Final answer:
An unlicensed auctioneer can conduct an auction of real property with certain requirements, excluding the use and filling out of the Real Estate Purchase Agreement by a licensee.
Step-by-step explanation:
The correct answer is (b) The Real Estate Purchase Agreement is used and filled out by a licensee. An unlicensed auctioneer may conduct an auction of real property, but certain requirements must be met under the law. These requirements generally include having a principal broker present at the auction, depositing the earnest money in the broker's trust account, and having a principal broker review and initial all documents prior to the auction. However, the use and filling out of the Real Estate Purchase Agreement by a licensee is not required for an unlicensed auctioneer to conduct the auction.