TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

What is the legal effect of the fall of the auctioneer's hammer or the announcement of 'Sold' at a Tennessee auction?

It creates a binding option contract It completes the sale and transfers title to the highest bidder It merely indicates the auctioneer's preference It has no legal significance until the buyer signs a written contract

Correct Answer:

It completes the sale and transfers title to the highest bidder

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