SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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A South Carolina auctioneer advertises an auction as 'absolute' but the seller later asks to set a reserve on one item. What should the auctioneer advise?

Agree to the reserve since the seller is the principal Advise the seller that once the auction is advertised as absolute, imposing a reserve would violate the absolute designation and could create legal liability for misleading bidders Secretly apply the reserve without telling bidders Cancel the entire auction

Correct Answer:

Advise the seller that once the auction is advertised as absolute, imposing a reserve would violate the absolute designation and could create legal liability for misleading bidders

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