PA Auctioneer Exam Frequently Most Tested Questions with Expert Graded A+ Answers | Latest Edition

PA Auctioneer Exam Frequently Most Tested Questions with Expert Graded A+ Answers | Latest Edition 1. Auction - ANSWER method of sale of real or personal property, goods, or chattels, at a predetermined date and time, by means of verbal exchange, regular mail, telecommunications, the internet, an electronic transmission, or a physical gesture between an auctioneer and members of the audience 2. Auctioneer - ANSWER any person who engages or who by advertising or otherwise holds the person out as being able to engage in the calling for recognition of and the acceptance of offers the purchase of real or personal property goods or chattels at auction either directly or through the use of other licensed auctioneers or apprentice auctioneers. 3. Apprentice auctioneer - ANSWER any individual who is sponsored by an auctioneer to deal or engage in any activities mentioned in division A or this section 4. Sealed bidding - ANSWER A method of submitting a bid in writing by one or more person following which the bids are opened at an advertised predetermined time and place and after a review of all the bids received the real or personal property is awarded to the highest and most responsive bidder 5. Fiduciary - ANSWER Guardians, Executors, Administrators, Trustees, ect, are all 6. Testater - ANSWER A decedent with a valid will is called a 7. Intestate - ANSWER If someone dies without a valid will, its is said that they died 8. Estate- Guardianship - ANSWER What are the two types of case overseen by probate court? 9. Guardianship of person guardianship of financial - ANSWER what are the two types of guardianships? 10. Incompitant (delared) - ANSWER If someone is "Ward" of a guardianship you know that person 11. YES - ANSWER Can you apply to be appointed as a guardian of someone? 12. Administrate - ANSWER In an Estate if there is not a valid will then the court will appoint a(n) 13. Executor - ANSWER In an estate if there is a valid will the fiduciary is called a(n) 14. A Val will - ANSWER If someone dies "intestate" you know the did not have a 15. Country and probate - ANSWER If some states if and auctioneer advertises an "Estate Auction" what must he/she list in their advertising, other than the decedent’s name 16. final or prodded for the use - ANSWER If you are Fiduciary your main responsibility is too 17. No - ANSWER If you are the "Guardian of person" for your aunt, do you have the authority to have her chattels sold at auction? 18. what is the most important tool of the auctioneer? - ANSWER product knowledge 19. what is the trademark of the auctioneer? - ANSWER chant 20. who is accountable and accepts ultimate responsibility of at the auction? - ANSWER the auctioneer 21. when selling personal property at auction, when does the legal title pass? - ANSWER fall of the hammer 22. how do you handle a tie bid that occurs at hammer's fall? - ANSWER at the discretion of the auctioneer 23. special auctioneer - ANSWER any person who currently is subject to section 4707.071 of the revised code 24. Absolute auction - ANSWER auction of real or personal property to which all of the following apply the property is sold to the highest bidder without reserve The auction does not require a minimum bid. The auction does not require competing bids of any type by the seller or an agent of the seller. The seller of the property cannot withdraw the property from the auction after the auction is opened and there is public solicitation or calling for bids. 25. Reserve auction - ANSWER and auction in which the seller or an agent of the seller reserves the right to establish a stated minimum bid the right to reject or accept any or all bids or the right to withdraw the real or personal property at any time prior to the completion of the auction by the auctioneer.