TEXAS AUCTIONEER LICENSE PART 2
EXAM QUESTIONS AND CORRECT
SOLUTIONS 100% VERIFIED.
Name some persons that are exempt from needing an auctioneer
license. -
- Correct answer -1. U.S. court ordered sale
2. A government sponsored or conducted sale.
3. A charitable organization as long as no compensation
4. A sale of real property by a trustee under a security instrument.
5.A sale of real property by an owner with an interest or employee
(unless he/she is a licensed auctioneer by trade) and all property is
under a security instrument
6. sealed bid auction w/o option to bid again
7. livestock sales
8. automobile auctions
T or F. An auctioneer owes a tax or fee to the state based on his
services for each auction. -
- Correct answer -False. Auctioneers cannot be taxed on their
services if they are duly licensed.
T or F. A person auctioning items online needs a license. -
- Correct answer -False. Licenses not required for online
auctions/sales.
A licensed auctioneer can perform an auction for what three
entities? -
- Correct answer -1. a registered auction firm 2. a real estate
broker with an auction license 3. a dealer or wholesaler of motor
vehicles if they hold the proper registered number.
Name the requirements for obtaining an auction license. -
- Correct answer -1. at least 18 years of age.
2. has a high school diploma
3. is a U.S. citizen or legal alien
4. has taken 80 hours of approved coursework
5. has passed a state exam OR
6. has worked two years for a licensed auctioneer and has worked
10 auctions
, What are the requirements to receive an associate auctioneer
license? -
- Correct answer -1. Works for a licensed auctioneer.
2. is a U.S. citizen or legal alien
How many times may an applicant re-test per year? -
- Correct answer -2; AND then must wait a year to re-apply.
Does Texas allow auction license reciprocity? -
- Correct answer -Yes, as long as the state or jurisdiction has
similar laws and processes; nonresidents must provide a signed
consent to service.
What are the Auction Advisory Board's responsiblities? -
- Correct answer -Advise the commission on educational matters,
operational matters and common practices in auction industry.
The advisory board consists of? -
- Correct answer -7 members, 4 licensed auctioneers, 2 public at
large, 1 administrative head from the state
What is the term of an advisory board member? -
- Correct answer -2 years, no more than 2 consecutive terms
The presiding officer of the commission appoints the next presiding
officer from the advisory board. What is the term for the officer? -
- Correct answer -2 years, no more than 2 consecutive terms
Are advisory board members compensated? -
- Correct answer -No
What is the "Fund"? -
- Correct answer -The recovery fund set up to pay claims made
against licensed auctioneers.
It the recovery fund drops below this amount, licensees must
contribute at their next license renewal. -
- Correct answer -$350,000
Funds in excess of what amount may be used for furthering
auctioneer education and training? -
- Correct answer -$300,000
EXAM QUESTIONS AND CORRECT
SOLUTIONS 100% VERIFIED.
Name some persons that are exempt from needing an auctioneer
license. -
- Correct answer -1. U.S. court ordered sale
2. A government sponsored or conducted sale.
3. A charitable organization as long as no compensation
4. A sale of real property by a trustee under a security instrument.
5.A sale of real property by an owner with an interest or employee
(unless he/she is a licensed auctioneer by trade) and all property is
under a security instrument
6. sealed bid auction w/o option to bid again
7. livestock sales
8. automobile auctions
T or F. An auctioneer owes a tax or fee to the state based on his
services for each auction. -
- Correct answer -False. Auctioneers cannot be taxed on their
services if they are duly licensed.
T or F. A person auctioning items online needs a license. -
- Correct answer -False. Licenses not required for online
auctions/sales.
A licensed auctioneer can perform an auction for what three
entities? -
- Correct answer -1. a registered auction firm 2. a real estate
broker with an auction license 3. a dealer or wholesaler of motor
vehicles if they hold the proper registered number.
Name the requirements for obtaining an auction license. -
- Correct answer -1. at least 18 years of age.
2. has a high school diploma
3. is a U.S. citizen or legal alien
4. has taken 80 hours of approved coursework
5. has passed a state exam OR
6. has worked two years for a licensed auctioneer and has worked
10 auctions
, What are the requirements to receive an associate auctioneer
license? -
- Correct answer -1. Works for a licensed auctioneer.
2. is a U.S. citizen or legal alien
How many times may an applicant re-test per year? -
- Correct answer -2; AND then must wait a year to re-apply.
Does Texas allow auction license reciprocity? -
- Correct answer -Yes, as long as the state or jurisdiction has
similar laws and processes; nonresidents must provide a signed
consent to service.
What are the Auction Advisory Board's responsiblities? -
- Correct answer -Advise the commission on educational matters,
operational matters and common practices in auction industry.
The advisory board consists of? -
- Correct answer -7 members, 4 licensed auctioneers, 2 public at
large, 1 administrative head from the state
What is the term of an advisory board member? -
- Correct answer -2 years, no more than 2 consecutive terms
The presiding officer of the commission appoints the next presiding
officer from the advisory board. What is the term for the officer? -
- Correct answer -2 years, no more than 2 consecutive terms
Are advisory board members compensated? -
- Correct answer -No
What is the "Fund"? -
- Correct answer -The recovery fund set up to pay claims made
against licensed auctioneers.
It the recovery fund drops below this amount, licensees must
contribute at their next license renewal. -
- Correct answer -$350,000
Funds in excess of what amount may be used for furthering
auctioneer education and training? -
- Correct answer -$300,000
