(a) Auctioneer bidding.

1. (1) The auctioneer shall not bid or otherwise purchase the real estate being auctioned, or permit others to do so on his or her behalf, unless he or she has disclosed that he or she may bid or may purchase the real estate as provided herein.
2. (2) In a reserve auction, the auctioneer may bid on behalf of the seller after giving notice pursuant to subsection (c) of this section.

(b) Seller bidding.

1. (1) In an absolute auction, the auctioneer shall not knowingly permit the seller or others on the seller’s behalf to bid on the seller’s real estate being auctioned, unless the seller is:

   1. (A) A party to the dissolution of any:

(i) Marriage;

1. (ii) Limited liability company;

   1. (iii) Partnership; or

      1. (iv) Corporation; and
   2. (B) Bidding as an individual apart from the selling entity and disclosure as required herein has been made to those in attendance at the auction.

2. (2) In a reserve auction, the auctioneer shall not knowingly permit the seller or others on the seller’s behalf to bid on the seller’s real estate being auctioned unless the auctioneer has disclosed that the seller or others on the seller’s behalf may bid on the real estate being auctioned as provided herein.

   1. (c) Notices. Immediately prior to opening the bidding on the subject real estate, the auctioneer shall announce to all of those in attendance at the auction, the terms and conditions of the auction, and announce if the seller and/or auctioneer, or others on their behalf, may bid on or purchase the real estate being auctioned.