TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A Tennessee auctioneer mistakenly knocks down an item to a bidder at an incorrect price due to a misunderstanding. The auctioneer realizes the error immediately. What is the best course of action?

Honor the incorrect price since the hammer fell Immediately announce the error, reopen bidding on the item, and correct the mistake Charge the bidder the correct higher price without explanation Cancel the entire auction

Correct Answer:

Immediately announce the error, reopen bidding on the item, and correct the mistake

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