(a) Absolute auction.

1. (1) Any auction which is to be an absolute auction shall be listed as such in advertisements for that auction.
2. (2) If an auction is advertised as absolute, all high bids must be accepted and ownership transferred.

(b) License number required. Any auctioneer or auction house owner who advertises to hold or conduct an auction shall include in such advertisement:

1. (1) His or her or its name and designate whether the auctioneer or auction house owner;
2. (2) Business address;
3. (3) License number; and
4. (4) Such other reasonable information deemed necessary or appropriate for such sale.