IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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An auctioneer's advertisement states 'Absolute Auction' but the seller secretly establishes a reserve price. What violation has occurred?

No violation if the reserve is reasonable Misrepresentation and false advertising A minor procedural error requiring correction A violation only if a bid exceeds the reserve

Correct Answer:

Misrepresentation and false advertising

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