TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

In Tennessee, what is the auctioneer's responsibility regarding buyer's premium disclosure?

The buyer's premium only needs to be disclosed if it exceeds 20% The buyer's premium must be clearly disclosed in all advertising, posted at the auction site, and announced before bidding begins Disclosure is optional and at the auctioneer's discretion Only oral disclosure at the time of sale is required

Correct Answer:

The buyer's premium must be clearly disclosed in all advertising, posted at the auction site, and announced before bidding begins

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