Auction Firm Study Guide 2024/2025
Exam All Answers and Illustrations
Given
Auction - 🧠ANSWER ✔✔a method of sale of real or personal property,
goods, or chattels, at a predetermined date and time, by means of a verbal
exchange, regular mail, telecommunications, the internet, an electronic
transmission, or a physical gesture between an auctioneer or apprentice
auctioneer and members of the audience or prospective purchasers, the
exchanges and gestures consisting of a series of invitations for offers made
by the auctioneer and offers by members of the audience or prospective
purchasers, with the right to acceptance of offers with the auctioneer or
apprentice auctioneer. (Division A)
What is Included in an "Auction" - 🧠ANSWER ✔✔sale of real or personal
property, goods, or chattels in which there has been a solicitation or
invitation by advertisement to the public for an advance in bidding using
sealed bidding, provided that the bids are opened and there is a call for an
advancement of the bids.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, 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 for 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.
Apprentice Auctioneer - 🧠ANSWER ✔✔any individual who is sponsored by
an auctioneer to deal or engage in any activities mentioned in division (A)
of this section.
Special Auctioneer - 🧠ANSWER ✔✔any person who currently is subject to
section 4707.071 of the Revised Code.
Absolute Auction - 🧠ANSWER ✔✔an auction of real or personal property to
which all of the following apply:
(1) The property is sold to the highest bidder without reserve.
(2) The auction does not require a minimum bid.
(3) The auction does not require competing bids of any type by the seller or
an agent of the seller.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
Exam All Answers and Illustrations
Given
Auction - 🧠ANSWER ✔✔a method of sale of real or personal property,
goods, or chattels, at a predetermined date and time, by means of a verbal
exchange, regular mail, telecommunications, the internet, an electronic
transmission, or a physical gesture between an auctioneer or apprentice
auctioneer and members of the audience or prospective purchasers, the
exchanges and gestures consisting of a series of invitations for offers made
by the auctioneer and offers by members of the audience or prospective
purchasers, with the right to acceptance of offers with the auctioneer or
apprentice auctioneer. (Division A)
What is Included in an "Auction" - 🧠ANSWER ✔✔sale of real or personal
property, goods, or chattels in which there has been a solicitation or
invitation by advertisement to the public for an advance in bidding using
sealed bidding, provided that the bids are opened and there is a call for an
advancement of the bids.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 1
STATEMENT. ALL RIGHTS RESERVED
, 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 for 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.
Apprentice Auctioneer - 🧠ANSWER ✔✔any individual who is sponsored by
an auctioneer to deal or engage in any activities mentioned in division (A)
of this section.
Special Auctioneer - 🧠ANSWER ✔✔any person who currently is subject to
section 4707.071 of the Revised Code.
Absolute Auction - 🧠ANSWER ✔✔an auction of real or personal property to
which all of the following apply:
(1) The property is sold to the highest bidder without reserve.
(2) The auction does not require a minimum bid.
(3) The auction does not require competing bids of any type by the seller or
an agent of the seller.
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY 2
STATEMENT. ALL RIGHTS RESERVED
