In SA, when conducting an auction, what is the agent's obligation regarding the reserve price?
Correct Answer
B) The reserve price is confidential between the vendor and auctioneer, and is not disclosed to bidders
The reserve price in SA is confidential and set by the vendor in consultation with the auctioneer. It is not disclosed to bidders. The auctioneer announces whether the property is 'on the market' (reserve met) during bidding.
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