MA Auctioneer Practice Questions - Massachusetts Licensed Auctioneer Exam

What is the difference between a 'lot' and an 'item' at auction?

There is no difference A lot may contain multiple items grouped together for a single bid, while an item is a single piece A lot is always real estate; an item is personal property A lot is sold at absolute auction; an item is sold at reserve auction

Correct Answer:

A lot may contain multiple items grouped together for a single bid, while an item is a single piece

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