IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

What does the term 'hammer price' mean at an auction?

The appraised value of the item The price at which the auctioneer's hammer falls, signaling the winning bid The reserve price set by the seller The total amount including buyer's premium and taxes

Correct Answer:

The price at which the auctioneer's hammer falls, signaling the winning bid

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