TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A Tennessee auctioneer has a trust account balance of $100,000 from recent auctions. The auctioneer earns $500 in interest on the trust account. Who does the interest belong to?

The interest always belongs to the auctioneer The interest always belongs to the sellers The disposition of interest is determined by the auction contract and applicable state rules The interest is forfeited to the state

Correct Answer:

The disposition of interest is determined by the auction contract and applicable state rules

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