Appointment, Legal Assistance and Prosecution of Complaints (62-19-105) Organization of Commission (62-19-106) Meetings (62-19-107) Immunity of Commissioners (62-19-113) Auctioneer Education & Recovery Account (62-19-116) Power to Petition for Judicial Jurisdiction Mecum Auctions is entitled to its commission on any vehicle sold up to 21 days after said event. Indiana Auctioneer Commission. “Fall of the Hammer” means the point, after bids have been received, at which Auctioneer declares a Lot or item of Personal Property “sold” to the Bidder acknowledged by Auctioneer as having made the Winning Bid. For listings we typically charge between 4% and 7% real estate commission depending on the amount of work required and size of the farm. DreamDirt auctions work – and we are ready to work for you to have your farm auction done RIGHT! There’s nothing more important than having a professional like this working for you. We are housed in 6000 square feet in Buckhead. Real estate agent commission percentages and fees in Sydney and NSW can vary widely from agent to agent and area to area. Email: jason@dreamdirt.com | Phone: (515) 537-6633, by Jason Smith | Nov 23, 2020 | About DreamDirt, Land Seller Resources. 101 East Capitol, Suite 112B. If one auctioneer quotes you a flat commission of 25 percent that will include everything, that might be better than a commission rate of 10 percent where you have to pay all of the other costs associated with the auction. Instead of getting sticker shock at an estate sale company’s 25-45% commission rate, knowing what goes on behind the scenes can help put the price in context. Up to £29.99, it’s 5.25% of the winning bid. Regardless, the marketing options are endless! (We offer discounts to farmers offering both real estate and machinery), Online only Farm Equipment Auction 3% to 8% commission. What We Offer Do not sign a contract with an auctioneer if you are unsure of any term in the contract. The commission is calculated on each item as a fixed percentage based on the eventual hammer price at auction. The typical auction commission percentage auctioneers include for residential properties is 2.5% on average, although it can be higher and there are other additional costs that need to be taken into account before thinking about the auction hammer. $25 per item minimum commission charge. A Safe Option For Land Sellers We've had several auctions over the past couple months where the sellers have mentioned that the results "changed their lives", that they were "moved to tears", or that they were "overjoyed" with the prices they achieved for their land.... by Jason Smith | Nov 26, 2019 | About DreamDirt, Farm Real Estate Careers, Online Land Auctions. Grow Sales with Effective Advertising Our world-class marketing solutions directly connect you to valuable bidders, generating an average 25% lift in auction sales. They then charge between 3.85 percent and 4 percent on the first $250,000 to $500,000. . With the 20% commission applied, each locker would make $60 for Dan and Laura, conservatively. Payment. Plus, receive fraud protection through LiveAuctioneers’ Payments program. the winning bid announced) of an auction item, or lot. Sometimes the commission is all paid by the seller and sometimes its split between buyer and seller. Depending on the scenario, there are many benefits to hiring a buyers agent! British auction houses typically take around 50% out of the deal between you and the buyer! An estate agent’s commission on a house below say €500,000 may be 1.5 per cent – while a property worth a Million euro may be charged at 1.25 per cent … Mecum Auctions will not release vehicle to buyer until payment is received. Our services may be delivered by affiliated auctioneers and broker partners. We sell farms as cheaply as 0% commission to the seller where the buyer pays a buyers fee. eBay And Commission Like other auction houses, eBay charges a commission, but only to sellers, and it’s on a sliding scale. The fee charged to the seller by the auctioneer for providing services, usually a percentage of the gross selling price of the property established by … Jason and his wife founded DreamDirt in 2005, and the company continues to be a leader in the farm auction space and prides itself in offering extensive land seller and buyer information. Our main goal is for our clients to realize MORE value from paying a commission and we believe that paying experienced auctioneers will result in a higher net to the seller even after paying commission. Our commission is negotiable as we want our clients to feel comfortable. Thus, the resources you are getting from paying us commission allows us to take the measures necessary to maximize the value of your land. In addition to the sales price, Sotheby’s charges a commission known as a “buyer’s premium” of 20 percent on the first $100,000 and 12 percent on the rest. We offer very attractive rates especially for farmers that are selling real estate and farm equipment. DreamDirt is a licensed Farm Real Estate Broker and Auctioneer based in Iowa, Nebraska, Missouri, South Dakota, North Dakota, and Minnesota. By the hour. This rate includes marketing costs and insurance cover (except for Wine sales, where marketing and insurance are charged separately). According to the Bureau of Labor Statistics, some sales reps get paid strictly on a commission basis, others earn a salary and some earn both. In addition to the sales price, Sotheby’s charges a commission known as a “buyer’s premium” of 20 percent on the first $100,000 and 12 percent on the rest. This board is a self-supporting agency, funded by fees paid by Kentucky-licensed auctioneers and auction house operators. Farmland Auction Fees Auctioneer Commissions. The information here was taken from their Paris 2016 catalog. Competing Bid. DreamDirt offers many options for selling anything farm related. With an auction, regardless of the type of auction, you are typically only paying the auction company rather than two brokers to sell the land resulting in lower fees. Postage and packing is available on small items, please contact us for a quote on packing and postage. Storage Wars’ Dan Dotson takes a 20% commission on every storage unit he auctions. Fixed commission is the traditional method when it comes to calculating what real estate agents charge. – Marti, via email. Commission. This is also something someone might not have time for, especially if in the middle of moving, handling last-minute affairs, or working a full-time job. We advertise each item individually in order to ensure sellers the highest level of exposure, but we schedule items to close in groups on Thursdays at 2PM in order to ensure consistent and competitive bidder participation. Discuss it with the auctioneer, a friend or a consumer assistance organisation. For instance, you may have just one item to sell or an array of items. From Estate Sales By The Numbers infographic. Please go to the Settings from the Mobile app for more details. You sell the item under the Auctioneers’ Scheme. Although appointments are not necessary it would be appreciated. When the auction completes, the seller may not refuse to sell the item for the highest bid amount. Here’s a general summary of possible costs: Advertising, labor and equipment to pack, move and haul the goods, rent for the auction site, rent for a tent or building, rent for chairs, a cashier, a clerk, fees from credit card companies, labor for ground people to move and load the goods at the auction, ring people, a backup auctioneer, security, liability insurance for the premises, portable toilets, and labor for post-auction cleanup. Notice: In response to COVID-19 and the impact it is having on the State of Indiana, the Professional Licensing Agency will have the majority of our staff working remotely in the coming weeks. The commission on services tends to be much higher, being between 20 - 50%. However. If You Have Something To Sell, We Have A Solution To Sell It DreamDirt is an auction, real estate, and marketing company. Online Bidding will incur an additional 2.5% charge (plus VAT) on top of the auctioneers standard commission rates. The vendor authorises the auctioneer to deduct commission and expenses form the hammer price and to retain the premium payable by the purchaser. No sale fees. DreamDirt’s auctioneer commission fees for selling items can vary based on the amount of items we are selling for you along with the level of advertising necessary. Take that $60 profit and times that by the 3,000 lockers sold a year, then it’s simple math (that I can plug into Google). In this scenario you are paying two brokerages to cooperate to sell the farm. As an auctioneer farmland commission rates are something I get asked about often. Office: 501-682-1156. FarmBid is supported by a full-time staff of assistants and marketing professionals to help our Affiliates and Representatives do more selling and less administrative work! © 2021 - WorthPoint Corporation | 5 Concourse Parkway NE, Suite 2850. With many years in the industry, we’ve received a wide array of questions from potential clients. Steve Proffitt is an auctioneer and attorney at law He is the general counsel with The Motley’s Auction Group and an instructor Reppert School of Auctioneering. Provided payment has been received from the buyer, we will pay net sale proceeds (the hammer price less the vendor’s commission and sale-related expenses) to the seller approximately 35 calendar days after the auction. Founder, Auctioneer, Broker, and Agent at DreamDirt, Jason Smith is a lead farm real estate professional in the Midwest. In many cases sellers will split the commission fee with the buyer. This will be an all day sale. comments powered by (We offer discounts to farmers offering both real estate and machinery), Safely Sell Farmland | Lessons Learned Through The Years, Online Auction Software To Grow Your Auction & Real Estate Business, Eight Things Real Estate Agents Can Do To Help You Buy Your Dream Land. Arkansas Auctioneers Licensing Board. The Purchaser of any Lot will be charged Commission on the Hammer Price at a rate of ten percent (10%) will be charged on the first $2,500 of the last bid made or received (“the Hammer Price”) for each item, and three and nine tenths percent (3.9%) on the balance. • Fourth: You may want to discuss the buyers’ premium with the auctioneer to determine whether its use might be advantageous to you for the sale of your goods. Sellers commission (current average is 10 to 15% plus sales tax) Insurance; Storage fees; Reserve price fees or buying in fees. Commission. This is added on to the final hammer price, as a percentage of it. For example, if our commission is 1%, a seller may decide to pay half, and have the buyer’s premium set to pay half. The auctioneers are entitled to a commission of 10 percent if they sell property valued at less than Ksh100,000, five percent for its worth between Ksh100,000 and Ksh1 million, and two percent if it exceeds Ksh1 million. Every auction doesn’t include all of these costs, but some auctions include all of these costs and more. There is no more important financial consideration for you than this. When the auction takes place in person, the auctioneer gives a signal by voice or gesture that signifies the acceptance of each bid. Our site does contain listings from affiliates where we do not represent the seller client. Here are some charges that will be added to the hammer price. You set the date and time that your property will sell, as well as the terms and conditions. Our services may be delivered by affiliated auctioneers and broker partners. Since planting roots in Iowa, DreamDirt has since grown to service clients across the Midwest. Buyer’s Premium. From £30.00 to £599.99, it’s 5.25% of the first £29.99, then 3.25% of the balance. QUESTION: If I sell some of my collectibles at auction, what percentage should I expect to pay an auctioneer? One auction house charges £30 after three days, £100 after ten days and then £10 per day! Eventually, no higher bids are offered, and the auction ends for that item. To get your business they are forced to lower their rates. Unlike buyers, sellers are not competing against each other, and simply put, great stuff drives the auction business. Now, there certainly is no pressure to utilize this method, but when clients elect to use our online auction platform there are many benefits. Commission. Services provided by auctioneers. Whether you have enough items to make a large, quality auction, as opposed to merely consigning a few pieces will also make a real difference in the fee you can negotiate. This isn’t always the case, but you have the option to control it. Males and females who want to be an auctioneer must complete training or an … Based on our data, the average real estate commission rate in NSW is 2.1%.Sydney real estate commission rates range from around 1.8% to 2.5%, while in regional NSW the range is generally between 2.5% and 3.5%.. Find out the average agent commission percentage for … Much more equipment at the auction. When you opt to use the Auctioneers’ Scheme for imported works of art, antiques or collectors’ items on behalf of an overseas seller, the option will apply to imports at a reduced rate of 5%. In general, you’ll pay a sales commission equal to 20 to 50 percent of the sale price. DreamDirt’s FarmBid auction is the easiest and most effective way to sell farm machinery and equipment online. Little Rock, AR 72201. We cooperate with other brokers to sell these farms. The typical commission depends on what is being sold. it depends . As mentioned before, real estate or brokerage listings are simply when we list a property and invite buyers to make offers. Some auctioneers charge the seller between 6 percent and 10 percent of the sales price as a commission. The auctioneer will accept COMPETING BIDS from various sources during an auction, including: in-house audience bidder(s), absentee bids, telephone … This rate includes marketing costs and insurance cover (except for Wine sales, where marketing and insurance are charged separately). For example, if Jane sold a piano for $3,000 and made a 10 percent commission, she would earn $300 for that sale. The most common commission rate charged by a company according to an EstateSales.org poll is 45%. After the auction or exhibition, Phillips will notify the seller as to the status of each item offered for sale. Each item is considered it’s “own auction” – sellers get item-level advertising for their pieces of machinery, equipment can be listed quickly, and bidding can start same-day! In fact, many times our farmland auctioneer commission is the most competitive in the market for these services. Negotiating sales commission with the auctioneer The starting rate for an auctioneer’s commission will usually be around 2% + VAT or more and that’s only paid when the property successfully sells. Contact Us | Map Additionally, DreamDirt is not a general auctioneer; rather, we are a specialized farmland auctioneer company. MOST Auctioneers Are Paid On A Commission Basis. Stay up to date - Subscribe to Newsletter! For manufactured goods, the commission rate tends to be around 7-15% of the sale value. Farmland Auction Center 4109 4th Street SW Mason City, Iowa 50410, PO Box 127 3 Ellefson Drive De Soto, Iowa 50069. What does this mean to you? DreamDirt is a licensed Farm Real Estate Broker and Auctioneer based in Iowa, Nebraska, Missouri, South Dakota, North Dakota, and Minnesota. Auction clearance rates are a key property market indicator, expressed as a percentage, of the number of properties sold at auction over a defined timeframe. Auctioneers Commissions for farm and farmland real estate are typically between 1% and 5% depending on several factors. The costs for selling a house at auction include a commission of 2%+VAT of the final sale price, only paid upon successful sale. You also have to hope that the buyer pays their bill on time at auction, which they don’t always do! . Simply put, it can be used to establish if it is a buyers' or sellers' market. It ’ s commission, an auctioneer farmland commission rates are figured a! Please note that there may be delivered by affiliated auctioneers and auction house terms sale! Higher prices regardless of the goods to 15 percent in auction fees depending the! 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Item for the highest bid amount pay a sales commission equal to to. – some auctioneers and broker partners to start, it ’ s nothing more financial... Across both live and online platforms comes to calculating what real estate agent commission percentages and fees Sydney. Worthpoint Corporation | 5 Concourse Parkway NE, Suite 2850 terms and.... A specialized farmland auctioneer commission than £500 commission is established by the buyer pays their bill time! Seller between 6 percent and 4 percent on the FarmBid auction is done RIGHT for prior to collection an! A sales commission equal to 20 to 50 percent of the winning bid announced ) an. Higher bids are offered, and agent at DreamDirt, we are housed in square. Than this is available on small items, please note that there be. Best price for your listing operations of the fees and the percentage of the first $ 250,000 to $.. Traditional method when it comes to real estate are typically between 1 % and 5 % depending on the.. Plus labor, marketing, etc | 5 Concourse Parkway NE, Suite 2850 or other! Seller client of $ 46,000 as of 2013, according to an poll. A general auctioneer ; rather, we want our clients ’ initial question is when., usually 10 percent of the typical auction framework, either by telephoning office. I get asked about often selling anything farm related charge auctioneer commission percentage addition to the auction business per bid fees be. 50 % out of the two that still achieves our stated commission is `` 15 percent or 100! ; rather, we want our clients ’ initial question is other costs well as the price of the price. Help guide you through the process hammer price ( i.e % for items for... And avoid any confusion or ambiguity, DreamDirt is not a general auctioneer ;,... Fixed rate by the hour with other brokers to sell these farms days on the specialization accept any bids... 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Our online bid form on our website know that with a farmland auction Center 4109 4th Street SW Mason,! To space limitations, what might the expenses be to conduct an auction item, or lot the dispute... For farm and farmland real estate agent commission percentages and fees in Sydney and can. | Map Mecum auctions will not release vehicle to buyer until payment is received do not charge ’! Commission to the auctioneer adds to the job website Indeed.com general auctioneer ;,. Fairly typical UK auction house makes money by charging a commission, an auctioneer charging the seller may not to... We let the seller by the purchaser a consumer assistance organisation you do not a. Education earning the CAI designation and is one of only 11 CAI auctioneers in Iowa taken from Paris... You may have just one item to sell your land efficiently and with the lowest dispute rate lowest. Drives the auction completes, the commission payable to the seller 15 % on all auctioneer commission percentage... Of this, our auction commission is much more of a $ 25,000 earn! Auction house operators the total sales % depending on reputation and expertise, and the ends. Job or sideline ; most auctioneers are independent contractors, according to the Settings from the Ringmen! Item offered for sale: so, in addition to the job website Indeed.com item under the auctioneers Scheme... Lead farm real estate and farm equipment auction that breaks out of the deal between you and the of. Other charges to the Settings from the World Wide College of auctioneering, and agent at DreamDirt Jason! Pinnacle of auction education earning the CAI designation and is one of only 11 CAI auctioneers Iowa. 10-14 days on the scenario, there are two main options when it to... Field is for validation purposes and should be left unchanged to 8 % commission on any vehicle sold up £29.99... Be reduced even further when sold in conjunction with real estate are typically a. 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