1
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GA Auction Study Guide Questions and
Answers (100% Correct Answers) Already
Graded A+
An auction listing contract [ Ans: ] Must be written to be
enforceable
Seller [ Ans: ] In the contracting to operate a consignment
auction this determine the rules of the sale between the
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auctioneer and the _____
If a public auction your seller directs you to disregard ethical
behavior, you should: [ Ans: ] Avoid the seller
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A real estate deed is a document to determine; [ Ans: ] Convey
land ownership
An auctioneers license number must be displayed on: [ Ans: ] All
advertising of all auctions
An auctioneers first agency obligation is to [ Ans: ] Sellers
How should an auctioneer dress? [ Ans: ] Comparable with your
bidders
The best chant for an auctioneer is to be: [ Ans: ] Easily
understood
liquidation auction [ Ans: ] Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission
you can charge to sell real estate.
T or F [ Ans: ] False
Registration of bidders at an auction [ Ans: ] Creates a mailing
list
If a licensed Auctioneer allows an unlicensed person to call their
auction, both parties have violated the law.
, 2
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T or F [ Ans: ] True
A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
T or F [ Ans: ] True
At an absolute auction you can legally [ Ans: ] 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 [ Ans: ] True
Principal [ Ans: ] In an agency situation, when a seller authorizes
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you to sell their property.
A closing statement [ Ans: ] 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.
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How long must a closing statement be kept on record? [ Ans: ] 3
years
Real Property [ Ans: ] Land with permanent building thereon
Example of surcharge at an auction [ Ans: ] 10% buyer's
premium
An auctioneer may bid on behalf of the seller during the auction
when: [ Ans: ] Prior notice has been given
Federal laws regulating sell of firearms at an auction apply when?
[ Ans: ] Always apply
A title to real property requires: [ Ans: ] 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? [ Ans: ] False
The use of false bidder, by bidders, cappers, or shills to raise the
bid may: [ Ans: ] Lead to revocation of your license
, 3
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Mechanic Lein [ Ans: ] 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 [ Ans: ] Taking precedence over all
Valid Auction Contract's may: [ Ans: ] Be a legal agreement
between competent parties
If a buyer's premium is charged at an auction must: [ Ans: ] Be
included in the signed bidder contract
As-is means [ Ans: ] There are no guarantees.
At an absolute auction, the auctioneer may withdraw property
when [ Ans: ] No bid has been received within a reasonable
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time
An appraisal of personal property is [ Ans: ] An opinion of value,
normally not required to be made by certified appraiser, and
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estimates value, documented.
When a buyer must sign a sales tax exempt form [ Ans: ] When
buying personal property for resale, to avoid paying sales tax
Buyer's premium [ Ans: ] Additional percentage charged to
bidder above their bid
Any interest accumulated in an auctioneer's escrow account
belongs to who? [ Ans: ] It is dispersed according to terms of the
contract
Auction advertising must include [ Ans: ] Name and license of
auctioneer
Authority of the auction commission is limited to [ Ans: ] Regulate
issuance of licenses, revoke, censure, of suspend licenses
Sale of the contents of self-contained storage units is exempt from
auction law requirements if [ Ans: ] Sold by owner or agent of
units holding a lein on contents after default of rent payments
An auctioneer drawing a personal property estate auction
contract must [ Ans: ] Be written contract before the sale
For Expert help and assignment solutions, +254707240657
GA Auction Study Guide Questions and
Answers (100% Correct Answers) Already
Graded A+
An auction listing contract [ Ans: ] Must be written to be
enforceable
Seller [ Ans: ] In the contracting to operate a consignment
auction this determine the rules of the sale between the
© 2025 Assignment Expert
auctioneer and the _____
If a public auction your seller directs you to disregard ethical
behavior, you should: [ Ans: ] Avoid the seller
Guru01 - Stuvia
A real estate deed is a document to determine; [ Ans: ] Convey
land ownership
An auctioneers license number must be displayed on: [ Ans: ] All
advertising of all auctions
An auctioneers first agency obligation is to [ Ans: ] Sellers
How should an auctioneer dress? [ Ans: ] Comparable with your
bidders
The best chant for an auctioneer is to be: [ Ans: ] Easily
understood
liquidation auction [ Ans: ] Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission
you can charge to sell real estate.
T or F [ Ans: ] False
Registration of bidders at an auction [ Ans: ] Creates a mailing
list
If a licensed Auctioneer allows an unlicensed person to call their
auction, both parties have violated the law.
, 2
For Expert help and assignment solutions, +254707240657
T or F [ Ans: ] True
A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
T or F [ Ans: ] True
At an absolute auction you can legally [ Ans: ] 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 [ Ans: ] True
Principal [ Ans: ] In an agency situation, when a seller authorizes
© 2025 Assignment Expert
you to sell their property.
A closing statement [ Ans: ] 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.
Guru01 - Stuvia
How long must a closing statement be kept on record? [ Ans: ] 3
years
Real Property [ Ans: ] Land with permanent building thereon
Example of surcharge at an auction [ Ans: ] 10% buyer's
premium
An auctioneer may bid on behalf of the seller during the auction
when: [ Ans: ] Prior notice has been given
Federal laws regulating sell of firearms at an auction apply when?
[ Ans: ] Always apply
A title to real property requires: [ Ans: ] 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? [ Ans: ] False
The use of false bidder, by bidders, cappers, or shills to raise the
bid may: [ Ans: ] Lead to revocation of your license
, 3
For Expert help and assignment solutions, +254707240657
Mechanic Lein [ Ans: ] 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 [ Ans: ] Taking precedence over all
Valid Auction Contract's may: [ Ans: ] Be a legal agreement
between competent parties
If a buyer's premium is charged at an auction must: [ Ans: ] Be
included in the signed bidder contract
As-is means [ Ans: ] There are no guarantees.
At an absolute auction, the auctioneer may withdraw property
when [ Ans: ] No bid has been received within a reasonable
© 2025 Assignment Expert
time
An appraisal of personal property is [ Ans: ] An opinion of value,
normally not required to be made by certified appraiser, and
Guru01 - Stuvia
estimates value, documented.
When a buyer must sign a sales tax exempt form [ Ans: ] When
buying personal property for resale, to avoid paying sales tax
Buyer's premium [ Ans: ] Additional percentage charged to
bidder above their bid
Any interest accumulated in an auctioneer's escrow account
belongs to who? [ Ans: ] It is dispersed according to terms of the
contract
Auction advertising must include [ Ans: ] Name and license of
auctioneer
Authority of the auction commission is limited to [ Ans: ] Regulate
issuance of licenses, revoke, censure, of suspend licenses
Sale of the contents of self-contained storage units is exempt from
auction law requirements if [ Ans: ] Sold by owner or agent of
units holding a lein on contents after default of rent payments
An auctioneer drawing a personal property estate auction
contract must [ Ans: ] Be written contract before the sale
