GA AUCTION TEST PAPER 2025/2026 QUESTIONS WITH
ANSWERS TAGGED A+
✔✔When advertising an absolute auction, you are allowed to withdraw any item that did
not receive a bid of at least 65% of it's origins cost.
T or F - ✔✔False
✔✔At an absolute auction it is legal for the owner of the property to have an agent to bid
on their behalf.
T or F - ✔✔False
✔✔It is legal at an absolute auction to require a minimum opening bid.
T or F - ✔✔False
✔✔You must have an auctioneers license to conduct a fundraising auction.
T or F - ✔✔True
✔✔An owner of property to be sold may bid, if that fact is announced at the beginning of
the sale, and that the sale was not advertised or announced as absolute.
T or F - ✔✔True
✔✔In order to renew your auctioneers license you must attend an eight hour continuing
education seminar every year.
T or F - ✔✔False
✔✔An auction company licenses must maintain an escrow account.
T or F - ✔✔True
✔✔A license auctioneer may or may not choose to hold a company license.
T or F - ✔✔True
✔✔A licensed auctioneer is responsible for all risks of an exempt auction company.
T or F - ✔✔True
✔✔The principal auctioneer must issue a closing statement for all auctions that they
conduct.
T or F - ✔✔True
✔✔The principal auctioneer is responsible for including their name and license number
and/or the auction company's name and license number in all advertising of an auction.
T or F - ✔✔True
✔✔Auctioneers and auction companies both must maintain an escrow account.
, T or F - ✔✔
✔✔Auctioneer must deposit al monies coming into their possession into an escrow
account.
T or F - ✔✔True
✔✔You must include $100 with your application to sit for the auctioneers examination
T or F - ✔✔False
✔✔Late fees for late renewal if auctioneers license will require a $10 penalty
T or F - ✔✔True
✔✔Auctioneering without a license will result in a $___ penalty - ✔✔$250
✔✔The education, research, and recovery fund requires a contribution of $250.
T or F - ✔✔False
✔✔A licensed auctioneer who owns his own company is a full time auctioneer.
T or F - ✔✔True
✔✔A licensed auctioneer who works exclusively for an auction company is a full time
auctioneer.
T or F - ✔✔True
✔✔A full time auctioneer who exempts a company and works exclusively for this
company is the most likely to lose their license.
T or F - ✔✔True
✔✔Auction records must be kept in file for 7 years.
T or F - ✔✔False
✔✔The statute of Frauds requires that auction contracts must be written.
T or F - ✔✔True
✔✔When you receive your auction license you can auction any personal property
anywhere in Georgia regardless to local restrictions.
T or F - ✔✔
✔✔Failure to maintain an escrow account is grounds for revocation of auction license.
T or F - ✔✔True
✔✔Escrow accounts must be accessible to the auction commission for inspection.
ANSWERS TAGGED A+
✔✔When advertising an absolute auction, you are allowed to withdraw any item that did
not receive a bid of at least 65% of it's origins cost.
T or F - ✔✔False
✔✔At an absolute auction it is legal for the owner of the property to have an agent to bid
on their behalf.
T or F - ✔✔False
✔✔It is legal at an absolute auction to require a minimum opening bid.
T or F - ✔✔False
✔✔You must have an auctioneers license to conduct a fundraising auction.
T or F - ✔✔True
✔✔An owner of property to be sold may bid, if that fact is announced at the beginning of
the sale, and that the sale was not advertised or announced as absolute.
T or F - ✔✔True
✔✔In order to renew your auctioneers license you must attend an eight hour continuing
education seminar every year.
T or F - ✔✔False
✔✔An auction company licenses must maintain an escrow account.
T or F - ✔✔True
✔✔A license auctioneer may or may not choose to hold a company license.
T or F - ✔✔True
✔✔A licensed auctioneer is responsible for all risks of an exempt auction company.
T or F - ✔✔True
✔✔The principal auctioneer must issue a closing statement for all auctions that they
conduct.
T or F - ✔✔True
✔✔The principal auctioneer is responsible for including their name and license number
and/or the auction company's name and license number in all advertising of an auction.
T or F - ✔✔True
✔✔Auctioneers and auction companies both must maintain an escrow account.
, T or F - ✔✔
✔✔Auctioneer must deposit al monies coming into their possession into an escrow
account.
T or F - ✔✔True
✔✔You must include $100 with your application to sit for the auctioneers examination
T or F - ✔✔False
✔✔Late fees for late renewal if auctioneers license will require a $10 penalty
T or F - ✔✔True
✔✔Auctioneering without a license will result in a $___ penalty - ✔✔$250
✔✔The education, research, and recovery fund requires a contribution of $250.
T or F - ✔✔False
✔✔A licensed auctioneer who owns his own company is a full time auctioneer.
T or F - ✔✔True
✔✔A licensed auctioneer who works exclusively for an auction company is a full time
auctioneer.
T or F - ✔✔True
✔✔A full time auctioneer who exempts a company and works exclusively for this
company is the most likely to lose their license.
T or F - ✔✔True
✔✔Auction records must be kept in file for 7 years.
T or F - ✔✔False
✔✔The statute of Frauds requires that auction contracts must be written.
T or F - ✔✔True
✔✔When you receive your auction license you can auction any personal property
anywhere in Georgia regardless to local restrictions.
T or F - ✔✔
✔✔Failure to maintain an escrow account is grounds for revocation of auction license.
T or F - ✔✔True
✔✔Escrow accounts must be accessible to the auction commission for inspection.
