Which of the following must be disclosed in an auction listing?

Disclosing any known material defects of the items being sold is fundamental in an auction listing because it aligns with ethical standards and consumer protection laws. Buyers need to be fully informed about the condition of the items they are considering for purchase. If an item has a significant defect that could affect its value or usability, failing to disclose this information can lead to disputes, dissatisfaction, or perceptions of dishonesty. This principle is vital in maintaining trust between the auctioneer and the bidders, ensuring transparency in the auction process.

While other information, such as the starting bid amount, the auctioneer's commission rate, or the auction duration, may also be important aspects of an auction listing, they do not hold the same weight in terms of potential legal and ethical implications as the disclosure of material defects. Not disclosing significant defects can expose the auctioneer or seller to liability for misrepresentation, making it a critical point of concern during the auction.