TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

What is the difference between an 'auction with reserve' and an 'auction without reserve' under Tennessee UCC law?

There is no legal difference In an auction with reserve, the seller may withdraw goods before completion of sale; in an auction without reserve, the goods must sell to the highest bidder An auction with reserve allows only pre-approved bidders An auction without reserve requires a minimum bid

Correct Answer:

In an auction with reserve, the seller may withdraw goods before completion of sale; in an auction without reserve, the goods must sell to the highest bidder

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