TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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An auction contract in Tennessee states that the auctioneer will receive 'a reasonable commission.' No specific percentage is given. In a dispute, how would a court likely determine the commission amount?

The auctioneer receives nothing because the amount was not specified A court would look to the customary rate in the local auction market for comparable sales The seller decides the rate after the auction The court always awards 10%

Correct Answer:

A court would look to the customary rate in the local auction market for comparable sales

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