IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

In Illinois, what is the difference between a 'minimum bid' auction and a 'reserve' auction?

They are exactly the same thing In a minimum bid auction, the starting bid is publicly announced; in a reserve auction, the seller's minimum acceptable price is confidential A minimum bid auction is always absolute A reserve auction does not allow the seller to reject bids

Correct Answer:

In a minimum bid auction, the starting bid is publicly announced; in a reserve auction, the seller's minimum acceptable price is confidential

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