SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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Under SC law, what is the maximum time an auctioneer should take to settle (pay) the seller after an auction, absent a contract provision?

No time limit exists Within a reasonable time, generally interpreted as 30 days unless the auction contract specifies a different timeline Within 1 year Only after the auctioneer has collected from all buyers

Correct Answer:

Within a reasonable time, generally interpreted as 30 days unless the auction contract specifies a different timeline

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