MA Auctioneer Practice Questions - Massachusetts Licensed Auctioneer Exam

What is the proper procedure for handling a defaulting buyer at auction?

The auctioneer has no recourse once the hammer falls The auctioneer may resell the item, retain the deposit, and pursue the buyer for any deficiency The auctioneer must accept whatever partial payment the buyer offers The item automatically goes to the second-highest bidder

Correct Answer:

The auctioneer may resell the item, retain the deposit, and pursue the buyer for any deficiency

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