Testing a dev Windows server 2019 with four nic team, settings "Teaming Mode: Switch Independent, Load Balancing: Dynamic", I checked RV042G dhcp manager afterwards and all four nics had the same ip4, but with each's unique mac address. I had read that the server was going to create a mac address and get one ip, and assign it to the team. I curious how and what the router was asked to do and what it did to get to four identical ip4s yet still showing the nic mac addresses and not one as per an one explanation posted. Just curious.
Another source,
https://docs.microsoft.com/en-us/windows-server/networking/technologies/nic-teaming/nic-teaming-mac-address-use-and-management