What is the primary requirement for advertising an auction as "absolute"?

Advertising an auction as "absolute" means that the property will be sold to the highest bidder without any conditions or reservations. The primary requirement for labeling an auction in this manner is a bona fide intent to transfer ownership of the property. This commitment ensures that once the bidding concludes, the auctioneer must sell the item to the highest bidder, regardless of the final bid amount.

A bona fide intent indicates that the auctioneer legitimately plans to transfer ownership without any hidden stipulations, thus reinforcing trust in the auction process. It is crucial for maintaining the integrity of the auction as participants must feel secure that bidding leads to a definitive sale.

Other options, while relevant in a different context, do not define the essence of an absolute auction. For example, a guarantee of a high sale price is not applicable, as absolute auctions often feature items sold without a minimum price. Similarly, the notification of a reserve price contradicts the premise of an absolute auction, and while having a public auction location may be necessary for legitimacy and attendance, it does not specifically address the conditions under which the property is to be sold.