What is required for an auctioneer to accept bids from absentee buyers?

Study for the Indiana Auctioneer Licensure Test. Utilize flashcards and multiple choice questions; each question includes hints and explanations. Prepare thoroughly for your exam!

For an auctioneer to accept bids from absentee buyers, it is essential to have express permission from the seller. This requirement is rooted in the principles of agency and the relationship between the auctioneer and the seller. The auctioneer acts as an agent for the seller, meaning that the auctioneer must operate within the bounds of authority granted by the seller, which includes the acceptance of bids from those who are not physically present.

By having express permission, the auctioneer not only respects the wishes of the seller but also ensures that all legal and ethical obligations are met. This can involve confirming the terms under which absentee bids are accepted, allowing the auctioneer to create a transparent and fair bidding process for all parties involved. Additionally, it protects the seller's interests by ensuring that any bids placed remotely are authorized and conducted in accordance with their instructions.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy