IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

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An auctioneer sells 50 lots of farm equipment. Total hammer prices are $200,000. The seller's commission is 8%, buyer's premium is 12%, and advertising costs are $4,000. What is the auctioneer's total revenue (commission plus buyer's premium)?

$$36,000 $$40,000 $$44,000 $$48,000

Correct Answer:

$$40,000

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