Pennsylvania Auctioneer Practice Exam

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What is a fast knock?

  1. Excitement stimulation technique

  2. Legal way to increase auction speed

  3. First bidder recognition strategy

  4. Illegal way to end auctions

The correct answer is: Legal way to increase auction speed

A fast knock is a legal way to increase auction speed. In auction terminology, a "knock" refers to the action taken by the auctioneer to close the bidding on an item and declare it sold to the highest bidder. A "fast knock" is when the auctioneer quickly concludes the bidding process to keep the auction moving at a brisk pace. It helps maintain the momentum of the auction and ensures that items are sold efficiently without unnecessary delays.

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