LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

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A Louisiana auctioneer discovers after the auction that a buyer used a stolen credit card. Who bears the financial loss?

The seller always bears the loss The auctioneer always bears the loss Liability depends on the terms of the consignment agreement and the auctioneer's duty of care The credit card company always covers the loss

Correct Answer:

Liability depends on the terms of the consignment agreement and the auctioneer's duty of care

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