IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Under Illinois law, what is the auctioneer's duty regarding known material defects in auction property?

The auctioneer has no duty to disclose defects The auctioneer must disclose all known material defects to potential buyers The auctioneer only needs to disclose defects if asked Defects need only be disclosed for items over $1,000

Correct Answer:

The auctioneer must disclose all known material defects to potential buyers

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