TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Which of the following BEST describes an 'absolute auction' under Tennessee law?

An auction where the seller can reject any bid An auction where the property sells to the highest bidder regardless of price, with no minimum bid or reserve An auction where only pre-approved bidders may participate An auction where the auctioneer sets the final selling price

Correct Answer:

An auction where the property sells to the highest bidder regardless of price, with no minimum bid or reserve

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