(1) An auctioneer may not sell the property of another at auction without a prior written contract with the seller which sets forth the terms and conditions upon which the auctioneer will sell the property. The licensee must retain a copy of each contract for at least three (3) years after the auction.
(2) The Auctioneer's Licensing Board is authorized to prescribe by rule the minimum requirements which must be included in a written contract.