Mississippi Auctioneers License Exam || A+ Verified Solutions.

Will the Mississippi Auctioneers License Act provide a temporary permit or License. correct answers No, not for any reason. Licensing Requirements for a Mississippi Resident are: correct answers a. High School Dipolma b. Diploma from an Auction School approved by the commission c. A notarized copy of their Voter Registration Card d. $10,000 Surety Bond; e. Letters of good standing from Reciprocal States; f. 18 years of age or older by the issuance date of the license. g. Completed Application and payment of the required fee; h. Personal References Are Continuing education hours required for renewal? correct answers No A Contract is... correct answers an Agreement that creates an obligation. Authority given to an agent may be correct answers expressed or implied How does an individual become a DEALER in order to purchase automobiles from an automobile auction? correct answers The individual must contact the Mississippi Department of Motor Vehicles in order to obtain a Dealer Permit for purchasing automobiles at an automobile auction. Licensed Auctioneers are required to maintain an escrow account which may be either correct answers an interest or a non-interest bearing account If you are the owner of the auction firm and you serve as the ONLY auctioneer and firm manager, then correct answers you are NOT REQUIRED to have a firm license. Are Online auction schools accepted for residents in the state of Mississippi? Also if an applicant has retained a license in a reciprocal state and that state has granted to license to that individual is it accepted? correct answers Yes, Online schools are accepted and yes retained license from a reciprocal state are accepted. Should buyer's premium or other fees must be included in the written contract with the owner or consignor of goods? How long should copies of every written contract be retained for? correct answers Yes, buyers premium and any other fees should be included in the contract. Contracts should be kept for 2 years from the date of the auction. Each licensee or firm requires a correct answers Surety Bond