TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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An auctioneer in Tennessee discovers that a consigned item has a known defect. What is the auctioneer's legal obligation?

The auctioneer has no obligation since items are sold 'as is' The auctioneer must disclose all known material defects to potential bidders The auctioneer should only disclose the defect if directly asked The auctioneer may conceal the defect if the seller requests it

Correct Answer:

The auctioneer must disclose all known material defects to potential bidders

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