SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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An auctioneer's contract with a seller allows expenses up to $2,000. The actual expenses are $2,800. What should the auctioneer do?

Deduct $2,800 from the seller's proceeds without discussion Deduct only the authorized $2,000 from proceeds and absorb or separately negotiate the additional $800 with the seller Cancel the auction and return all items Increase the buyer's premium to cover the extra expenses

Correct Answer:

Deduct only the authorized $2,000 from proceeds and absorb or separately negotiate the additional $800 with the seller

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