When you have an unidentified item that can be wielded (Armor, Weapons, Rings, etc) you can save the game and equip them. If cursed, load the old save sell it for more then if you were to sell to a junk dealer.
and to make more money sell only most expensive unidentified stuff:
in magic shop: first staffs, then wands and then rings and amulets (scrolls and potions sell in scroll/potions shop); in weapon shop: two handed sword; in armor shop: elven chain mail
ah, and if boots or cloaks will be normal, then dont identify them, cuz for identified normal you'll get 15 CP, and for unidentified normal you'll get 25 CP (if its possible, try to sell them in packs shop first)
btw. why you think its a cheat?