When can an auctioneer pass in a property at auction?
Correct Answer
A) When the highest bid does not reach the vendor's reserve price.
A property is passed in when the highest bid fails to meet the vendor's reserve price, which is the minimum amount the seller is willing to accept. The auctioneer cannot sell below this reserve without the vendor's consent.
Why This Is the Correct Answer
The auctioneer passes the property in when bidding stops below the vendor's reserve, because the auctioneer has no authority to sell below it.
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