SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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A South Carolina auctioneer discovers a conflict of interest where they own an item being offered at their own auction. What must they do?

Proceed without disclosure since they are the auctioneer Fully disclose the ownership interest to the seller (if different) and all bidders before the item is offered Have a friend bid on the item instead Remove the item from the auction without explanation

Correct Answer:

Fully disclose the ownership interest to the seller (if different) and all bidders before the item is offered

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