True or False: You can have an auction without a contract with the owner of the property.

The statement is false because an auction requires a contract or agreement with the owner of the property to establish the rights and obligations of both parties involved. An auctioneer cannot lawfully sell property that they do not have permission to sell from the owner. This contract typically outlines crucial details, such as the terms of the auction, the reserve price if applicable, and the duties of the auctioneer.

Without a contract, the auctioneer lacks the legal authority to conduct the auction, which means they cannot create a binding obligation for a potential buyer. This is fundamental in ensuring that the auction process is conducted ethically and legally, protecting the interests of both the seller and the buyers. Therefore, a contract with the owner of the property is essential for the auction to take place legitimately.