TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A Tennessee auctioneer receives $50,000 in auction proceeds on behalf of a seller. Within what general timeframe must the auctioneer remit these funds to the seller?

Within 24 hours of the auction Within the timeframe specified in the auction contract, typically 30 days or less Within 90 days of the auction There is no required timeframe

Correct Answer:

Within the timeframe specified in the auction contract, typically 30 days or less

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