LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

What is the significance of the term 'as-is' when used in auction terms and conditions?

It means the item has been professionally appraised It indicates the item is sold in its present condition with no warranties, and the buyer accepts all risks It means the auction is being conducted without a reserve It guarantees the item is authentic

Correct Answer:

It indicates the item is sold in its present condition with no warranties, and the buyer accepts all risks

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