LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

Under Louisiana's civil law system, what is the concept of 'redhibition' and how might it affect auction sales?

It is a tax on auction sales It allows a buyer to return a defective item and rescind the sale if the defect existed at the time of sale and was not disclosed It requires sellers to guarantee items for one year It only applies to real estate transactions

Correct Answer:

It allows a buyer to return a defective item and rescind the sale if the defect existed at the time of sale and was not disclosed

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