Texas Auctioneer License-Part 1Exam
Does an auctioneer need a federal firearms license?
Yes AND No; if estate sale then no, consignment sale then yes
If an auctioneer sales a firearm away from their business location, how do they transfer to
buyer?
It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court?
The court sets the fee.
Who must obtain a firearms license?
Persons in the business of importing, manufacturing, or dealing in firearms, or importing or
manufacturing ammunition
What is an antique?
Any work of art, piece of furniture, decorative object, or the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of purchase.
What is "provenance"?
Place or source of origin; the history of ownership.
What does "termination" of a contract mean?
when either party pursuant to a power created by agreement or law puts an end to the
contract otherwise than for its breach.
What does "cancellation" of a contract mean?
occurs when either party puts an end to the contract for breach by the other and its effect is
the same as that of "termination" except that the cancelling party also retains any remedy
for breach of the whole contract or any unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable in a court.
False. For items more than $500 a contract must be in writing to be enforceable.
, If a contract is found to have a deficiency like a blank that was not filled in, is it rendered
invalid?
No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not enforceable under this
paragraph
beyond the quantity of goods shown in such writing.
True or False. A contract is rendered invalid if it's exact commencement is not noted.
False. An agreement sufficient to constitute a contract for sale may be found even though
the
moment of its making is undetermined.
True of False. When a lot is sold with other lots owned by the same seller, all lots are
considered one "sale".
False. Each lot is a different "sale".
When is the sale complete at auction?
when the auctioneer so announces by the fall of the hammer or in other customary manner.
If a bid comes in while the hammer is falling, what can happen next?
The auctioneer can reopen the bidding or he can declare the item sold for the bid under
which the hammer was falling.
True or False. All auctions are with reserve unless otherwise stated.
True.
Can an auctioneer withdraw an item in a reserve auction?
Yes.
Can an auctioneer withdraw an item in an absolute auction?
Generally No; unless there is no bid in a reasonable time period.
In a recent estate auction, Bill changed his mind after he bid on a 1955 Chevy Pickup. What
happens if he retracts his bid before the auction ends?
The auctioneer can start the bidding again and no prior bid is revived.
Does an auctioneer need a federal firearms license?
Yes AND No; if estate sale then no, consignment sale then yes
If an auctioneer sales a firearm away from their business location, how do they transfer to
buyer?
It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court?
The court sets the fee.
Who must obtain a firearms license?
Persons in the business of importing, manufacturing, or dealing in firearms, or importing or
manufacturing ammunition
What is an antique?
Any work of art, piece of furniture, decorative object, or the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of purchase.
What is "provenance"?
Place or source of origin; the history of ownership.
What does "termination" of a contract mean?
when either party pursuant to a power created by agreement or law puts an end to the
contract otherwise than for its breach.
What does "cancellation" of a contract mean?
occurs when either party puts an end to the contract for breach by the other and its effect is
the same as that of "termination" except that the cancelling party also retains any remedy
for breach of the whole contract or any unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable in a court.
False. For items more than $500 a contract must be in writing to be enforceable.
, If a contract is found to have a deficiency like a blank that was not filled in, is it rendered
invalid?
No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not enforceable under this
paragraph
beyond the quantity of goods shown in such writing.
True or False. A contract is rendered invalid if it's exact commencement is not noted.
False. An agreement sufficient to constitute a contract for sale may be found even though
the
moment of its making is undetermined.
True of False. When a lot is sold with other lots owned by the same seller, all lots are
considered one "sale".
False. Each lot is a different "sale".
When is the sale complete at auction?
when the auctioneer so announces by the fall of the hammer or in other customary manner.
If a bid comes in while the hammer is falling, what can happen next?
The auctioneer can reopen the bidding or he can declare the item sold for the bid under
which the hammer was falling.
True or False. All auctions are with reserve unless otherwise stated.
True.
Can an auctioneer withdraw an item in a reserve auction?
Yes.
Can an auctioneer withdraw an item in an absolute auction?
Generally No; unless there is no bid in a reasonable time period.
In a recent estate auction, Bill changed his mind after he bid on a 1955 Chevy Pickup. What
happens if he retracts his bid before the auction ends?
The auctioneer can start the bidding again and no prior bid is revived.
