LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

What is a 'knock-down' in auction terminology?

When an item is damaged during the auction The act of the auctioneer accepting the final bid and completing the sale A discount offered to the winning bidder When a bidder physically knocks on the auction table to place a bid

Correct Answer:

The act of the auctioneer accepting the final bid and completing the sale

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