Which statement is true regarding the principal auctioneer's responsibilities?

The statement regarding the principal auctioneer's responsibilities that is accurate is that they must provide a closing statement for every auction. This closing statement is a crucial document that outlines the details of the auction, including the final sale prices, any applicable fees, and the distribution of funds. It serves to ensure transparency and accountability in the auction process, protecting both the seller and the buyer. By providing a closing statement, the auctioneer fulfills legal and ethical obligations, helping to maintain trust in the auction process.

When it comes to operating without a license, that is not true, as licensing is a fundamental requirement for auctioneers to ensure they are qualified to conduct sales. Saying that auctioneers only handle cash transactions is also misleading, since they can accept various forms of payment, including credit and debit cards. Furthermore, while escrow accounts may not always be necessary in every auction circumstance, the statement that they work without the need for one is not universally applicable, as many auctions do utilize escrow accounts to manage funds during the transaction process.