IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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An auctioneer fails to remit auction proceeds to the seller within the agreed-upon time frame. Under Illinois law, this may constitute:

A minor bookkeeping error with no legal consequence Conversion of funds and a ground for disciplinary action Normal business practice A violation only if the amount exceeds $10,000

Correct Answer:

Conversion of funds and a ground for disciplinary action

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