LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

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An auctioneer's trust account shows a balance of $15,000. Of this, $12,000 belongs to Seller A and $3,000 belongs to Seller B. The auctioneer accidentally disburses $14,000 to Seller A. What has occurred?

Proper disbursement within the auctioneer's discretion An overpayment to Seller A creating a trust account shortage for Seller B A minor bookkeeping error with no legal consequences Normal trust account activity

Correct Answer:

An overpayment to Seller A creating a trust account shortage for Seller B

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