Arkansas Auctioneer Exam Questions And Answers

ARKANSAS AUCTIONEER EXAM
QUESTIONS AND ANSWERS

True/
False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas G
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eneral Assembly - ans-False - The governor shall appoint the members of the Board
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All auctioneer licenses expire: - ans-June 30th
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True/
False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension
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or revocation of an auctioneer's license. - ans-False -
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The Auctioneers License Act indicates the "Board shall be subject to the Arkansas Admini
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strative Procedure Act" 1 1




Auctioneer - ans- 1 1


An auctioneer is any person who offers, negotiates, or attempts to negotiate a listing contra
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ct, sale, purchase, or exchange of goods, chattels, merchandise, real or personal property,
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1or of any other commodity which may lawfully be kept or offered for sale by or at public auc
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tion, or who sells the same at auction.
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Bona Fide - ans- 1 1 1


The term bona fide means that a person or agency is acting in good faith, without dishonest
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y, fraud, or deceit. In relation to an auction, the term is normally used to refer to a bona fide
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perchaser.

Bulk Sale - ans- 1 1 1


A bulk sale is any transfer that is in bulk and not in the ordinary course of the transferor's bu
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siness, or a major part of the materials, supplies, merchandise, or other inventory of any bu
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siness subject to the Bulk Sale Law.
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Consignee - ans- 1 1


The consignee is a person or agent to whom something, usually goods, is entrusted by oth
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ers for a purpose. The auctioneer is referred to as the consignee for such goods to be sold
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at auction. He or she is the person in whose care goods are placed for sale.
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Consignor - ans- 1 1


The consignor is the person or entity that consgins goods to an auctioneer. In an auction, t
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he consignor is usually the seller.
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, Contract - ans-A voluntary, legally enforceable agreement between two or more people.
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Liens - ans- 1 1


Liens are adverse claims against property which may occur when the property has been us
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ed as collateral for a debt by the property owner or when a legal interest is created upon no
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n-payment of a debt such as taxes or contractors bills. 1 1 1 1 1 1 1 1 1




Estates - ans- 1 1


The auctioneer often deals with the sale of both real and personal property in the settlemen
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t of an estate. In working with estate auctions, certain terms are important.
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Estate Administrator/Administratrix - ans-The administrator/
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administratrix of an estate is the person appointed by the court to oversee the settling of an
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estate when there is no will or when the person named in a will cannot or will not serve, or w
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hen the will names no executor or executrix.
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Estate Executor/Executrix - ans-The executor/
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executrix of an estate is the person named in the will to carry out its provisions.
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Goods - ans- 1 1


Includes chattels, merchandise, personal property, or commodities of any form or type, whi
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ch may lawfully be kept or offered for sale.
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Chattels - ans- 1 1


Chattels are moveable personal property such as furniture, automobiles, and livestock. Thi
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s excludes real estate.
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Commodities - ans- 1 1


Commodities may or may not be chattels and include valuable interest in agricultural produ
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cts, silver, gold, and other products customarily sold or traded in commercial markets.
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Market Value - ans- 1 1 1


The market value is the price that a willing seller will take for goods and a willing buyer will g
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ive if neither buyer nor seller is under any compulsion or undue influence to buy or sell.
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Mortal Turpitude - ans- 1 1 1


Intentional acts or behavior involving dishonest, wickedness, depravity, or grave infringem
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ent of the good moral sentiment of the community.
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Reciprocity - ans- 1 1


In the professional auctioneering context, reciprocity is the mutual recognition by two or m
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ore licensing agencies of the validity of the licenses issued by any of them. An auctioneer li
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censed in Arkansas, for example, will be granted a license in any state with which it has rec
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iprocity simply by requesting the licensing and paying any necessary fees.
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