IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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An auctioneer in Illinois is selling a property 'with reserve.' When may the seller withdraw the property from the auction?

Only before the first bid is placed At any time before the auctioneer announces completion of the sale Only after receiving at least three bids The seller may never withdraw a property once the auction begins

Correct Answer:

At any time before the auctioneer announces completion of the sale

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