PA Auctioneer Practice Questions - Pennsylvania Licensed Auctioneer Exam

Which of the following best describes a 'reserve auction' under Pennsylvania law?

An auction where the auctioneer sets a fixed price An auction where the seller retains the right to withdraw the property if bidding does not reach a minimum acceptable price An auction where only licensed dealers may bid An auction where the property must sell regardless of the final bid amount

Correct Answer:

An auction where the seller retains the right to withdraw the property if bidding does not reach a minimum acceptable price

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