GA Auction Study Guide – Accurate Answers To All
Questions
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Terms in this set (201)
An auction listing contract Must be written to be enforceable
Seller 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 Avoid the seller
you to disregard ethical behavior, you
should:
A real estate deed is a document to Convey land ownership
determine;
An auctioneers license number must All advertising of all auctions
be displayed on:
An auctioneers first agency obligation Sellers
is to
How should an auctioneer dress? Comparable with your bidders
The best chant for an auctioneer is to Easily understood
be:
liquidation auction Selling remaining inventory at auction
,The Auction Commission can regulate False
the amount of commission you can
charge to sell real estate.
T or F
Registration of bidders at an auction Creates a mailing list
If a licensed Auctioneer allows an True
unlicensed person to call their
auction, both parties have violated the
law.
T or F
A chapter 11 bankruptcy is a debtor in True
possession who has filed for
reorganization.
T or F
At an absolute auction you can legally Withdraw and item if no bid is received within a
reasonable time.
At a court ordered auction conducted True
by an attorney, the attorney must hold
an Auctioneers license.
T or F
Principal In an agency situation, when a seller authorizes you
to sell their property.
A closing statement 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 3 years
kept on record?
Real Property Land with permanent building thereon
, Example of surcharge at an auction 10% buyer's premium
An auctioneer may bid on behalf of Prior notice has been given
the seller during the auction when:
Federal laws regulating sell of firearms Always apply
at an auction apply when?
Personal property is anything that can
be moved. True or False?
A title to real property requires: A copy of the deed to be transferred.
A lein on personal property is not False
enforceable and prohibits property
being transferred before the lein is
settled.
T or F?
The use of false bidder, by bidders, Lead to revocation of your license
cappers, or shills to raise the bid may:
Mechanic Lein 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 Taking precedence over all
Valid Auction Contract's may: Be a legal agreement between competent parties
If a buyer's premium is charged at an Be included in the signed bidder contract
auction must:
As-is means There are no guarantees.
At an absolute auction, the auctioneer No bid has been received within a reasonable time
may withdraw property when
Questions
Save Groups
Terms in this set (201)
An auction listing contract Must be written to be enforceable
Seller 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 Avoid the seller
you to disregard ethical behavior, you
should:
A real estate deed is a document to Convey land ownership
determine;
An auctioneers license number must All advertising of all auctions
be displayed on:
An auctioneers first agency obligation Sellers
is to
How should an auctioneer dress? Comparable with your bidders
The best chant for an auctioneer is to Easily understood
be:
liquidation auction Selling remaining inventory at auction
,The Auction Commission can regulate False
the amount of commission you can
charge to sell real estate.
T or F
Registration of bidders at an auction Creates a mailing list
If a licensed Auctioneer allows an True
unlicensed person to call their
auction, both parties have violated the
law.
T or F
A chapter 11 bankruptcy is a debtor in True
possession who has filed for
reorganization.
T or F
At an absolute auction you can legally Withdraw and item if no bid is received within a
reasonable time.
At a court ordered auction conducted True
by an attorney, the attorney must hold
an Auctioneers license.
T or F
Principal In an agency situation, when a seller authorizes you
to sell their property.
A closing statement 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 3 years
kept on record?
Real Property Land with permanent building thereon
, Example of surcharge at an auction 10% buyer's premium
An auctioneer may bid on behalf of Prior notice has been given
the seller during the auction when:
Federal laws regulating sell of firearms Always apply
at an auction apply when?
Personal property is anything that can
be moved. True or False?
A title to real property requires: A copy of the deed to be transferred.
A lein on personal property is not False
enforceable and prohibits property
being transferred before the lein is
settled.
T or F?
The use of false bidder, by bidders, Lead to revocation of your license
cappers, or shills to raise the bid may:
Mechanic Lein 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 Taking precedence over all
Valid Auction Contract's may: Be a legal agreement between competent parties
If a buyer's premium is charged at an Be included in the signed bidder contract
auction must:
As-is means There are no guarantees.
At an absolute auction, the auctioneer No bid has been received within a reasonable time
may withdraw property when
