TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

What is a 'minimum bid' auction as opposed to a 'reserve' auction in Tennessee?

They are exactly the same thing In a minimum bid auction, the opening bid requirement is publicly announced; in a reserve auction, the minimum acceptable price is confidential A minimum bid auction has no starting price A reserve auction always starts at $1

Correct Answer:

In a minimum bid auction, the opening bid requirement is publicly announced; in a reserve auction, the minimum acceptable price is confidential

Access more questions from this quiz

Continue to TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam for more practice questions and the full quiz experience.

Access More Questions