NH Auctioneer Practice Questions - New Hampshire Licensed Auctioneer Exam

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An auctioneer receives three absentee bids for the same item: $500, $750, and $1,000. How should the auctioneer execute these bids?

Sell the item immediately to the $1,000 bidder without opening to the floor Open bidding at $500 and bid on behalf of absentee bidders against the floor up to their maximum Average the three bids and sell at $750 Discard absentee bids and only accept floor bids

Correct Answer:

Open bidding at $500 and bid on behalf of absentee bidders against the floor up to their maximum

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