MA Auctioneer Practice Questions - Massachusetts Licensed Auctioneer Exam

What is the legal effect of the auctioneer's 'fall of the hammer'?

It signals the start of the bidding period It constitutes acceptance of the highest bid and creates a binding contract It indicates the reserve price has been met It opens the floor for new bids

Correct Answer:

It constitutes acceptance of the highest bid and creates a binding contract

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