AL Auctioneer Practice Questions - Alabama Licensed Auctioneer Exam

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Under Alabama law, an auctioneer who fails to deposit auction proceeds into a trust account and instead deposits them into a personal account may face:

License revocation and civil liability for breach of fiduciary duty A verbal warning from the Board for a first offense No penalty if the funds are eventually paid to the seller A fine of $100 per occurrence

Correct Answer:

License revocation and civil liability for breach of fiduciary duty

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