For a quick, transparent disposal by open competitive bidding on a fixed day, auction is the method
A worked RES examination question on methods of sale, from our Paper 2 bank — with the rule it turns on, and why each of the four options is right or wrong.
The question
Madam Kwek wants to dispose of her unit quickly and transparently through open competitive bidding on a fixed day. Which method should Rachel recommend?
The answer, and why
Answer: B
The rule. For a quick, transparent disposal by open competitive bidding on a fixed day, auction is the method.
Why B is correct. Auction gives Madam Kwek the open, same-day competitive price she wants.
The other options.
- A closed tender is confidential sealed bidding, not open public bidding.
- D an exclusive listing is an appointment, not a method of sale.
- C private treaty is slower, direct negotiation without open bidding.
Exam note. Quick, transparent, open bidding on a day → auction.
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