SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

Under South Carolina law, what is the difference between an auction 'with reserve' and 'without reserve'?

There is no legal difference between the two In a 'with reserve' auction, the seller may withdraw items if bidding is insufficient; in a 'without reserve' (absolute) auction, items must sell to the highest bidder regardless of price A 'with reserve' auction is only for real estate; 'without reserve' is for personal property 'Without reserve' means the auctioneer receives no commission

Correct Answer:

In a 'with reserve' auction, the seller may withdraw items if bidding is insufficient; in a 'without reserve' (absolute) auction, items must sell to the highest bidder regardless of price

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