IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Under Illinois law, what happens if a successful bidder refuses to pay for an item won at auction?

The auctioneer must personally pay the seller The auctioneer may resell the item and hold the defaulting buyer liable for any deficiency The item automatically reverts to the next highest bidder The auction is declared void

Correct Answer:

The auctioneer may resell the item and hold the defaulting buyer liable for any deficiency

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