GA AUCTION PRACTICE TEST EXAM
2026 100% PASS A+
An auction listing contract - Correct Answer Must be written to be enforceable
Seller - Correct Answer In the contracting to operate a consignment auction this
determine the rules of the sale between the auctioneer and the _____
If a public auction your seller directs you to disregard ethical behavior, you should: -
Correct Answer Avoid the seller
A real estate deed is a document to determine; - Correct Answer Convey land
ownership
An auctioneers license number must be displayed on: - Correct Answer All advertising
of all auctions
An auctioneers first agency obligation is to - Correct Answer Sellers
How should an auctioneer dress? - Correct Answer Comparable with your bidders
The best chant for an auctioneer is to be: - Correct Answer Easily understood
liquidation auction - Correct Answer Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell
real estate.
T or F - Correct Answer False
Registration of bidders at an auction - Correct Answer Creates a mailing list
If a licensed Auctioneer allows an unlicensed person to call their auction, both parties
have violated the law.
T or F - Correct Answer True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Correct Answer True
At an absolute auction you can legally - Correct Answer Withdraw and item if no bid is
received within a reasonable time.
At a court ordered auction conducted by an attorney, the attorney must hold an
Auctioneers license.
T or F - Correct Answer True
, Principal - Correct Answer In an agency situation, when a seller authorizes you to sell
their property.
A closing statement - Correct Answer 1. Must include name and address of seller, price
property sold for, date and location where sale was conducted, and date the seller was
paid.
How long must a closing statement be kept on record? - Correct Answer 3 years
Real Property - Correct Answer Land with permanent building thereon
Example of surcharge at an auction - Correct Answer 10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Correct Answer
Prior notice has been given
Federal laws regulating sell of firearms at an auction apply when? - Correct Answer
Always apply
Personal property is anything that can be moved. True or False? - Correct Answer
A title to real property requires: - Correct Answer A copy of the deed to be transferred.
A lein on personal property is not enforceable and prohibits property being transferred
before the lein is settled.
T or F? - Correct Answer False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Correct
Answer Lead to revocation of your license
Mechanic Lein - Correct Answer Applies to autos repairs, attaches to property that labor
and materials went into, and can attach to either real or personal property.
Real property tax lean - Correct Answer Taking precedence over all
Valid Auction Contract's may: - Correct Answer Be a legal agreement between
competent parties
If a buyer's premium is charged at an auction must: - Correct Answer Be included in the
signed bidder contract
As-is means - Correct Answer There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Correct Answer
No bid has been received within a reasonable time
2026 100% PASS A+
An auction listing contract - Correct Answer Must be written to be enforceable
Seller - Correct Answer In the contracting to operate a consignment auction this
determine the rules of the sale between the auctioneer and the _____
If a public auction your seller directs you to disregard ethical behavior, you should: -
Correct Answer Avoid the seller
A real estate deed is a document to determine; - Correct Answer Convey land
ownership
An auctioneers license number must be displayed on: - Correct Answer All advertising
of all auctions
An auctioneers first agency obligation is to - Correct Answer Sellers
How should an auctioneer dress? - Correct Answer Comparable with your bidders
The best chant for an auctioneer is to be: - Correct Answer Easily understood
liquidation auction - Correct Answer Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell
real estate.
T or F - Correct Answer False
Registration of bidders at an auction - Correct Answer Creates a mailing list
If a licensed Auctioneer allows an unlicensed person to call their auction, both parties
have violated the law.
T or F - Correct Answer True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Correct Answer True
At an absolute auction you can legally - Correct Answer Withdraw and item if no bid is
received within a reasonable time.
At a court ordered auction conducted by an attorney, the attorney must hold an
Auctioneers license.
T or F - Correct Answer True
, Principal - Correct Answer In an agency situation, when a seller authorizes you to sell
their property.
A closing statement - Correct Answer 1. Must include name and address of seller, price
property sold for, date and location where sale was conducted, and date the seller was
paid.
How long must a closing statement be kept on record? - Correct Answer 3 years
Real Property - Correct Answer Land with permanent building thereon
Example of surcharge at an auction - Correct Answer 10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Correct Answer
Prior notice has been given
Federal laws regulating sell of firearms at an auction apply when? - Correct Answer
Always apply
Personal property is anything that can be moved. True or False? - Correct Answer
A title to real property requires: - Correct Answer A copy of the deed to be transferred.
A lein on personal property is not enforceable and prohibits property being transferred
before the lein is settled.
T or F? - Correct Answer False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Correct
Answer Lead to revocation of your license
Mechanic Lein - Correct Answer Applies to autos repairs, attaches to property that labor
and materials went into, and can attach to either real or personal property.
Real property tax lean - Correct Answer Taking precedence over all
Valid Auction Contract's may: - Correct Answer Be a legal agreement between
competent parties
If a buyer's premium is charged at an auction must: - Correct Answer Be included in the
signed bidder contract
As-is means - Correct Answer There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Correct Answer
No bid has been received within a reasonable time
