Which of the following is NOT needed for an unlicensed auctioneer to perform an auction?

The correct choice is that a principal broker's review and approval of documents is not needed for an unlicensed auctioneer to perform an auction. In the context of real estate transactions in Utah, it is common for various tasks and responsibilities to be delineated between licensed individuals and their roles in an auction process.

Unlicensed auctioneers may carry out the act of conducting an auction itself, as this action does not necessarily require the oversight of a principal broker in the same way that contractual documentation or real estate transaction processes do. However, having a principal broker present at the auction ensures compliance with legal requirements and oversight but is not mandated for the auction to take place.

In contrast, earnest money typically needs to be deposited in a broker's trust account as part of the real estate transaction processes to manage client funds correctly. Additionally, a licensee is required to complete legal documents such as the Real Estate Purchase Agreement, which ensures that the sale complies with state law. Thus, while the involvement of a principal broker generally adds a layer of protection and professionalism to the auction process, their review and approval of documents specifically is not a prerequisite for an unlicensed auctioneer to conduct the auction itself.