TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Under Tennessee law, when must an auctioneer deposit auction proceeds into the trust account?

Within 5 business days of the auction Promptly upon receipt, typically within the timeframe specified by Commission rules Within 60 days of the auction Only after the seller requests payment

Correct Answer:

Promptly upon receipt, typically within the timeframe specified by Commission rules

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