IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Under the Illinois Auction License Act, what is an 'auction firm'?

Any business that sells goods at retail A partnership, corporation, or LLC that engages in or offers to engage in the auction business A government entity that auctions seized property A real estate company that holds foreclosure sales

Correct Answer:

A partnership, corporation, or LLC that engages in or offers to engage in the auction business

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