The above is the common situation in Israel. Most of the freshmen-year classes are given by multiple lecturers, while the students are tested by the same midterm and final. They also have exactly the same homeworks and due dates, etc.
Officially, the sections are "identical". One professor is declared as the leading-professor and s/he sets the syllabus and takes any course-wide decision. Since all the professors are aware that the homeworks/exams are the same, they all teach the same material, more or less, giving the same emphasis on different subjects, more or less, etc. It should be the case that if one student misses one lecture at some week, s/he can go the the other lecture and be able to continue from the same point.
Of course, this is not perfect, and the different sections are not "identical", but rather, "close enough". In addition, an important thing is that students can choose which section to go. Indeed, sometimes "good lecturers" gets a class full of students (with people sitting on the floor, etc) while "bad" lecturers teach a half-empty class. Most of the times, there are no "bad" lecturers (there are better and worse, but many time the difference is not substantial enough that students change their schedule), so most of the classes are 70-90% full on avg.
Exams are graded by the same team, regardless of the section you are enrolled to. In general, the sections are "technical" partition, and any decision is course-wide and not section-wide. All students from all sections should be treated the same in the most objective way.