MA Auctioneer Practice Questions - Massachusetts Licensed Auctioneer Exam

What is the UCC's default presumption about whether an auction is 'with reserve' or 'without reserve'?

All auctions are presumed without reserve All auctions are presumed with reserve unless explicitly stated otherwise The presumption depends on the type of property There is no default presumption

Correct Answer:

All auctions are presumed with reserve unless explicitly stated otherwise

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