When auctioning property labeled "absolute", what is the auctioneer's obligation to the buyer?

When property is labeled as "absolute," it signifies that the auctioneer has a commitment to sell the property to the highest bidder without any minimum price or reserve requirement. This means that the auctioneer’s obligation is to accept the bid regardless of the amount offered. In this scenario, the auctioneer cannot refuse a bid even if it appears to be lower than expected. This establishment of an absolute auction creates a sense of urgency and encourages bidding, as potential buyers are aware that they will need to be competitive with their offers, knowing that the property will go to the highest bid, no matter how low.

The other options do not align with the definition or common practices associated with an absolute auction. For instance, disclosing liens would be a part of an auctioneer's ethical responsibilities but is not specifically an obligation tied to absolute auctions. Similarly, repeating terms or ensuring a minimum reserve price does not apply, as by definition, an absolute auction does away with such requirements. This clarity of the auctioneer's role is crucial for maintaining transparency and trust in the auction process.