OH Auctioneer Practice Questions - Ohio Licensed Auctioneer Exam

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An Ohio auctioneer advertises an auction as 'absolute.' During the auction, the seller tells the auctioneer not to sell a lot below $5,000. What should the auctioneer do?

Follow the seller's instruction and withdraw the lot if bidding is below $5,000 Inform the seller that the lot must sell to the highest bidder because the auction was advertised as absolute Announce the reserve to the audience and continue Cancel the entire auction

Correct Answer:

Inform the seller that the lot must sell to the highest bidder because the auction was advertised as absolute

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