AUCTIONEER LICENSE COMPLETE
EXAMINATION TEST QUESTIONS WITH
VERIFIED SOLUTIONS
●● Trust Account
Answer: a legal and financial agreement to hold, manage, and be
accountable for someone else's money
●● Properly Payable
Answer: the instrument or form presented for payment in a normal
course of business must be honored as outlined in the terms of the trust
account
●● Notice of Dishonor
Answer: the written explanation the financial institution is required by
law to give the requester if the financial institution is refusing for any
reason to honor the request for payment
●● Discuss discriminatory lending activities as described in the
Consumer Credit Protection Act
Answer: -A person cannot be denied credit or discriminated against in
any part of a credit transaction based on his or her race, color, religion,
national origin, sex, marital status or age
,-A person cannot be discriminated against if some or all of his or her
income comes from any kind of public assistance program
-An applicant cannot be denied credit because he or she insisted upon
claiming his or her rights under this law
●● What are the records required for a public livestock auction market?
Answer: -the name, address and picture ID of the seller and the buyer
-proof of all tests taken and the results of each one
-certificates of veterinary inspections and any other required permits and
health certificates
-the unique identifier used as the federally required ID, i.e. ear tags,
brands, etc
-Purebred papers and any other pertinent registration certification
●● Discuss what it means to purchase an item on credit?
Answer: purchasing items on credit enables the borrower to take
possession of the item at the time of purchase by agreeing to make
payments over a specific period of time
●● Under the Consumer Credit Protection Act and in accordance with
the regulations of the Board, it is not considered discrimination to:
Answer: -ask about a person's marital status when the creditor is trying
to determine his rights and remedies as applicable to a particular
approval of credit
, -verify the applicant's age in order to determine if he or she is of legal
age to enter into a binding contracts
-ask an elderly person his or her age as long as the elderly person is not
given a positive or negative value in any empirically derived credit
rating system
-request if any of an applicant's income is provided by a public
assistance program as long as the inquiry is made in order to determine
the person's income level, the probability the income will continue and
to learn about their credit history
●● Define a Public Livestock Auction Market
Answer: a permanent facility that sells livestock to the public on a
regularly scheduled day or days every week.
●● Discuss trust account record retention by the auctioneer
Answer: the auctioneer should keep a copy of:
-the bill of sale and any other written agreements
-the deposit slip from the initial deposit to the account and all
subsequent transactions
-copies of all invoices
-copies of statements sent to the client and any other paperwork
associated with the sale
●● What is the minimum information that should be shown included in
an auctioneer's trust account records?
EXAMINATION TEST QUESTIONS WITH
VERIFIED SOLUTIONS
●● Trust Account
Answer: a legal and financial agreement to hold, manage, and be
accountable for someone else's money
●● Properly Payable
Answer: the instrument or form presented for payment in a normal
course of business must be honored as outlined in the terms of the trust
account
●● Notice of Dishonor
Answer: the written explanation the financial institution is required by
law to give the requester if the financial institution is refusing for any
reason to honor the request for payment
●● Discuss discriminatory lending activities as described in the
Consumer Credit Protection Act
Answer: -A person cannot be denied credit or discriminated against in
any part of a credit transaction based on his or her race, color, religion,
national origin, sex, marital status or age
,-A person cannot be discriminated against if some or all of his or her
income comes from any kind of public assistance program
-An applicant cannot be denied credit because he or she insisted upon
claiming his or her rights under this law
●● What are the records required for a public livestock auction market?
Answer: -the name, address and picture ID of the seller and the buyer
-proof of all tests taken and the results of each one
-certificates of veterinary inspections and any other required permits and
health certificates
-the unique identifier used as the federally required ID, i.e. ear tags,
brands, etc
-Purebred papers and any other pertinent registration certification
●● Discuss what it means to purchase an item on credit?
Answer: purchasing items on credit enables the borrower to take
possession of the item at the time of purchase by agreeing to make
payments over a specific period of time
●● Under the Consumer Credit Protection Act and in accordance with
the regulations of the Board, it is not considered discrimination to:
Answer: -ask about a person's marital status when the creditor is trying
to determine his rights and remedies as applicable to a particular
approval of credit
, -verify the applicant's age in order to determine if he or she is of legal
age to enter into a binding contracts
-ask an elderly person his or her age as long as the elderly person is not
given a positive or negative value in any empirically derived credit
rating system
-request if any of an applicant's income is provided by a public
assistance program as long as the inquiry is made in order to determine
the person's income level, the probability the income will continue and
to learn about their credit history
●● Define a Public Livestock Auction Market
Answer: a permanent facility that sells livestock to the public on a
regularly scheduled day or days every week.
●● Discuss trust account record retention by the auctioneer
Answer: the auctioneer should keep a copy of:
-the bill of sale and any other written agreements
-the deposit slip from the initial deposit to the account and all
subsequent transactions
-copies of all invoices
-copies of statements sent to the client and any other paperwork
associated with the sale
●● What is the minimum information that should be shown included in
an auctioneer's trust account records?
