GA Auction Study Guide (2026) || Most Recent Exam
2026-2027 Actual Complete Real Exam Questions And
Correct Answers (Verified Answers) Already Graded A+ |
Guaranteed Success!! Newest Exam | Just Released!!
If a property is sold "subject to confirmation" - ANSWER -Owner
may accept or
reject any
bid
In a bulk transfer, an auctioneer must notify all creditors at least
how many days
before the sale? -
ANSWER -10
Open statements at an auction should include: -
ANSWER -Terms and
conditions
Disclosure of "not responsible for accidents" in auction
advertising does what? -
ANSWER -Relieves no one from
liability
,Bankruptcy reorganization for a company is which chapter? -
ANSWER -11
Inquiries about the sale of cattle at auction should be
directed to who? -
ANSWER -Agriculture
department
Placing lotts in numerical order benefits who? - ANSWER -
Buyers, sellers, load
out
crew
Knowingly misrepresenting property by an Auctioneer at an
auction constitutes:
- ANSWER -
Fraud
As an auctioneer, you are permitted to sell for profit 5 used cars
per year without a used car license.
T or F - ANSWER -False
A Georgia auction license is not required to auction for a non-
profit organization
when the organization: - ANSWER -Obtains a letter
of exemption
,The Georgia Auction Education, Research, and Recovery
Fund - ANSWER -
Must maintain a minimum balance of 100,000, limits it's
liability to 10,000 per
claim, charges each new license $150, revokes the license of
any auctioneer
causing a claim to be paid from
the fund.
The Georgia Auction Commission is made up of 5
auctioneers and 1 person
associated with
auctions.
T or F? - ANSWER -True
At an absolute auction, the auctioneer may withdraw property
when - ANSWER
-No bid has been received within a
reasonable time
An appraisal of personal property is - ANSWER -An opinion of
value, normally
not required to be made by certified appraiser, and
estimates value,
documented.
When a buyer must sign a sales tax exempt form - ANSWER
-When buying
, personal property for resale, to avoid
paying sales tax
Buyer's premium - ANSWER -Additional percentage charged
to bidder above
their
bid
Any interest accumulated in an auctioneer's escrow account
belongs to who? -
ANSWER -It is dispersed according to terms of
the contract
Auction advertising must include - ANSWER -Name and license
of auctioneer
Authority of the auction commission is limited to - ANSWER -
Regulate issuance
of licenses, revoke, censure, of
suspend licenses
Sale of the contents of self-contained storage units is exempt
from auction law requirements if - ANSWER -Sold by owner or
agent of units holding a lein on contents after default of rent
payments
An auctioneer drawing a personal property estate auction
contract must -
2026-2027 Actual Complete Real Exam Questions And
Correct Answers (Verified Answers) Already Graded A+ |
Guaranteed Success!! Newest Exam | Just Released!!
If a property is sold "subject to confirmation" - ANSWER -Owner
may accept or
reject any
bid
In a bulk transfer, an auctioneer must notify all creditors at least
how many days
before the sale? -
ANSWER -10
Open statements at an auction should include: -
ANSWER -Terms and
conditions
Disclosure of "not responsible for accidents" in auction
advertising does what? -
ANSWER -Relieves no one from
liability
,Bankruptcy reorganization for a company is which chapter? -
ANSWER -11
Inquiries about the sale of cattle at auction should be
directed to who? -
ANSWER -Agriculture
department
Placing lotts in numerical order benefits who? - ANSWER -
Buyers, sellers, load
out
crew
Knowingly misrepresenting property by an Auctioneer at an
auction constitutes:
- ANSWER -
Fraud
As an auctioneer, you are permitted to sell for profit 5 used cars
per year without a used car license.
T or F - ANSWER -False
A Georgia auction license is not required to auction for a non-
profit organization
when the organization: - ANSWER -Obtains a letter
of exemption
,The Georgia Auction Education, Research, and Recovery
Fund - ANSWER -
Must maintain a minimum balance of 100,000, limits it's
liability to 10,000 per
claim, charges each new license $150, revokes the license of
any auctioneer
causing a claim to be paid from
the fund.
The Georgia Auction Commission is made up of 5
auctioneers and 1 person
associated with
auctions.
T or F? - ANSWER -True
At an absolute auction, the auctioneer may withdraw property
when - ANSWER
-No bid has been received within a
reasonable time
An appraisal of personal property is - ANSWER -An opinion of
value, normally
not required to be made by certified appraiser, and
estimates value,
documented.
When a buyer must sign a sales tax exempt form - ANSWER
-When buying
, personal property for resale, to avoid
paying sales tax
Buyer's premium - ANSWER -Additional percentage charged
to bidder above
their
bid
Any interest accumulated in an auctioneer's escrow account
belongs to who? -
ANSWER -It is dispersed according to terms of
the contract
Auction advertising must include - ANSWER -Name and license
of auctioneer
Authority of the auction commission is limited to - ANSWER -
Regulate issuance
of licenses, revoke, censure, of
suspend licenses
Sale of the contents of self-contained storage units is exempt
from auction law requirements if - ANSWER -Sold by owner or
agent of units holding a lein on contents after default of rent
payments
An auctioneer drawing a personal property estate auction
contract must -
