SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

What is the 'knock-out' or 'knockout' in the context of auction fraud?

When an auctioneer eliminates a disruptive bidder A private re-auction held among members of a bid-rigging ring, where the members redistribute items purchased cheaply through their collusion and divide the profit When the highest bidder drops out of the auction A rapid-fire bidding technique

Correct Answer:

A private re-auction held among members of a bid-rigging ring, where the members redistribute items purchased cheaply through their collusion and divide the profit

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