SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

What is an 'absolute auction' under South Carolina law?

An auction where the auctioneer absolutely controls all bidding An auction without reserve where the property sells to the highest bidder regardless of the final price An auction that can only be conducted by the most experienced auctioneers An auction where only pre-qualified bidders can participate

Correct Answer:

An auction without reserve where the property sells to the highest bidder regardless of the final price

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