OH Auctioneer Practice Questions - Ohio Licensed Auctioneer Exam

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Under ORC Chapter 1301, what is the default presumption regarding whether an auction is 'with reserve' or 'without reserve'?

All auctions are presumed without reserve All auctions are presumed with reserve unless explicitly stated otherwise There is no default presumption The seller must declare before each lot

Correct Answer:

All auctions are presumed with reserve unless explicitly stated otherwise

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