NH Auctioneer Practice Questions - New Hampshire Licensed Auctioneer Exam

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A seller instructs the auctioneer to set a reserve of $5,000 on a painting. Bidding stops at $4,200. The auctioneer should:

Sell the painting to the $4,200 bidder anyway Announce that the reserve has not been met and the item is unsold Lower the reserve without the seller's permission and sell Take no further action and keep the painting

Correct Answer:

Announce that the reserve has not been met and the item is unsold

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