Which of the following is NOT a requirement for auctioneers regarding contracts?

In North Carolina, auctioneers must follow specific guidelines regarding contracts, ensuring compliance with state regulations and maintaining proper business practices. One of the key responsibilities is to maintain appropriate contractual relationships, which includes having contracts with owners and keeping those records for a specified period, typically two years.

Obtaining a settlement sheet is also required as it provides a detailed account of the financial transactions that occurred during the auction process, ensuring transparency and accuracy. However, there is no stipulation that contracts must be renewed annually. This means that as long as the terms of the contract are fulfilled and the contract remains valid, it does not need to be renewed every year. Consequently, requiring annual renewals would add unnecessary complexity and could potentially disrupt business operations if not perfectly timed. Thus, the statement about renewing contracts every year stands out as the only option that does not align with the actual requirements set forth for auctioneers.