TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A Tennessee auctioneer's trust account has a balance of $45,000. This consists of proceeds from three different auctions: Auction A ($20,000), Auction B ($15,000), and Auction C ($10,000). The auctioneer withdraws $25,000 for personal use. What violation has occurred?

No violation as long as the money is returned Conversion and misappropriation of trust funds — a serious criminal and regulatory violation A minor bookkeeping error This is only a violation if the sellers complain

Correct Answer:

Conversion and misappropriation of trust funds — a serious criminal and regulatory violation

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