GA AUCTION STUDY GUIDE ACTUAL EXAM NEWEST VERSION 2025 Questions and Verified
Answers | 100% Correct.
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
,GA AUCTION STUDY GUIDE ACTUAL EXAM NEWEST VERSION 2025 Questions and Verified
Answers | 100% Correct.
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - (ANSWER)True
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)
, GA AUCTION STUDY GUIDE ACTUAL EXAM NEWEST VERSION 2025 Questions and Verified
Answers | 100% Correct.
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
An appraisal of personal property is - (ANSWER)An opinion of value, normally not required to be made
by certified appraiser, and estimates value, documented.
When a buyer must sign a sales tax exempt form - (ANSWER)When buying personal property for resale,
to avoid paying sales tax
Answers | 100% Correct.
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
,GA AUCTION STUDY GUIDE ACTUAL EXAM NEWEST VERSION 2025 Questions and Verified
Answers | 100% Correct.
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - (ANSWER)True
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)
, GA AUCTION STUDY GUIDE ACTUAL EXAM NEWEST VERSION 2025 Questions and Verified
Answers | 100% Correct.
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
An appraisal of personal property is - (ANSWER)An opinion of value, normally not required to be made
by certified appraiser, and estimates value, documented.
When a buyer must sign a sales tax exempt form - (ANSWER)When buying personal property for resale,
to avoid paying sales tax
