SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

A South Carolina auctioneer collects $40,000 in auction proceeds. Where must these funds be deposited?

The auctioneer's personal savings account A separate trust or escrow account maintained specifically for client funds The auctioneer's business checking account Any bank account of the auctioneer's choosing

Correct Answer:

A separate trust or escrow account maintained specifically for client funds

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