TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Under TCA 62-19, what is the PRIMARY purpose of requiring auctioneers to maintain a trust account?

To earn interest income for the auctioneer To protect auction proceeds belonging to sellers and buyers from being commingled with the auctioneer's personal funds To allow the state to audit auctioneer income To provide a source for paying state taxes

Correct Answer:

To protect auction proceeds belonging to sellers and buyers from being commingled with the auctioneer's personal funds

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