SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

What is the 'duty of disclosure' that a South Carolina auctioneer owes to the seller?

A duty to disclose only positive information A duty to inform the seller of all material facts that could affect the auction outcome, including market conditions, conflicts of interest, and known issues with items A duty to disclose only information the seller specifically asks about No disclosure duty exists between an auctioneer and seller

Correct Answer:

A duty to inform the seller of all material facts that could affect the auction outcome, including market conditions, conflicts of interest, and known issues with items

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