ILLINOIS AUCTIONEER LICENSING EXAMINATION
COMPREHENSIVE PRACTICE TEST Verified
Questions With Detailed Rationales | 2026 Edition
Illinois Department of Financial and Professional
Regulation (IDFPR) | 225 ILCS 407
CORE DOMAINS COVERED:
• Illinois Auction License Act (225 ILCS 407) - Statutory definitions,
licensing requirements, exemptions, enforcement, disciplinary actions
• Auctioneer Duties & Responsibilities - Fiduciary duties, written
contracts, supervision of associate auctioneers, property disclosure
obligations
• Auction Types & Terminology - Reserve auctions, absolute (without
reserve) auctions, bid calling, opening bids, bidding increments
• Contract Law & Auction Agreements - Formation of contracts at
auction, auctioneer as agent, buyer's premium, consignment agreements
• Business Practices & Ethics - Professional conduct, conflict of interest,
advertising standards, fair dealing
• Trust Accounts & Financial Management - Escrow requirements,
commingling prohibition, record retention, disbursement procedures
• Licensing & Regulatory Compliance - IDFPR jurisdiction, application
requirements, license renewal, continuing education
• Real Estate Auction Certification - 30-hour certification course, real
estate auction activities, broker exemption provisions
SECTION A: ILLINOIS AUCTION LICENSE ACT & REGULATORY
FRAMEWORK
,1. The primary state agency that regulates auctioneer licensing in
Illinois is:
A. Illinois Department of Revenue
B. Illinois Department of Financial and Professional Regulation (IDFPR)
C. Illinois Commerce Commission
D. Illinois Attorney General's Office
Answer: B. Illinois Department of Financial and Professional Regulation
(IDFPR)
Rationale: The Illinois Department of Financial and Professional
Regulation (IDFPR) oversees licensing and regulation of auctioneers in the
state. The Division of Professional Regulation within IDFPR administers the
Auction License Act (225 ILCS 407).
2. Which Illinois statute governs the licensing and regulation of
auctioneers?
A. 225 ILCS 407 (Auction License Act)
B. 225 ILCS 15 (Real Estate License Act)
C. 765 ILCS 5 (Conveyances Act)
D. 210 ILCS 45 (Nursing Home Care Act)
Answer: A. 225 ILCS 407 (Auction License Act)
Rationale: The Auction License Act is codified at 225 ILCS 407 and serves
as the primary legal framework governing auctioneer licensing and regulation
in Illinois.
3. What is the minimum age requirement to obtain an auctioneer license
in Illinois?
A. 18 years
B. 19 years
C. 21 years
D. 25 years
, Answer: A. 18 years
Rationale: Illinois law requires applicants for an auctioneer license to be
at least 18 years of age. Applicants must also have graduated from high school
or its equivalent.
4. Which of the following is a licensing requirement under the Auction
License Act?
A. Completion of a 15-hour pre-licensing course
B. Completion of a 30-hour pre-licensing course
C. Completion of a 60-hour pre-licensing course
D. No pre-licensing education required
Answer: B. Completion of a 30-hour pre-licensing course
Rationale: Under the Auction License Act, applicants must complete a 30-
hour pre-licensing auction education course approved by IDFPR.
5. It is unlawful to conduct an auction in Illinois without:
A. A valid auctioneer license issued by IDFPR
B. A business license from the local municipality
C. A certificate from the Illinois Department of Revenue
D. Approval from the county clerk
Answer: A. A valid auctioneer license issued by IDFPR
Rationale: Under 225 ILCS 407/10-5, it is unlawful for any person or
entity to conduct an auction, provide an auction service, or hold themselves
out as an auctioneer without a license issued by IDFPR.
6. How often must an Illinois auctioneer license be renewed?
A. Annually
B. Every 2 years
, C. Every 3 years
D. Every 5 years
Answer: B. Every 2 years
Rationale: Illinois auctioneer licenses expire and must be renewed
biennially (every 2 years). Licensees must complete continuing education
requirements prior to renewal.
7. How many hours of continuing education are required for auctioneer
license renewal in Illinois?
A. 4 hours
B. 8 hours
C. 12 hours
D. 24 hours
Answer: C. 12 hours
Rationale: Illinois requires auctioneers to complete 12 hours of approved
continuing education for each license renewal period. Of these, 6 hours must
be mandatory core subjects.
8. Which of the following is exempt from the continuing education
requirement?
A. All licensees regardless of renewal
B. Licensees renewing for the first time
C. Licensees over age 65
D. Licensees who have been licensed for 20+ years
Answer: B. Licensees renewing for the first time
Rationale: An auctioneer is exempt from continuing education
requirements if it is their first license renewal.
COMPREHENSIVE PRACTICE TEST Verified
Questions With Detailed Rationales | 2026 Edition
Illinois Department of Financial and Professional
Regulation (IDFPR) | 225 ILCS 407
CORE DOMAINS COVERED:
• Illinois Auction License Act (225 ILCS 407) - Statutory definitions,
licensing requirements, exemptions, enforcement, disciplinary actions
• Auctioneer Duties & Responsibilities - Fiduciary duties, written
contracts, supervision of associate auctioneers, property disclosure
obligations
• Auction Types & Terminology - Reserve auctions, absolute (without
reserve) auctions, bid calling, opening bids, bidding increments
• Contract Law & Auction Agreements - Formation of contracts at
auction, auctioneer as agent, buyer's premium, consignment agreements
• Business Practices & Ethics - Professional conduct, conflict of interest,
advertising standards, fair dealing
• Trust Accounts & Financial Management - Escrow requirements,
commingling prohibition, record retention, disbursement procedures
• Licensing & Regulatory Compliance - IDFPR jurisdiction, application
requirements, license renewal, continuing education
• Real Estate Auction Certification - 30-hour certification course, real
estate auction activities, broker exemption provisions
SECTION A: ILLINOIS AUCTION LICENSE ACT & REGULATORY
FRAMEWORK
,1. The primary state agency that regulates auctioneer licensing in
Illinois is:
A. Illinois Department of Revenue
B. Illinois Department of Financial and Professional Regulation (IDFPR)
C. Illinois Commerce Commission
D. Illinois Attorney General's Office
Answer: B. Illinois Department of Financial and Professional Regulation
(IDFPR)
Rationale: The Illinois Department of Financial and Professional
Regulation (IDFPR) oversees licensing and regulation of auctioneers in the
state. The Division of Professional Regulation within IDFPR administers the
Auction License Act (225 ILCS 407).
2. Which Illinois statute governs the licensing and regulation of
auctioneers?
A. 225 ILCS 407 (Auction License Act)
B. 225 ILCS 15 (Real Estate License Act)
C. 765 ILCS 5 (Conveyances Act)
D. 210 ILCS 45 (Nursing Home Care Act)
Answer: A. 225 ILCS 407 (Auction License Act)
Rationale: The Auction License Act is codified at 225 ILCS 407 and serves
as the primary legal framework governing auctioneer licensing and regulation
in Illinois.
3. What is the minimum age requirement to obtain an auctioneer license
in Illinois?
A. 18 years
B. 19 years
C. 21 years
D. 25 years
, Answer: A. 18 years
Rationale: Illinois law requires applicants for an auctioneer license to be
at least 18 years of age. Applicants must also have graduated from high school
or its equivalent.
4. Which of the following is a licensing requirement under the Auction
License Act?
A. Completion of a 15-hour pre-licensing course
B. Completion of a 30-hour pre-licensing course
C. Completion of a 60-hour pre-licensing course
D. No pre-licensing education required
Answer: B. Completion of a 30-hour pre-licensing course
Rationale: Under the Auction License Act, applicants must complete a 30-
hour pre-licensing auction education course approved by IDFPR.
5. It is unlawful to conduct an auction in Illinois without:
A. A valid auctioneer license issued by IDFPR
B. A business license from the local municipality
C. A certificate from the Illinois Department of Revenue
D. Approval from the county clerk
Answer: A. A valid auctioneer license issued by IDFPR
Rationale: Under 225 ILCS 407/10-5, it is unlawful for any person or
entity to conduct an auction, provide an auction service, or hold themselves
out as an auctioneer without a license issued by IDFPR.
6. How often must an Illinois auctioneer license be renewed?
A. Annually
B. Every 2 years
, C. Every 3 years
D. Every 5 years
Answer: B. Every 2 years
Rationale: Illinois auctioneer licenses expire and must be renewed
biennially (every 2 years). Licensees must complete continuing education
requirements prior to renewal.
7. How many hours of continuing education are required for auctioneer
license renewal in Illinois?
A. 4 hours
B. 8 hours
C. 12 hours
D. 24 hours
Answer: C. 12 hours
Rationale: Illinois requires auctioneers to complete 12 hours of approved
continuing education for each license renewal period. Of these, 6 hours must
be mandatory core subjects.
8. Which of the following is exempt from the continuing education
requirement?
A. All licensees regardless of renewal
B. Licensees renewing for the first time
C. Licensees over age 65
D. Licensees who have been licensed for 20+ years
Answer: B. Licensees renewing for the first time
Rationale: An auctioneer is exempt from continuing education
requirements if it is their first license renewal.
