Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
Texas Auctioneer License-Part 1Exam
Does an auctioneer need a federal firearms license?
Yes AND No; if estate sale then no, consignment sale then yes
If an auctioneer sales a firearm away from their business location, how do they transfer to
buyer?
It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court?
The court sets the fee.
Who must obtain a firearms license?
Persons in the business of importing, manufacturing, or dealing in firearms, or importing or
manufacturing ammunition
What is an antique?
Any work of art, piece of furniture, decorative object, or the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of purchase.
What is "provenance"?
Place or source of origin; the history of ownership.
What does "termination" of a contract mean?
when either party pursuant to a power created by agreement or law puts an end to the
contract otherwise than for its breach.
What does "cancellation" of a contract mean?
occurs when either party puts an end to the contract for breach by the other and its effect is
the same as that of "termination" except that the cancelling party also retains any remedy
for breach of the whole contract or any unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable in a court.
False. For items more than $500 a contract must be in writing to be enforceable.
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
,Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
If a contract is found to have a deficiency like a blank that was not filled in, is it rendered
invalid?
No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not enforceable under this
paragraph
beyond the quantity of goods shown in such writing.
True or False. A contract is rendered invalid if it's exact commencement is not noted.
False. An agreement sufficient to constitute a contract for sale may be found even though
the
moment of its making is undetermined.
True of False. When a lot is sold with other lots owned by the same seller, all lots are
considered one "sale".
False. Each lot is a different "sale".
When is the sale complete at auction?
when the auctioneer so announces by the fall of the hammer or in other customary manner.
If a bid comes in while the hammer is falling, what can happen next?
The auctioneer can reopen the bidding or he can declare the item sold for the bid under
which the hammer was falling.
True or False. All auctions are with reserve unless otherwise stated.
True.
Can an auctioneer withdraw an item in a reserve auction?
Yes.
Can an auctioneer withdraw an item in an absolute auction?
Generally No; unless there is no bid in a reasonable time period.
In a recent estate auction, Bill changed his mind after he bid on a 1955 Chevy Pickup. What
happens if he retracts his bid before the auction ends?
The auctioneer can start the bidding again and no prior bid is revived.
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
,Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
What happens if an auctioneer receives a bid on the seller's behalf or from the seller and he
does not give notice to other bidders?
The bidder can quit the auction or buy the item at the last bid price.
What constitutes a "sufficient" financing statement?
Must include: The name of the debtor. The name of the secured party. The property being
used as security (collateral).
If a financial statement covers "to be extracted" goods (timber) or fixtures that are attached
to real property, what must it include to be "sufficient"?
1. Notice that it will be filed in the public record. 2. Indicates that it covers this type of
collateral 3. A description of the real property to which the collateral is related. 4. If the
debtor does not have an interest in the real property, the name of the person(s) that has an
interest.
Define "wholesaler."
a person who sells for the purpose of resale and not directly to a consuming purchaser
What must an ad for a "going out of business" sale include?
The name of the business owner and the correct business address.
Chattel is defined as .
Anything that is not real property. Personal property.
Business law defines a "person"as .
an individual, partnership, corporation, association, or other group, however organized
True or Fales. A "consumer" is any person or entity that seeks to buy goods or services.
False. A business consumer with more than $25M in assets does not fall in the "consumer"
category and is treated different by the law.
"Knowingly" means...
means actual awareness, at the time of the act or practice complained of, of the falsity,
deception, or unfairness of the act or practice giving rise to the consumer's claim
Is the state considered a business consumer?
No.
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
, Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
Economic damages is...
compensatory damages for pecuniary loss, including costs of repair and replacement.
Name the different types of residences.
Single family house, duplex, triplex, quadraplex, multi-unit when title is conveyed such as a
condominimum or cooperative; as long as intended for a residential living.
In Deceptive Trade Practice Law what does "intentionally" mean?
means actual awareness of the falsity, deception, or unfairness of the act or practice, or the
condition, defect, or failure constituting a breach of warranty giving rise to the consumer's
claim, coupled with the specific intent that the consumer act in detrimental reliance on the
falsity or deception or in detrimental ignorance of the unfairness.
Is a person's name in combination with his social security number is considered "sensitive"
or "personal" identifying information?
The social security # makes it "sensitive'. Just a name is considered "personal".
If there is a breach of personal information or "sensitive" information, a business must notify
the harmed persons when?
immediately; unless it would impede a criminal investigation
True of False. It is acceptable to charge a "surcharge" to a buyer for use of a credit card.
False. Governments and a few others can do this but everyone else may not.
Reconditioning means....
any appropriate process or procedure by which distressed merchandise can be brought into
compliance with departmental standards for theconsumption or use of that merchandise by
the public.
What is a salvage broker?
a person who engages in the business of selling,distributing, or otherwise trafficking in
distressed or salvaged merchandise, but who does not operate a salvage establishment.
True or False. Both salvage brokers and salvage establishment operators must have a license.
True.
Is a manufactured home real property?
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
Texas Auctioneer License-Part 1Exam
Does an auctioneer need a federal firearms license?
Yes AND No; if estate sale then no, consignment sale then yes
If an auctioneer sales a firearm away from their business location, how do they transfer to
buyer?
It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court?
The court sets the fee.
Who must obtain a firearms license?
Persons in the business of importing, manufacturing, or dealing in firearms, or importing or
manufacturing ammunition
What is an antique?
Any work of art, piece of furniture, decorative object, or the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of purchase.
What is "provenance"?
Place or source of origin; the history of ownership.
What does "termination" of a contract mean?
when either party pursuant to a power created by agreement or law puts an end to the
contract otherwise than for its breach.
What does "cancellation" of a contract mean?
occurs when either party puts an end to the contract for breach by the other and its effect is
the same as that of "termination" except that the cancelling party also retains any remedy
for breach of the whole contract or any unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable in a court.
False. For items more than $500 a contract must be in writing to be enforceable.
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
,Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
If a contract is found to have a deficiency like a blank that was not filled in, is it rendered
invalid?
No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not enforceable under this
paragraph
beyond the quantity of goods shown in such writing.
True or False. A contract is rendered invalid if it's exact commencement is not noted.
False. An agreement sufficient to constitute a contract for sale may be found even though
the
moment of its making is undetermined.
True of False. When a lot is sold with other lots owned by the same seller, all lots are
considered one "sale".
False. Each lot is a different "sale".
When is the sale complete at auction?
when the auctioneer so announces by the fall of the hammer or in other customary manner.
If a bid comes in while the hammer is falling, what can happen next?
The auctioneer can reopen the bidding or he can declare the item sold for the bid under
which the hammer was falling.
True or False. All auctions are with reserve unless otherwise stated.
True.
Can an auctioneer withdraw an item in a reserve auction?
Yes.
Can an auctioneer withdraw an item in an absolute auction?
Generally No; unless there is no bid in a reasonable time period.
In a recent estate auction, Bill changed his mind after he bid on a 1955 Chevy Pickup. What
happens if he retracts his bid before the auction ends?
The auctioneer can start the bidding again and no prior bid is revived.
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
,Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
What happens if an auctioneer receives a bid on the seller's behalf or from the seller and he
does not give notice to other bidders?
The bidder can quit the auction or buy the item at the last bid price.
What constitutes a "sufficient" financing statement?
Must include: The name of the debtor. The name of the secured party. The property being
used as security (collateral).
If a financial statement covers "to be extracted" goods (timber) or fixtures that are attached
to real property, what must it include to be "sufficient"?
1. Notice that it will be filed in the public record. 2. Indicates that it covers this type of
collateral 3. A description of the real property to which the collateral is related. 4. If the
debtor does not have an interest in the real property, the name of the person(s) that has an
interest.
Define "wholesaler."
a person who sells for the purpose of resale and not directly to a consuming purchaser
What must an ad for a "going out of business" sale include?
The name of the business owner and the correct business address.
Chattel is defined as .
Anything that is not real property. Personal property.
Business law defines a "person"as .
an individual, partnership, corporation, association, or other group, however organized
True or Fales. A "consumer" is any person or entity that seeks to buy goods or services.
False. A business consumer with more than $25M in assets does not fall in the "consumer"
category and is treated different by the law.
"Knowingly" means...
means actual awareness, at the time of the act or practice complained of, of the falsity,
deception, or unfairness of the act or practice giving rise to the consumer's claim
Is the state considered a business consumer?
No.
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
, Texas Auctioneer License-Part 1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Texas
Texas
Auctioneer
Auctioneer
License-Part
License-Part
1Exam.pdf
1Exam.pdf@@@@@@@@@@@@@@@@!!!!!!!!!!!!!!!!!!!!!!!
Economic damages is...
compensatory damages for pecuniary loss, including costs of repair and replacement.
Name the different types of residences.
Single family house, duplex, triplex, quadraplex, multi-unit when title is conveyed such as a
condominimum or cooperative; as long as intended for a residential living.
In Deceptive Trade Practice Law what does "intentionally" mean?
means actual awareness of the falsity, deception, or unfairness of the act or practice, or the
condition, defect, or failure constituting a breach of warranty giving rise to the consumer's
claim, coupled with the specific intent that the consumer act in detrimental reliance on the
falsity or deception or in detrimental ignorance of the unfairness.
Is a person's name in combination with his social security number is considered "sensitive"
or "personal" identifying information?
The social security # makes it "sensitive'. Just a name is considered "personal".
If there is a breach of personal information or "sensitive" information, a business must notify
the harmed persons when?
immediately; unless it would impede a criminal investigation
True of False. It is acceptable to charge a "surcharge" to a buyer for use of a credit card.
False. Governments and a few others can do this but everyone else may not.
Reconditioning means....
any appropriate process or procedure by which distressed merchandise can be brought into
compliance with departmental standards for theconsumption or use of that merchandise by
the public.
What is a salvage broker?
a person who engages in the business of selling,distributing, or otherwise trafficking in
distressed or salvaged merchandise, but who does not operate a salvage establishment.
True or False. Both salvage brokers and salvage establishment operators must have a license.
True.
Is a manufactured home real property?
Texas Auctioneer License-Part
Texas1Exam.pdf
Auctioneer License-Part
Texas
1Exam.pdf~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~!!!!!!!!%%%%%%%%%%%%%%%%%%%
Auctioneer License-Part 1Exam.pdf
