Podcast
Questions and Answers
Which of the following is the definition of a buyer's premium in auctions?
Which of the following is the definition of a buyer's premium in auctions?
- The advertised percentage of the high bid or flat fee added on to the high bid to determine the total price to be paid by the buyer (correct)
- The fee added on to the high bid to determine the total price to be paid by the seller
- The advertised percentage of the high bid or flat fee added on to the seller's profit
- The percentage of the high bid or flat fee added on to the seller's profit
What is the purpose of a reserve auction?
What is the purpose of a reserve auction?
- To disclose the reserve amount to bidders
- To guarantee that the seller will receive at least a certain amount of money (correct)
- To sell the property to the highest bidder
- To allow the seller to bid personally or through an agent
What is the difference between a reserve auction and an absolute auction?
What is the difference between a reserve auction and an absolute auction?
- In a reserve auction, the seller may disclose the reserve amount to bidders, while in an absolute auction, the property is sold to the highest bidder without any reserve price (correct)
- In a reserve auction, there is not a minimum or reserve price that must be met to complete the auction sale, while in an absolute auction, the seller may bid personally or through an agent
- In a reserve auction, the seller may not bid personally or through an agent, while in an absolute auction, the property is sold to the highest bidder
- In a reserve auction, the property is sold to the highest bidder, while in an absolute auction, a price has been set between the seller and auctioneer that must be met to complete the sale
What is the settlement statement that the auctioneer must provide to the seller or consignor?
What is the settlement statement that the auctioneer must provide to the seller or consignor?
What is an auctioneer's fiduciary duty to the seller?
What is an auctioneer's fiduciary duty to the seller?
What is required of auctioneers in terms of creating and retaining records?
What is required of auctioneers in terms of creating and retaining records?
What is the purpose of this brochure created by the NC Auctioneer Licensing Board?
What is the purpose of this brochure created by the NC Auctioneer Licensing Board?
What is a buyer's premium in auctions?
What is a buyer's premium in auctions?
What is a reserve auction?
What is a reserve auction?
What is an absolute auction?
What is an absolute auction?
What is the auctioneer's fiduciary duty to the seller?
What is the auctioneer's fiduciary duty to the seller?
What is required of auctioneers in terms of creating and retaining records?
What is required of auctioneers in terms of creating and retaining records?
What is the purpose of the settlement statement that the auctioneer must provide to the seller or consignor?
What is the purpose of the settlement statement that the auctioneer must provide to the seller or consignor?
What is the purpose of the brochure created by the NC Auctioneer Licensing Board?
What is the purpose of the brochure created by the NC Auctioneer Licensing Board?
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