IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Which of the following is an example of a bid increment?

The total number of bids received on a lot The predetermined amount by which the auctioneer raises the bidding (e.g., $100 increments) The buyer's premium percentage The time between lots during the auction

Correct Answer:

The predetermined amount by which the auctioneer raises the bidding (e.g., $100 increments)

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