AUCTIONEER LICENSE ACTUAL TEST
QUESTIONS WITH COMPLETE ANSWER
KEY
●● An expression by 2 or more persons of a common intention to create
a legal expression is an ___________.
Answer: Agreement
●● A _________ is an agreement that creates an obligation between 2 or
more parties.
Answer: Contract
●● Authority given to an agent may be ___________ or __________.
Answer: Expressed, Implied
●● A principal or agent may terminate the agency relationship at
___________.
Answer: Anytime
●● In considering an auction the principal in the agency relationship is
the _________________.
Answer: Property owner
,●● An agency relationship is based upon the ____________________.
Answer: Consent of the parties
●● An auctioneer acting on behalf of a property owner (principal) under
the terms of a contract becomes an _________.
Answer: Agent
●● In states that have license law the _________________ usually has a
recovery account or requires the auctioneer to be bonded.
Answer: Auctioneer commission
●● If an auctioneer received a license from a state where they do not
live, the auctioneer is referred to as a _____________.
Answer: Non-resident licensee
●● In auction license states auctioneers are licensed by an
_______________.
Answer: Auctioneer commission or board
●● An auction that is conducted with no reserve is an ___________.
Answer: Absolute auction
●● An agent who sells property at auction is an _______________.
, Answer: Auctioneer
●● A "________________" sale of cattle means the seller is selling all
stock.
Answer: Complete dispersal
●● The most desirable glassware are pieces that are ________.
Answer: Signed
●● The earliest paintings in America were generally ___________.
Answer: Portraits
●● The _____________ period of furniture in this country was from
1725-1760.
Answer: Queen Anne
●● One of the earliest periods of American furniture is
_________________.
Answer: William and Mary
●● The definition of an antique requires the auctioneer to know:
Answer: Where the item came from, when and where it was sold, it's
value.
QUESTIONS WITH COMPLETE ANSWER
KEY
●● An expression by 2 or more persons of a common intention to create
a legal expression is an ___________.
Answer: Agreement
●● A _________ is an agreement that creates an obligation between 2 or
more parties.
Answer: Contract
●● Authority given to an agent may be ___________ or __________.
Answer: Expressed, Implied
●● A principal or agent may terminate the agency relationship at
___________.
Answer: Anytime
●● In considering an auction the principal in the agency relationship is
the _________________.
Answer: Property owner
,●● An agency relationship is based upon the ____________________.
Answer: Consent of the parties
●● An auctioneer acting on behalf of a property owner (principal) under
the terms of a contract becomes an _________.
Answer: Agent
●● In states that have license law the _________________ usually has a
recovery account or requires the auctioneer to be bonded.
Answer: Auctioneer commission
●● If an auctioneer received a license from a state where they do not
live, the auctioneer is referred to as a _____________.
Answer: Non-resident licensee
●● In auction license states auctioneers are licensed by an
_______________.
Answer: Auctioneer commission or board
●● An auction that is conducted with no reserve is an ___________.
Answer: Absolute auction
●● An agent who sells property at auction is an _______________.
, Answer: Auctioneer
●● A "________________" sale of cattle means the seller is selling all
stock.
Answer: Complete dispersal
●● The most desirable glassware are pieces that are ________.
Answer: Signed
●● The earliest paintings in America were generally ___________.
Answer: Portraits
●● The _____________ period of furniture in this country was from
1725-1760.
Answer: Queen Anne
●● One of the earliest periods of American furniture is
_________________.
Answer: William and Mary
●● The definition of an antique requires the auctioneer to know:
Answer: Where the item came from, when and where it was sold, it's
value.
