MA Auctioneer Practice Questions - Massachusetts Licensed Auctioneer Exam

What is a 'minimum bid auction'?

An auction with no reserve price An auction where the auctioneer sets a starting minimum bid but may sell below the seller's desired price An auction where all items start at $1 An auction limited to items valued under $500

Correct Answer:

An auction where the auctioneer sets a starting minimum bid but may sell below the seller's desired price

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