SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

Access More Questions

An auctioneer has $45,000 in their trust account: $30,000 belongs to Seller A and $15,000 belongs to Seller B. The auctioneer disburses $32,000 to Seller A. What violation has occurred?

No violation; the auctioneer has sufficient funds The auctioneer has paid Seller A $2,000 more than owed, effectively using Seller B's funds — this constitutes commingling/misappropriation of trust funds The auctioneer should have paid both sellers at the same time Trust accounts cannot hold funds for multiple sellers

Correct Answer:

The auctioneer has paid Seller A $2,000 more than owed, effectively using Seller B's funds — this constitutes commingling/misappropriation of trust funds

Access more questions from this quiz

Continue to SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam for more practice questions and the full quiz experience.

Access More Questions