LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

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What ethical obligation does an auctioneer have when they discover a material defect in an item after it has been cataloged but before the auction?

Sell the item as-is without updating the catalog Disclose the defect to potential bidders and update the catalog or make an announcement before the item is sold Remove the item without informing the seller Reduce the starting bid by 50%

Correct Answer:

Disclose the defect to potential bidders and update the catalog or make an announcement before the item is sold

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