GA AUCTION COMPREHENSIVE LATEST QUESTIONS
AND ANSWERS GRADED A+
✔✔An auctioneer may represent both the seller and buyer after full disclosure.
T or F - ✔✔True
✔✔Auctioneer is not responsive for wrongdoings of seller by disclosure of agency
relationship.
T or F - ✔✔True
✔✔Quickly dropping the bid to a friend is not a violation of the seller/agency
relationship.
T or F - ✔✔False
✔✔Auctioneer should it disclose any harmful information about the seller.
T or F - ✔✔True
✔✔Misrepresentation by the auctioneer on behalf of seller may cause civil and criminal
liability to the seller.
T or F - ✔✔True
✔✔Furnishing public information to the buyer may be violation of the agency
relationship.
T or F - ✔✔False
✔✔Duties of the seller include compensating the auctioneer according to terms of the
contract.
T or F - ✔✔True
✔✔An auction contract establishes a special agency relationship which is the same as a
power of attorney.
T or F - ✔✔True
✔✔Material misrepresentations made by and auctioneer constitute fraud.
T or F - ✔✔True
✔✔An auctioneer who designs with another (buyer) to defraud (seller) third party is
guilty if fraud.
T or F - ✔✔True
✔✔Operating in a negligent manner is a form of fraud.
T or F - ✔✔True
, ✔✔And attempt to fix commission is a violation of the Sherman-Clayton Act.
T or F - ✔✔True
✔✔An auctioneer may receive commission from both the seller and buyer but only with
full disclosure.
T or F - ✔✔True
✔✔When soliciting an auction contract, you should always tell the seller their property
will bring as much as they think it will.
T or F - ✔✔False
✔✔Sales tax must be charged before the buyers premium is added to the bid, thus
increasing your profits.
T or F - ✔✔False
✔✔Completion of the sale are auction is when: - ✔✔The auctioneer says, "SOLD."
✔✔Chapter 7 bankruptcy is a liquidation of a debtor's assets.
T or F - ✔✔True
✔✔The seller in a bulk transfer must furnish a list if creditors to the Auctioneer before
the contract is signed.
T or F - ✔✔True
✔✔An auctioneer who has not followed legal procedures may be responsible for a
crime involving firearms sold at auction.
T or F - ✔✔True
✔✔Failure of an Auctioneer to give notice to creditors in a Bulk Transfer does not affect
title of property to buyers. - ✔✔True
✔✔Knowingly misrepresenting property by an Auctioneer at an auction constitutes: -
✔✔Fraud
✔✔As an auctioneer, you are permitted to sell for profit 5 used cars per year without a
used car license.
T or F - ✔✔False
✔✔To sell firearms at a consignment auction, you must - ✔✔Have a auctioneers &
firearms license
✔✔Whig is the most inappropriate way to secure and auction listing? - ✔✔Set up an
office in the funeral home
AND ANSWERS GRADED A+
✔✔An auctioneer may represent both the seller and buyer after full disclosure.
T or F - ✔✔True
✔✔Auctioneer is not responsive for wrongdoings of seller by disclosure of agency
relationship.
T or F - ✔✔True
✔✔Quickly dropping the bid to a friend is not a violation of the seller/agency
relationship.
T or F - ✔✔False
✔✔Auctioneer should it disclose any harmful information about the seller.
T or F - ✔✔True
✔✔Misrepresentation by the auctioneer on behalf of seller may cause civil and criminal
liability to the seller.
T or F - ✔✔True
✔✔Furnishing public information to the buyer may be violation of the agency
relationship.
T or F - ✔✔False
✔✔Duties of the seller include compensating the auctioneer according to terms of the
contract.
T or F - ✔✔True
✔✔An auction contract establishes a special agency relationship which is the same as a
power of attorney.
T or F - ✔✔True
✔✔Material misrepresentations made by and auctioneer constitute fraud.
T or F - ✔✔True
✔✔An auctioneer who designs with another (buyer) to defraud (seller) third party is
guilty if fraud.
T or F - ✔✔True
✔✔Operating in a negligent manner is a form of fraud.
T or F - ✔✔True
, ✔✔And attempt to fix commission is a violation of the Sherman-Clayton Act.
T or F - ✔✔True
✔✔An auctioneer may receive commission from both the seller and buyer but only with
full disclosure.
T or F - ✔✔True
✔✔When soliciting an auction contract, you should always tell the seller their property
will bring as much as they think it will.
T or F - ✔✔False
✔✔Sales tax must be charged before the buyers premium is added to the bid, thus
increasing your profits.
T or F - ✔✔False
✔✔Completion of the sale are auction is when: - ✔✔The auctioneer says, "SOLD."
✔✔Chapter 7 bankruptcy is a liquidation of a debtor's assets.
T or F - ✔✔True
✔✔The seller in a bulk transfer must furnish a list if creditors to the Auctioneer before
the contract is signed.
T or F - ✔✔True
✔✔An auctioneer who has not followed legal procedures may be responsible for a
crime involving firearms sold at auction.
T or F - ✔✔True
✔✔Failure of an Auctioneer to give notice to creditors in a Bulk Transfer does not affect
title of property to buyers. - ✔✔True
✔✔Knowingly misrepresenting property by an Auctioneer at an auction constitutes: -
✔✔Fraud
✔✔As an auctioneer, you are permitted to sell for profit 5 used cars per year without a
used car license.
T or F - ✔✔False
✔✔To sell firearms at a consignment auction, you must - ✔✔Have a auctioneers &
firearms license
✔✔Whig is the most inappropriate way to secure and auction listing? - ✔✔Set up an
office in the funeral home
