TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A Tennessee auctioneer is preparing a settlement statement. The auction had gross sales of $50,000, a 10% auctioneer commission, $800 in advertising expenses, and $200 in venue rental — all charged to the seller per the contract. The auctioneer also collected a 10% buyer's premium on all sales. What amount should the auctioneer remit to the seller?

$$44,000 $$44,500 $$39,000 $$50,000

Correct Answer:

$$44,000

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