Final answer:
Elwood likely needs a real estate license to take custody of earnest money in a real estate auction. An auctioneer license typically does not cover real estate transactions. It is advisable for Elwood to check with the Maine regulatory body for precise requirements.
Step-by-step explanation:
The question posed relates to the legal requirements for conducting specific activities within the realm of real estate auctions. In many jurisdictions, an auctioneer license allows the holder to call bids at an auction but does not necessarily qualify them to engage in real estate transactions or take custody of earnest money. Generally, taking custody of earnest money as part of a real estate transaction often falls under activities that require a real estate license, as it involves handling funds related to the buying or selling of real property. To ensure compliance with state laws, Elwood should verify the requirements with the local regulatory body governing real estate professions in Maine. Without a real estate license, an auctioneer may be limited to just calling the bids and might need to work with a licensed real estate professional to handle the earnest money and complete the transaction.