Licensing Examination Study Guide & Complete Test Prep | Indiana
Auctioneer Commission, IC 25-6.1 Auctioneer Laws & Regulations,
Auction Law, Bid Calling, Auction Procedures, Sale Preparation,
Advertising & Sale Summaries, Real Estate & Personal Property Valuation,
Auction Mathematics, Contracts, Ethics, Licensing Requirements,
Commission Rules, Consumer Protection, Professional Responsibilities,
Practice Questions, Answers & Detailed Explanations
Question 1: Under Indiana law, what is the minimum age requirement for an
individual to obtain an auctioneer license?
A. 16 years of age
B. 18 years of age
C. 21 years of age
D. 25 years of age
CORRECT ANSWER: B. 18 years of age
Rationale: Indiana Code § 25-6.1-3-2(b)(1) explicitly states that an applicant for an
auctioneer license must be at least eighteen (18) years of age. This age
requirement aligns with the standard age of majority and ensures that licensees
possess the legal capacity to enter into binding contracts on behalf of clients.
Question 2: How many hours of commission-approved auction instruction must
an applicant complete before taking the Indiana Auctioneer licensure
examination?
A. 40 hours
B. 60 hours
C. 80 hours
D. 100 hours
CORRECT ANSWER: C. 80 hours
Rationale: Under Indiana Code § 25-6.1-3-2(b)(2), applicants must complete at
least eighty (80) actual hours of auction instruction from a course provider
approved by the Commission. The 80-hour curriculum covers essential topics
including auction law, bid calling, contracts, advertising, appraising, and
mathematics, as detailed in 812 IAC 6-1.
,Question 3: Which of the following subject areas is NOT explicitly required in
the 80-hour pre-licensing auction instruction curriculum according to Indiana
Administrative Code?
A. Auction Law and Sales Tax Law
B. Bid Calling
C. International Trade Finance
D. Ethics
CORRECT ANSWER: C. International Trade Finance
Rationale: According to 812 IAC 6-1, the required subject areas include Auction
Law, Sales Tax Law, Environmental Law, Bid Calling, Contracts, Advertising and
Marketing, Appraising, Auction Preparation, Online Auctions, Real Estate at
Auction, Ethics, Accounting and Mathematics, Ringwork, Auction House
Operation, UCC Bulk Transfer Laws, Bankruptcy, Firearms, Art and Jewelry,
Antiques and Furniture, Automobiles, Livestock, Estate Sales, Farm Machinery,
and Insurance. International Trade Finance is not a required subject area in the
Indiana curriculum.
Question 4: What is the term length for an Indiana auctioneer license?
A. One year
B. Two years
C. Three years
D. Four years
CORRECT ANSWER: D. Four years
Rationale: Under Indiana Code § 25-6.1-3-2(j), auctioneer licenses are issued for a
term of four (4) years. Licenses expire at midnight on the date established by the
licensing agency, and renewal must occur every fourth year unless the license has
been placed in inactive status or otherwise disciplined.
Question 5: How many hours of continuing education must an Indiana
auctioneer complete during each four-year license period?
A. 8 hours
B. 12 hours
,C. 16 hours
D. 24 hours
CORRECT ANSWER: C. 16 hours
Rationale: The Indiana Professional Licensing Agency specifies that auctioneers
are required to obtain sixteen (16) hours of continuing education during each
four-year license period. This requirement ensures that licensees maintain current
knowledge of auction practices, legal updates, and ethical standards throughout
their careers.
Question 6: An Indiana auctioneer license expires on February 28th. In which
year would the next renewal cycle be due for a license issued in 2024?
A. 2026
B. 2027
C. 2028
D. 2030
CORRECT ANSWER: C. 2028
Rationale: Auctioneer and Auction Company licenses expire February 28th of
every fourth year (2028, 2032, etc.). A license issued in 2024 would follow the
four-year cycle, requiring renewal by February 28, 2028. The Commission sends
renewal notices approximately ninety (90) days prior to expiration.
Question 7: What is the examination application fee for the Indiana Auctioneer
licensure exam as specified by the Professional Licensing Agency?
A. $25.00
B. $35.00
C. $50.00
D. $70.00
CORRECT ANSWER: B. $35.00
Rationale: The Indiana Professional Licensing Agency lists the examination
application fee as $35.00, payable by credit or debit card. This nonrefundable fee
is separate from any pre-licensing course costs and the initial licensure fee that
may be required upon successful completion of examination requirements.
, Question 8: Which of the following states is NOT included in Indiana's approved
reciprocity list for auctioneer licensure?
A. Ohio
B. Kentucky
C. Michigan
D. Tennessee
CORRECT ANSWER: C. Michigan
Rationale: Indiana's approved states for reciprocity include Alabama, Arkansas,
Florida, Georgia, Illinois, Kentucky, North Carolina, Ohio, Pennsylvania, Rhode
Island, South Carolina, Tennessee, Texas, Virginia, and West Virginia. Michigan is
not included on this list. Reciprocity applicants must still meet other statutory
requirements including submission of licensure verification directly from the
licensing state.
Question 9: According to Indiana law, all auctions are presumed to be with
reserve unless:
A. The auctioneer announces otherwise at the start of bidding
B. The contract states "absolute auction" or otherwise specifies
C. The seller verbally agrees to sell regardless of price
D. The auction is conducted online
CORRECT ANSWER: B. The contract states "absolute auction" or otherwise
specifies
Rationale: Under Indiana law, auctions are presumed to be with reserve unless
the contract explicitly states otherwise or designates the auction as absolute. In a
reserve auction, the seller reserves the right to accept or reject the highest bid.
An absolute auction, by contrast, means the property will be sold regardless of
price once bidding has opened.
Question 10: In an absolute auction, which of the following is true regarding the
seller's ability to withdraw property from sale?
A. The seller may withdraw the property at any time before the hammer falls
B. The seller may withdraw the property only if the highest bid is below market
value