GA Auction Study Guide Exam Questions With 100% Correct Answers

GA Auction Study Guide Exam Questions With 100% Correct Answers An auction listing contract - answerMust be written to be enforceable Seller - answerIn 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: - answerAvoid the seller A real estate deed is a document to determine; - answerConvey land ownership An auctioneers license number must be displayed on: - answerAll advertising of all auctions An auctioneers first agency obligation is to - answerSellers How should an auctioneer dress? - answerComparable with your bidders The best chant for an auctioneer is to be: - answerEasily understood liquidation auction - answerSelling remaining inventory at auction The Auction Commission can regulate the amount of commission you can charge to sell real estate. T or F - answerFalse Registration of bidders at an auction - answerCreates a mailing list If a licensed Auctioneer allows an unlicensed person to call their auction, both parties have violated the law. T or F - answerTrue A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization. T or F - answerTrue At an absolute auction you can legally - answerWithdraw 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 - answerTrue Principal - answerIn an agency situation, when a seller authorizes you to sell their property. A closing statement - answer1. 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? - answer3 years Real Property - answerLand with permanent building thereon Example of surcharge at an auction - answer10% buyer's premium An auctioneer may bid on behalf of the seller during the auction when: - answerPrior notice has been given Federal laws regulating sell of firearms at an auction apply when? - answerAlways apply Personal property is anything that can be moved. True or False? - answer A title to real property requires: - answerA 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? - answerFalse The use of false bidder, by bidders, cappers, or shills to raise the bid may: - answerLead to revocation of your license Mechanic Lein - answerApplies 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 - answerTaking precedence over all Valid Auction Contract's may: - answerBe a legal agreement between competent parties If a buyer's premium is charged at an auction must: - answerBe included in the signed bidder contract As-is means - answerThere are no guarantees. At an absolute auction, the auctioneer may withdraw property when - answerNo bid has been received within a reasonable time An appraisal of personal property is - answerAn 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 - answerWhen buying personal property for resale, to avoid paying sales tax Buyer's premium - answerAdditional percentage