SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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A seller hires an SC auctioneer and sets a reserve price of $20,000 on a property. Bidding only reaches $18,000. What should the auctioneer do?

Sell the property at $18,000 Inform the seller that the reserve was not met and that the seller has the right to reject the high bid and withdraw the property Announce the reserve price to bidders Lower the reserve without the seller's consent

Correct Answer:

Inform the seller that the reserve was not met and that the seller has the right to reject the high bid and withdraw the property

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