Texas Auctioneer License-Part 1 Exam With 100% Correct Answers 2024
Does an auctioneer need a federal firearms license? - Correct Answer-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? - Correct Answer-It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court? - Correct Answer-The court sets the fee.
Who must obtain a firearms license? - Correct Answer-Persons in the business of importing, manufacturing, or dealing in firearms, or importing or manufacturing ammunition
What is an antique? - Correct Answer-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"? - Correct Answer-Place or source of origin; the history of ownership.
What does "termination" of a contract mean? - Correct Answer-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? - Correct Answer-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. - Correct Answer-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? - Correct Answer-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. - Correct Answer-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". - Correct Answer-False. Each lot is a different "sale".
When is the sale complete at auction? - Correct Answer-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? - Correct Answer-
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. - Correct Answer-
True.
Can an auctioneer withdraw an item in a reserve auction? - Correct Answer-Yes.
Can an auctioneer withdraw an item in an absolute auction? - Correct Answer-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? - Correct Answer-The auctioneer can start the bidding again and no prior bid is revived.
What happens if an auctioneer receives a bid on the seller's behalf or from the seller and he does not give notice to other bidders? - Correct Answer-The bidder can quit the auction or buy the item at the last bid price.
What constitutes a "sufficient" financing statement? - Correct Answer-Must include: The name of the debtor. The name of the secured party. The property being used as security (collateral).
If a financial statement covers "to be extracted" goods (timber) or fixtures that are attached to real property, what must it include to be "sufficient"? - Correct Answer-1. Notice that it will be filed in the public record. 2. Indicates that it covers this type of collateral 3. A description of the real property to which the collateral is related. 4. If the debtor does not have an interest in the real property, the name of the person(s) that has
an interest.
Define "wholesaler." - Correct Answer-a person who sells for the purpose of resale and not directly to a consuming purchaser
Does an auctioneer need a federal firearms license? - Correct Answer-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? - Correct Answer-It must be returned to their business location before transferring.
Who determines the auctioneers fee in federal bankruptcy court? - Correct Answer-The court sets the fee.
Who must obtain a firearms license? - Correct Answer-Persons in the business of importing, manufacturing, or dealing in firearms, or importing or manufacturing ammunition
What is an antique? - Correct Answer-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"? - Correct Answer-Place or source of origin; the history of ownership.
What does "termination" of a contract mean? - Correct Answer-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? - Correct Answer-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. - Correct Answer-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? - Correct Answer-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. - Correct Answer-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". - Correct Answer-False. Each lot is a different "sale".
When is the sale complete at auction? - Correct Answer-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? - Correct Answer-
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. - Correct Answer-
True.
Can an auctioneer withdraw an item in a reserve auction? - Correct Answer-Yes.
Can an auctioneer withdraw an item in an absolute auction? - Correct Answer-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? - Correct Answer-The auctioneer can start the bidding again and no prior bid is revived.
What happens if an auctioneer receives a bid on the seller's behalf or from the seller and he does not give notice to other bidders? - Correct Answer-The bidder can quit the auction or buy the item at the last bid price.
What constitutes a "sufficient" financing statement? - Correct Answer-Must include: The name of the debtor. The name of the secured party. The property being used as security (collateral).
If a financial statement covers "to be extracted" goods (timber) or fixtures that are attached to real property, what must it include to be "sufficient"? - Correct Answer-1. Notice that it will be filed in the public record. 2. Indicates that it covers this type of collateral 3. A description of the real property to which the collateral is related. 4. If the debtor does not have an interest in the real property, the name of the person(s) that has
an interest.
Define "wholesaler." - Correct Answer-a person who sells for the purpose of resale and not directly to a consuming purchaser
