In the Bookmark standard-setting procedure, panelists are instructed to consider what examinees know rather than what they might attain by guessing; however, because examinees sometimes do guess, the procedure includes a correction for guessing. Like other corrections for guessing, the Bookmark's correction assumes that examinees either know the correct answer or guess. It is widely known that this assumption is not typically met in practice and while there may be applications that are robust to its violation, the Bookmark procedure is not one of them. Analytical results show that when this assumption is not met, the Bookmark procedure overcorrects and expected cut score estimates will be too high (stringent).