TX Auctioneer License Exam-#1
Questions and Answers 100%
Pass
Fiduciary Responsibilities -
CORRECT ANSWER-include:
-keeping the money in a safe place
-maintaining an accurate record of the funds and any interest earned
-when appropriate, disbursal of the funds as mandated by law
Trust Account -
CORRECT ANSWER-a legal and financial agreement to hold, manage, and be
accountable for someone else's money
Properly Payable -
CORRECT ANSWER-the instrument or form presented for payment in a normal
course of business must be honored as outlined in the terms of the trust account
Notice of Dishonor -
,CORRECT ANSWER-the written explanation the financial institution is required
by law to give the requester if the financial institution is refusing for any reason to
honor the request for payment
Discuss discriminatory lending activities as described in the Consumer Credit
Protection Act -
CORRECT ANSWER--A person cannot be denied credit or discriminated against
in any part of a credit transaction based on his or her race, color, religion, national
origin, sex, marital status or age
-A person cannot be discriminated against if some or all of his or her income
comes from any kind of public assistance program
-An applicant cannot be denied credit because he or she insisted upon claiming his
or her rights under this law
What are the records required for a public livestock auction market? -
CORRECT ANSWER--the name, address and picture ID of the seller and the
buyer
-proof of all tests taken and the results of each one
-certificates of veterinary inspections and any other required permits and health
certificates
-the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
, Discuss what it means to purchase an item on credit? -
CORRECT ANSWER-purchasing items on credit enables the borrower to take
possession of the item at the time of purchase by agreeing to make payments over
a specific period of time
Under the Consumer Credit Protection Act and in accordance with the regulations
of the Board, it is not considered discrimination to: -
CORRECT ANSWER--ask about a person's marital status when the creditor is
trying to determine his rights and remedies as applicable to a particular approval of
credit
-verify the applicant's age in order to determine if he or she is of legal age to enter
into a binding contracts
-ask an elderly person his or her age as long as the elderly person is not given a
positive or negative value in any empirically derived credit rating system
-request if any of an applicant's income is provided by a public assistance program
as long as the inquiry is made in order to determine the person's income level, the
probability the income will continue and to learn about their credit history
Define a Public Livestock Auction Market -
CORRECT ANSWER-a permanent facility that sells livestock to the public on a
regularly scheduled day or days every week.
Discuss trust account record retention by the auctioneer -
Questions and Answers 100%
Pass
Fiduciary Responsibilities -
CORRECT ANSWER-include:
-keeping the money in a safe place
-maintaining an accurate record of the funds and any interest earned
-when appropriate, disbursal of the funds as mandated by law
Trust Account -
CORRECT ANSWER-a legal and financial agreement to hold, manage, and be
accountable for someone else's money
Properly Payable -
CORRECT ANSWER-the instrument or form presented for payment in a normal
course of business must be honored as outlined in the terms of the trust account
Notice of Dishonor -
,CORRECT ANSWER-the written explanation the financial institution is required
by law to give the requester if the financial institution is refusing for any reason to
honor the request for payment
Discuss discriminatory lending activities as described in the Consumer Credit
Protection Act -
CORRECT ANSWER--A person cannot be denied credit or discriminated against
in any part of a credit transaction based on his or her race, color, religion, national
origin, sex, marital status or age
-A person cannot be discriminated against if some or all of his or her income
comes from any kind of public assistance program
-An applicant cannot be denied credit because he or she insisted upon claiming his
or her rights under this law
What are the records required for a public livestock auction market? -
CORRECT ANSWER--the name, address and picture ID of the seller and the
buyer
-proof of all tests taken and the results of each one
-certificates of veterinary inspections and any other required permits and health
certificates
-the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
, Discuss what it means to purchase an item on credit? -
CORRECT ANSWER-purchasing items on credit enables the borrower to take
possession of the item at the time of purchase by agreeing to make payments over
a specific period of time
Under the Consumer Credit Protection Act and in accordance with the regulations
of the Board, it is not considered discrimination to: -
CORRECT ANSWER--ask about a person's marital status when the creditor is
trying to determine his rights and remedies as applicable to a particular approval of
credit
-verify the applicant's age in order to determine if he or she is of legal age to enter
into a binding contracts
-ask an elderly person his or her age as long as the elderly person is not given a
positive or negative value in any empirically derived credit rating system
-request if any of an applicant's income is provided by a public assistance program
as long as the inquiry is made in order to determine the person's income level, the
probability the income will continue and to learn about their credit history
Define a Public Livestock Auction Market -
CORRECT ANSWER-a permanent facility that sells livestock to the public on a
regularly scheduled day or days every week.
Discuss trust account record retention by the auctioneer -
