IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Which Illinois administrative rule requirement applies to the auctioneer's handling of consigned property?

The auctioneer may dispose of unsold property after 24 hours The auctioneer must exercise reasonable care in storing and handling consigned property The auctioneer has no liability for consigned property once it is on the auction premises Consigned property automatically becomes the auctioneer's property after 30 days

Correct Answer:

The auctioneer must exercise reasonable care in storing and handling consigned property

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