Should repaired equipment be stated in the ad??

I believe most people won't for fear of not selling it but sometimes if a component is older it may give some peace of mind to the buyer that it's been recently serviced.

I sold an amp a while back and it worked to my advantage that I stated that I had replaced several resistors and caps when I retubed it.

I think it is the ethical thing to do but let's face it, used electronics are a lot like used cars.

In general, I would agree with you. (Although, as long as they discuss it with you before purchasing the unit, I don't think it HAS to be in the ad itself.)

(Also, I would be more forgiving of a lack of such an admission if the work was done by the manufacturer. Replacing something small that fails, such as a capacitor or a resistor is not that big a deal, IMHO, especially if done by the manufacturer.)

I would also think that any upgrades to the unit should be mentioned as well, and especially if they were not done by the manufacturer.

My two cents worth.

If it's repaired, there's nothing broken. What is there to report?

If it is currently broken or defective, this should be reflected in the ad and in the Audiogon rating so that the purchaser can make an informed decision.