©THESTAR 2024/2025 ALL RIGHTS RESERVED 10:08PM.
GA Auction Study Guide Exam Questions
And Answers 2025 Update.
An auction listing contract - Answer✔Must be written to be enforceable
Seller - Answer✔In 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: -
Answer✔Avoid the seller
A real estate deed is a document to determine; - Answer✔Convey land ownership
An auctioneers license number must be displayed on: - Answer✔All advertising of all auctions
An auctioneers first agency obligation is to - Answer✔Sellers
How should an auctioneer dress? - Answer✔Comparable with your bidders
The best chant for an auctioneer is to be: - Answer✔Easily understood
liquidation auction - Answer✔Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell real
estate.
T or F - Answer✔False
Registration of bidders at an auction - Answer✔Creates a mailing list
If a licensed Auctioneer allows an unlicensed person to call their auction, both parties have
violated the law.
T or F - Answer✔True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Answer✔True
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 10:08PM.
At an absolute auction you can legally - Answer✔Withdraw 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 - Answer✔True
Principal - Answer✔In an agency situation, when a seller authorizes you to sell their property.
A closing statement - Answer✔1. 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? - Answer✔3 years
Real Property - Answer✔Land with permanent building thereon
Example of surcharge at an auction - Answer✔10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Answer✔Prior notice
has been given
Federal laws regulating sell of firearms at an auction apply when? - Answer✔Always apply
Personal property is anything that can be moved. True or False? - Answer✔
A title to real property requires: - Answer✔A 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? - Answer✔False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Answer✔Lead to
revocation of your license
Mechanic Lein - Answer✔Applies 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 - Answer✔Taking precedence over all
Valid Auction Contract's may: - Answer✔Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - Answer✔Be included in the signed bidder
contract
As-is means - Answer✔There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Answer✔No bid has
been received within a reasonable time
2
GA Auction Study Guide Exam Questions
And Answers 2025 Update.
An auction listing contract - Answer✔Must be written to be enforceable
Seller - Answer✔In 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: -
Answer✔Avoid the seller
A real estate deed is a document to determine; - Answer✔Convey land ownership
An auctioneers license number must be displayed on: - Answer✔All advertising of all auctions
An auctioneers first agency obligation is to - Answer✔Sellers
How should an auctioneer dress? - Answer✔Comparable with your bidders
The best chant for an auctioneer is to be: - Answer✔Easily understood
liquidation auction - Answer✔Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell real
estate.
T or F - Answer✔False
Registration of bidders at an auction - Answer✔Creates a mailing list
If a licensed Auctioneer allows an unlicensed person to call their auction, both parties have
violated the law.
T or F - Answer✔True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Answer✔True
1
, ©THESTAR 2024/2025 ALL RIGHTS RESERVED 10:08PM.
At an absolute auction you can legally - Answer✔Withdraw 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 - Answer✔True
Principal - Answer✔In an agency situation, when a seller authorizes you to sell their property.
A closing statement - Answer✔1. 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? - Answer✔3 years
Real Property - Answer✔Land with permanent building thereon
Example of surcharge at an auction - Answer✔10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Answer✔Prior notice
has been given
Federal laws regulating sell of firearms at an auction apply when? - Answer✔Always apply
Personal property is anything that can be moved. True or False? - Answer✔
A title to real property requires: - Answer✔A 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? - Answer✔False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Answer✔Lead to
revocation of your license
Mechanic Lein - Answer✔Applies 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 - Answer✔Taking precedence over all
Valid Auction Contract's may: - Answer✔Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - Answer✔Be included in the signed bidder
contract
As-is means - Answer✔There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Answer✔No bid has
been received within a reasonable time
2
