IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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An auctioneer discovers after the sale that a bidder used a stolen credit card to pay for auction items totaling $15,000. Who bears the loss?

The seller always bears the loss The auctioneer who accepted the payment may bear liability depending on due diligence The bidder's bank always covers the loss No one bears the loss; the items are simply returned

Correct Answer:

The auctioneer who accepted the payment may bear liability depending on due diligence

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