TX Auctioneer License Exam-#1
Texas Auctioneer License Exam #1 Practice Questions, Answers, and Study Guide for Certification
Study online at https://quizlet.com/_ecpyqu
1. Fiduciary Re- include:
sponsibilities -keeping the money in a safe place
-maintaining an accurate record of the funds and any interest earned
-when appropriate, disbursal of the funds as mandated by law
2. Trust Account a legal and financial agreement to hold, manage, and be accountable for someone
else's money
3. Properly Payable the instrument or form presented for payment in a normal course of business must
be honored as outlined in the terms of the trust account
4. Notice of Dishon- the written explanation the financial institution is required by law to give the
or requester if the financial institution is refusing for any reason to honor the request
for payment
5. Discuss discrim- -A person cannot be denied credit or discriminated against in any part of a credit
inatory lending transaction based on his or her race, color, religion, national origin, sex, marital
activities as de- status or age
scribed in the -A person cannot be discriminated against if some or all of his or her income comes
Consumer Credit from any kind of public assistance program
Protection Act -An applicant cannot be denied credit because he or she insisted upon claiming
his or her rights under this law
6. What are the -the name, address and picture ID of the seller and the buyer
records required -proof of all tests taken and the results of each one
for a public -certificates of veterinary inspections and any other required permits and health
livestock auction certificates
market? -the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
7. Discuss what it purchasing items on credit enables the borrower to take possession of the item at
means to pur- the time of purchase by agreeing to make payments over a specific period of time
Page 1
, TX Auctioneer License Exam-#1
Texas Auctioneer License Exam #1 Practice Questions, Answers, and Study Guide for Certification
Study online at https://quizlet.com/_ecpyqu
chase an item on
credit?
8. Under the Con- -ask about a person's marital status when the creditor is trying to determine his
sumer Credit Pro- rights and remedies as applicable to a particular approval of credit
tection Act and in -verify the applicant's age in order to determine if he or she is of legal age to enter
accordance with into a binding contracts
the regulations -ask an elderly person his or her age as long as the elderly person is not given a
of the Board, it positive or negative value in any empirically derived credit rating system
is not considered -request if any of an applicant's income is provided by a public assistance program
discrimination to: as long as the inquiry is made in order to determine the person's income level, the
probability the income will continue and to learn about their credit history
9. Define a Public a permanent facility that sells livestock to the public on a regularly scheduled day
Livestock Auction or days every week.
Market
10. Discuss trust ac- the auctioneer should keep a copy of:
count record re- -the bill of sale and any other written agreements
tention by the -the deposit slip from the initial deposit to the account and all subsequent trans-
auctioneer actions
-copies of all invoices
-copies of statements sent to the client and any other paperwork associated with
the sale
11. What is the min- -Date funds received and trust account established
imum informa- -name and contact information of seller and buyer
tion that should -lot number and brief description of item(s) involved in the transaction
be shown includ- -sale price of the item(s)
ed in an auc- -exact amount of the initial deposit
tioneer's trust ac- -deposit slip attached
count records? -running balance as funds are disbursed to creditors
Page 2
Texas Auctioneer License Exam #1 Practice Questions, Answers, and Study Guide for Certification
Study online at https://quizlet.com/_ecpyqu
1. Fiduciary Re- include:
sponsibilities -keeping the money in a safe place
-maintaining an accurate record of the funds and any interest earned
-when appropriate, disbursal of the funds as mandated by law
2. Trust Account a legal and financial agreement to hold, manage, and be accountable for someone
else's money
3. Properly Payable the instrument or form presented for payment in a normal course of business must
be honored as outlined in the terms of the trust account
4. Notice of Dishon- the written explanation the financial institution is required by law to give the
or requester if the financial institution is refusing for any reason to honor the request
for payment
5. Discuss discrim- -A person cannot be denied credit or discriminated against in any part of a credit
inatory lending transaction based on his or her race, color, religion, national origin, sex, marital
activities as de- status or age
scribed in the -A person cannot be discriminated against if some or all of his or her income comes
Consumer Credit from any kind of public assistance program
Protection Act -An applicant cannot be denied credit because he or she insisted upon claiming
his or her rights under this law
6. What are the -the name, address and picture ID of the seller and the buyer
records required -proof of all tests taken and the results of each one
for a public -certificates of veterinary inspections and any other required permits and health
livestock auction certificates
market? -the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
7. Discuss what it purchasing items on credit enables the borrower to take possession of the item at
means to pur- the time of purchase by agreeing to make payments over a specific period of time
Page 1
, TX Auctioneer License Exam-#1
Texas Auctioneer License Exam #1 Practice Questions, Answers, and Study Guide for Certification
Study online at https://quizlet.com/_ecpyqu
chase an item on
credit?
8. Under the Con- -ask about a person's marital status when the creditor is trying to determine his
sumer Credit Pro- rights and remedies as applicable to a particular approval of credit
tection Act and in -verify the applicant's age in order to determine if he or she is of legal age to enter
accordance with into a binding contracts
the regulations -ask an elderly person his or her age as long as the elderly person is not given a
of the Board, it positive or negative value in any empirically derived credit rating system
is not considered -request if any of an applicant's income is provided by a public assistance program
discrimination to: as long as the inquiry is made in order to determine the person's income level, the
probability the income will continue and to learn about their credit history
9. Define a Public a permanent facility that sells livestock to the public on a regularly scheduled day
Livestock Auction or days every week.
Market
10. Discuss trust ac- the auctioneer should keep a copy of:
count record re- -the bill of sale and any other written agreements
tention by the -the deposit slip from the initial deposit to the account and all subsequent trans-
auctioneer actions
-copies of all invoices
-copies of statements sent to the client and any other paperwork associated with
the sale
11. What is the min- -Date funds received and trust account established
imum informa- -name and contact information of seller and buyer
tion that should -lot number and brief description of item(s) involved in the transaction
be shown includ- -sale price of the item(s)
ed in an auc- -exact amount of the initial deposit
tioneer's trust ac- -deposit slip attached
count records? -running balance as funds are disbursed to creditors
Page 2
