It shall be unlawful for any person to, while acting as an auctioneer, fraudulently, misleadingly or untruthfully misrepresent the quality, kind, character or value of the goods; to substitute any article sold for another article or vice versa; to accept bids for any other than bona fide bidders, to wit: from the owner or any employee or confederate of the auctioneer for the purpose of boosting the bid price of a bona fide bidder; to fail to adequately disclose any defect in the merchandise or any limitation on the bidding imposed upon the auctioneer by the owner of the property or by the auctioneer’s own rule or regulation. All such limitations shall be accurately and adequately described prior to the beginning of bidding on any object and shall be held to apply equally to all bidders. Any rules or regulations imposed by the auctioneer shall be posted and made a part of the advertising for the auction and shall be displayed prominently at the site of the auction in print large enough that it can be adequately read by members of the auction patronage crowd.