LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

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A Louisiana auctioneer is hired to sell farm equipment. The seller insists on a reserve price of $50,000 for a tractor. During the auction, the highest bid is $48,000. What should the auctioneer do?

Sell the tractor for $48,000 since it is close to the reserve Announce that the reserve has not been met and the item is not sold Lower the reserve to $48,000 without the seller's consent Accept the bid and pay the $2,000 difference to the seller out of pocket

Correct Answer:

Announce that the reserve has not been met and the item is not sold

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