Arkansas Auctioneer Exam Questions
And Correct Answers
\Q\.True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - ANSWERS✔-False - The governor shall appoint the members of the Board
\Q\.All auctioneer licenses expire: - ANSWERS✔-June 30th
\Q\.True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ANSWERS✔-False - The Auctioneers
License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
\Q\.Auctioneer - ANSWERS✔-An auctioneer is any person who offers, negotiates, or attempts to
negotiate a listing contract, sale, purchase, or exchange of goods, chattels, merchandise, real or
personal property, or of any other commodity which may lawfully be kept or offered for sale by
or at public auction, or who sells the same at auction.
\Q\.Bona Fide - ANSWERS✔-The term bona fide means that a person or agency is acting in good
faith, without dishonesty, fraud, or deceit. In relation to an auction, the term is normally used to
refer to a bona fide perchaser.
\Q\.Bulk Sale - ANSWERS✔-A bulk sale is any transfer that is in bulk and not in the ordinary
course of the transferor's business, or a major part of the materials, supplies, merchandise, or
other inventory of any business subject to the Bulk Sale Law.
, \Q\.Consignee - ANSWERS✔-The consignee is a person or agent to whom something, usually
goods, is entrusted by others for a purpose. The auctioneer is referred to as the consignee for
such goods to be sold at auction. He or she is the person in whose care goods are placed for
sale.
\Q\.Consignor - ANSWERS✔-The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
\Q\.Contract - ANSWERS✔-A voluntary, legally enforceable agreement between two or more
people.
\Q\.Liens - ANSWERS✔-Liens are adverse claims against property which may occur when the
property has been used as collateral for a debt by the property owner or when a legal interest is
created upon non-payment of a debt such as taxes or contractors bills.
\Q\.Estates - ANSWERS✔-The auctioneer often deals with the sale of both real and personal
property in the settlement of an estate. In working with estate auctions, certain terms are
important.
\Q\.Estate Administrator/Administratrix - ANSWERS✔-The administrator/administratrix of an
estate is the person appointed by the court to oversee the settling of an estate when there is no
will or when the person named in a will cannot or will not serve, or when the will names no
executor or executrix.
\Q\.Estate Executor/Executrix - ANSWERS✔-The executor/executrix of an estate is the person
named in the will to carry out its provisions.
\Q\.Goods - ANSWERS✔-Includes chattels, merchandise, personal property, or commodities of
any form or type, which may lawfully be kept or offered for sale.
And Correct Answers
\Q\.True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - ANSWERS✔-False - The governor shall appoint the members of the Board
\Q\.All auctioneer licenses expire: - ANSWERS✔-June 30th
\Q\.True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ANSWERS✔-False - The Auctioneers
License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
\Q\.Auctioneer - ANSWERS✔-An auctioneer is any person who offers, negotiates, or attempts to
negotiate a listing contract, sale, purchase, or exchange of goods, chattels, merchandise, real or
personal property, or of any other commodity which may lawfully be kept or offered for sale by
or at public auction, or who sells the same at auction.
\Q\.Bona Fide - ANSWERS✔-The term bona fide means that a person or agency is acting in good
faith, without dishonesty, fraud, or deceit. In relation to an auction, the term is normally used to
refer to a bona fide perchaser.
\Q\.Bulk Sale - ANSWERS✔-A bulk sale is any transfer that is in bulk and not in the ordinary
course of the transferor's business, or a major part of the materials, supplies, merchandise, or
other inventory of any business subject to the Bulk Sale Law.
, \Q\.Consignee - ANSWERS✔-The consignee is a person or agent to whom something, usually
goods, is entrusted by others for a purpose. The auctioneer is referred to as the consignee for
such goods to be sold at auction. He or she is the person in whose care goods are placed for
sale.
\Q\.Consignor - ANSWERS✔-The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
\Q\.Contract - ANSWERS✔-A voluntary, legally enforceable agreement between two or more
people.
\Q\.Liens - ANSWERS✔-Liens are adverse claims against property which may occur when the
property has been used as collateral for a debt by the property owner or when a legal interest is
created upon non-payment of a debt such as taxes or contractors bills.
\Q\.Estates - ANSWERS✔-The auctioneer often deals with the sale of both real and personal
property in the settlement of an estate. In working with estate auctions, certain terms are
important.
\Q\.Estate Administrator/Administratrix - ANSWERS✔-The administrator/administratrix of an
estate is the person appointed by the court to oversee the settling of an estate when there is no
will or when the person named in a will cannot or will not serve, or when the will names no
executor or executrix.
\Q\.Estate Executor/Executrix - ANSWERS✔-The executor/executrix of an estate is the person
named in the will to carry out its provisions.
\Q\.Goods - ANSWERS✔-Includes chattels, merchandise, personal property, or commodities of
any form or type, which may lawfully be kept or offered for sale.
