IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Under the Illinois Auction License Act, what is an 'auction' defined as?

Any sale of goods at a fixed price A sale of real or personal property by means of competitive bidding where an auctioneer accepts bids A private negotiation between a buyer and seller A wholesale liquidation sale

Correct Answer:

A sale of real or personal property by means of competitive bidding where an auctioneer accepts bids

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