What type of property can be sold in a traditional auction?

In a traditional auction, both real and personal property can be sold, making the correct answer the option indicating that both types of properties are eligible for auctioning. Real property refers to land and any permanent structures attached to it, such as houses and commercial buildings. Personal property, on the other hand, includes movable items, such as furniture, vehicles, collectibles, and other physical assets that are not affixed to land.

This flexibility in auctioning allows auctioneers to cater to a broader range of items, attracting diverse buyers and sellers. For instance, real estate auctions can include everything from residential homes to vast tracts of land, while personal property auctions may consist of estate sales or specific collectibles.

Other options restrict the type of property that can be auctioned. Limiting the auction to only personal property or only real estate unnecessarily narrows the scope and potential of an auction event. Additionally, stating that only items owned by the auctioneer can be sold does not reflect the standard practices of auctions where third-party items are frequently featured. Thus, the comprehensive nature of traditional auctions accommodates both real and personal property, fostering varied opportunities for transactions.