SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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A South Carolina auctioneer is conducting an auction with a 15% buyer's premium. A bidder asks if the premium is negotiable. What should the auctioneer respond?

Yes, the premium can be waived for large purchases The buyer's premium applies uniformly to all buyers as stated in the terms and conditions; it is not negotiable for individual bidders The auctioneer can raise or lower it during the auction The buyer's premium only applies to items over $500

Correct Answer:

The buyer's premium applies uniformly to all buyers as stated in the terms and conditions; it is not negotiable for individual bidders

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