LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

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A Louisiana auctioneer collects a $500 deposit from a winning bidder who then defaults. Under the auction terms, deposits are non-refundable. Can the auctioneer keep the deposit?

No, deposits must always be returned Yes, if the auction terms clearly state that deposits are non-refundable upon default, and this was disclosed before bidding began Only if the auctioneer obtains Board approval Only if the deposit is less than 10% of the hammer price

Correct Answer:

Yes, if the auction terms clearly state that deposits are non-refundable upon default, and this was disclosed before bidding began

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