GA AUCTION STUDY GUIDE EXAM QUESTIONS WITH
100% CORRECT ANSWERS
An |auction |listing |contract |- |----Answers---Must |be |written |to |be |enforceable
Seller |- |----Answers---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: |- |----
Answers---Avoid |the |seller
A |real |estate |deed |is |a |document |to |determine; |- |----Answers--- |Convey |land |ownership
An |auctioneers |license |number |must |be |displayed |on: |- |----Answers--- |All |advertising |of |all
|auctions
An |auctioneers |first |agency |obligation |is |to |- |----Answers---Sellers
How |should |an |auctioneer |dress? |- |----Answers---Comparable |with |your |bidders
The |best |chant |for |an |auctioneer |is |to |be: |- |----Answers---Easily |understood
Page |1 |of |27
,liquidation |auction |- |----Answers---Selling |remaining |inventory |at |auction
The |Auction |Commission |can |regulate |the |amount |of |commission |you |can |charge |to |sell
|real |estate.
T |or |F |- |----Answers---False
Registration |of |bidders |at |an |auction |- |----Answers---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 |- |----Answers---True
A |chapter |11 |bankruptcy |is |a |debtor |in |possession |who |has |filed |for |reorganization.
T |or |F |- |----Answers---True
At |an |absolute |auction |you |can |legally |- |----Answers---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 |- |----Answers---True
Principal |- |----Answers---In |an |agency |situation, |when |a |seller |authorizes |you |to |sell |their
|property.
Page |2 |of |27
,A |closing |statement |- |----Answers---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? Answers--
-3 |years
Real |Property |- |----Answers---Land |with |permanent |building |thereon
Example |of |surcharge |at |an |auction |- |----Answers---10% |buyer's |premium
An |auctioneer |may |bid |on |behalf |of |the |seller |during |the |auction |when: |- |----Answers---
Prior |notice |has |been |given
Federal |laws |regulating |sell |of |firearms |at |an |auction |apply |when? |- |--
--Answers---Always |apply
Personal |property |is |anything |that |can |be |moved. |True |or |False? |- |---- |Answers---
A |title |to |real |property |requires: |- |----Answers---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.
Page |3 |of |27
, T |or |F? |- |----Answers---False
The |use |of |false |bidder, |by |bidders, |cappers, |or |shills |to |raise |the |bid |may: |- |----Answers---
Lead |to |revocation |of |your |license
Mechanic |Lein |- |----Answers---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 |- |----Answers---Taking |precedence |over |all
Valid |Auction |Contract's |may: |- |----Answers---Be |a |legal |agreement |between |competent
|parties
If |a |buyer's |premium |is |charged |at |an |auction |must: |- |----Answers--- |Be |included |in |the
|signed |bidder |contract
As-is |means |- |----Answers---There |are |no |guarantees.
At |an |absolute |auction, |the |auctioneer |may |withdraw |property |when |-
----Answers---No |bid |has |been |received |within |a |reasonable |time
An |appraisal |of |personal |property |is |- |----Answers---An |opinion |of |value, |normally |not
|required |to |be |made |by |certified |appraiser, |and |estimates |value, |documented.
100% CORRECT ANSWERS
An |auction |listing |contract |- |----Answers---Must |be |written |to |be |enforceable
Seller |- |----Answers---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: |- |----
Answers---Avoid |the |seller
A |real |estate |deed |is |a |document |to |determine; |- |----Answers--- |Convey |land |ownership
An |auctioneers |license |number |must |be |displayed |on: |- |----Answers--- |All |advertising |of |all
|auctions
An |auctioneers |first |agency |obligation |is |to |- |----Answers---Sellers
How |should |an |auctioneer |dress? |- |----Answers---Comparable |with |your |bidders
The |best |chant |for |an |auctioneer |is |to |be: |- |----Answers---Easily |understood
Page |1 |of |27
,liquidation |auction |- |----Answers---Selling |remaining |inventory |at |auction
The |Auction |Commission |can |regulate |the |amount |of |commission |you |can |charge |to |sell
|real |estate.
T |or |F |- |----Answers---False
Registration |of |bidders |at |an |auction |- |----Answers---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 |- |----Answers---True
A |chapter |11 |bankruptcy |is |a |debtor |in |possession |who |has |filed |for |reorganization.
T |or |F |- |----Answers---True
At |an |absolute |auction |you |can |legally |- |----Answers---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 |- |----Answers---True
Principal |- |----Answers---In |an |agency |situation, |when |a |seller |authorizes |you |to |sell |their
|property.
Page |2 |of |27
,A |closing |statement |- |----Answers---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? Answers--
-3 |years
Real |Property |- |----Answers---Land |with |permanent |building |thereon
Example |of |surcharge |at |an |auction |- |----Answers---10% |buyer's |premium
An |auctioneer |may |bid |on |behalf |of |the |seller |during |the |auction |when: |- |----Answers---
Prior |notice |has |been |given
Federal |laws |regulating |sell |of |firearms |at |an |auction |apply |when? |- |--
--Answers---Always |apply
Personal |property |is |anything |that |can |be |moved. |True |or |False? |- |---- |Answers---
A |title |to |real |property |requires: |- |----Answers---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.
Page |3 |of |27
, T |or |F? |- |----Answers---False
The |use |of |false |bidder, |by |bidders, |cappers, |or |shills |to |raise |the |bid |may: |- |----Answers---
Lead |to |revocation |of |your |license
Mechanic |Lein |- |----Answers---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 |- |----Answers---Taking |precedence |over |all
Valid |Auction |Contract's |may: |- |----Answers---Be |a |legal |agreement |between |competent
|parties
If |a |buyer's |premium |is |charged |at |an |auction |must: |- |----Answers--- |Be |included |in |the
|signed |bidder |contract
As-is |means |- |----Answers---There |are |no |guarantees.
At |an |absolute |auction, |the |auctioneer |may |withdraw |property |when |-
----Answers---No |bid |has |been |received |within |a |reasonable |time
An |appraisal |of |personal |property |is |- |----Answers---An |opinion |of |value, |normally |not
|required |to |be |made |by |certified |appraiser, |and |estimates |value, |documented.
