ARKANSAS AUCTIONEER EXAM 2025 ACTUAL
EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) | ALREADY GRADED A+ |
LATEST VERSION
All auctioneer licenses expire: - ans -June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ans -False - The Auctioneers
License Act indicates the "Board shall be subject to the Arkansas Administrative
Procedure Act"
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the
Arkansas General Assembly - ans -False - The governor shall appoint the members
of the Board
Estate Executor/Executrix - ans -The executor/executrix of an estate is the person
named in the will to carry out its provisions.
Goods - ans -Includes chattels, merchandise, personal property, or commodities
of any form or type, which may lawfully be kept or offered for sale.
Chattels - ans -Chattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - ans -Commodities may or may not be chattels and include valuable
interest in agricultural products, silver, gold, and other products customarily sold
or traded in commercial markets.
Market Value - ans -The market value is the price that a willing seller will take for
goods and a willing buyer will give if neither buyer nor seller is under any
compulsion or undue influence to buy or sell.
Mortal Turpitude - ans -Intentional acts or behavior involving dishonest,
wickedness, depravity, or grave infringement of the good moral sentiment of the
community.
, Reciprocity - ans -In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the
licenses issued by any of them. An auctioneer licensed in Arkansas, for example,
will be granted a license in any state with which it has reciprocity simply by
requesting the licensing and paying any necessary fees.
Spouse - ans -A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and
witnessed by Tom Turner and Mary Snelling. The will divided Sam's property
equally among his three children and named the oldest child, Brenda Mahoney, to
see that its provisions were carried out and the necessary business and legal
arrangements completed. Who is the executor/executrix of the estate? - ans -
Brenda Mahoney
No-reserve auction/absolute auction - ans -Seller cannot withdraw item after a
bid has been received and the item will be sold regardless of price.
With reserve auction - ans -The owner or auctioneer may set a minimum price
that will be accepted for an item. In normal auction practice, an auction is
assumed to be "with reserve" unless otherwise stated
True/False: For an auction to be no reserve or absolute, the goods must not have
any liens or encumbrances against it unless all lien holders agree to the
unqualified acceptance of the highest bid and the seller has a bona fide intent to
transfer ownership of the good regardless of the highest amount - ans -True
True/False: The seller, or a person acting on behalf of the seller, is allowed to bid
on their own items in an auction. - ans -False
True/False: Any individual party to the dissolution of any marriage, partnership, or
corporation is allowed to bid as an individual entity apart from the selling entity,
on goods being sold at auction pursuant to such dissolution. - ans -True
True/False: Goods being sold at auction must be clearly advertised as to whether
it is being sold with or without reserve. - ans -True
EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS) | ALREADY GRADED A+ |
LATEST VERSION
All auctioneer licenses expire: - ans -June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ans -False - The Auctioneers
License Act indicates the "Board shall be subject to the Arkansas Administrative
Procedure Act"
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the
Arkansas General Assembly - ans -False - The governor shall appoint the members
of the Board
Estate Executor/Executrix - ans -The executor/executrix of an estate is the person
named in the will to carry out its provisions.
Goods - ans -Includes chattels, merchandise, personal property, or commodities
of any form or type, which may lawfully be kept or offered for sale.
Chattels - ans -Chattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - ans -Commodities may or may not be chattels and include valuable
interest in agricultural products, silver, gold, and other products customarily sold
or traded in commercial markets.
Market Value - ans -The market value is the price that a willing seller will take for
goods and a willing buyer will give if neither buyer nor seller is under any
compulsion or undue influence to buy or sell.
Mortal Turpitude - ans -Intentional acts or behavior involving dishonest,
wickedness, depravity, or grave infringement of the good moral sentiment of the
community.
, Reciprocity - ans -In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the
licenses issued by any of them. An auctioneer licensed in Arkansas, for example,
will be granted a license in any state with which it has reciprocity simply by
requesting the licensing and paying any necessary fees.
Spouse - ans -A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and
witnessed by Tom Turner and Mary Snelling. The will divided Sam's property
equally among his three children and named the oldest child, Brenda Mahoney, to
see that its provisions were carried out and the necessary business and legal
arrangements completed. Who is the executor/executrix of the estate? - ans -
Brenda Mahoney
No-reserve auction/absolute auction - ans -Seller cannot withdraw item after a
bid has been received and the item will be sold regardless of price.
With reserve auction - ans -The owner or auctioneer may set a minimum price
that will be accepted for an item. In normal auction practice, an auction is
assumed to be "with reserve" unless otherwise stated
True/False: For an auction to be no reserve or absolute, the goods must not have
any liens or encumbrances against it unless all lien holders agree to the
unqualified acceptance of the highest bid and the seller has a bona fide intent to
transfer ownership of the good regardless of the highest amount - ans -True
True/False: The seller, or a person acting on behalf of the seller, is allowed to bid
on their own items in an auction. - ans -False
True/False: Any individual party to the dissolution of any marriage, partnership, or
corporation is allowed to bid as an individual entity apart from the selling entity,
on goods being sold at auction pursuant to such dissolution. - ans -True
True/False: Goods being sold at auction must be clearly advertised as to whether
it is being sold with or without reserve. - ans -True
