Indiana Auctioneer Licensure EXAM
STUDY GUIDE 2026/2027 ACCURATE
QUESTIONS WITH CORRECT
DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. A composition of copper and silver is identified as which? - ANSWER ✔
Pewter
2. When weighing silver, an ounce is what part of a pound? - ANSWER ✔
1/12
3. 18 karat gold jewelry is what percent gold? - ANSWER ✔ .75
4. An alloy of tin, lead and brass or copper is characteristic of? - ANSWER ✔
Pewter
5. The design of a rug from which a weaver works is called? - ANSWER ✔
Weft treads
6. Thread running from the top to bottom of a run is called what? - ANSWER
✔ Warp threads
7. What information is obtained from the tag of an oriental rug? - ANSWER
✔ City of origin
8. A buyer and seller agree on the purchase price of a property with no pressure
on either party. This price is referred to as: - ANSWER ✔ Market value
,9. Is the signature of the current owner required in the preparation of a personal
property appraisal? - ANSWER ✔ No
10.Which of the following would be considered a seasonal item when
appraising personal property? Choose the letter.
A. Household items
B. Farm Machinery
C. Horses - ANSWER ✔ B
11.You are appraising a piece of personal property. Which of the following is
not factored into the appraisal? Choose the letter.
A. Condition of the item
B. Age of the item
C. Availability of like items
D. Amount of repair work needed - ANSWER ✔ D
12.In preparing a farm equipment option, it is necessary to do all of the
following except:
A. Line up machinery in rows
B. Place like machinery together
C. Put all accessories with their accompanying piece of equipment -
ANSWER ✔ B
13.What species does Cribbing affect? - ANSWER ✔ Horses
14.Herd reduction is also known as? - ANSWER ✔ Culling
15.Underground storage tanks not regulated by the EPA are farm and
residential tanks _______ gallons or less. - ANSWER ✔ 1100
16.When selling real estate at auction, the auctioneer should get how much
deposit the day of sale? - ANSWER ✔ An amount agreeable to the parties
, 17.An owner must complete and sign a disclosure form and submit the form to
a prospective buyer before an offer is accepted for the sale of residential real
estate. Which of the following properties
would not be exempt from using this form?
A. Foreclosure
B. Eminent domain
C. 3 bedroom home
D. Bankruptcy - ANSWER ✔ C
18.Absolute Auction - ANSWER ✔ also known as a no-reserve auction, it is
an auction in which there is no reserve or restriction on price. Goods cannot
be withdrawn once bidding is opened UNLESS no bid is made within a
reasonable time.
19.Reserve Auction - ANSWER ✔ an auction in which a seller reserves the
right to accept or reject the highest bid within a predetermined time. ALL
AUCTIONS ARE WITH RESERVE UNLESS OTHERWISE STATED.
Auctioneers can withdraw goods at any time until the completion of the sale.
Auctioneer can bid on behalf of the seller up to amount of reserve price.
20.trust or escrow account - ANSWER ✔ Must be a separate account from the
auctioneer's personal bank account, used for all funds belonging to others.
Deposits must be within 48 hours or the next business day
21.Recovery Fund - ANSWER ✔ maintained by the Auction Committee,
requirements for payment out of the fund, required amounts in the fund
22.Escrow account violations - ANSWER ✔ commingling of funds, using or
borrowing from the account, inadequate records for account activity, and not
having an escrow account
23.Auction licenses - ANSWER ✔ Auction houses need their own license,
need auctioneer license,
24.Chapter 7 Bankruptcy - ANSWER ✔ LIQUIDATION. debtor
unable/unwilling to pay debt. All non-exempt property is lost to creditors,
STUDY GUIDE 2026/2027 ACCURATE
QUESTIONS WITH CORRECT
DETAILED SOLUTIONS ||
100% GUARANTEED PASS
<NEWEST VERSION>
1. A composition of copper and silver is identified as which? - ANSWER ✔
Pewter
2. When weighing silver, an ounce is what part of a pound? - ANSWER ✔
1/12
3. 18 karat gold jewelry is what percent gold? - ANSWER ✔ .75
4. An alloy of tin, lead and brass or copper is characteristic of? - ANSWER ✔
Pewter
5. The design of a rug from which a weaver works is called? - ANSWER ✔
Weft treads
6. Thread running from the top to bottom of a run is called what? - ANSWER
✔ Warp threads
7. What information is obtained from the tag of an oriental rug? - ANSWER
✔ City of origin
8. A buyer and seller agree on the purchase price of a property with no pressure
on either party. This price is referred to as: - ANSWER ✔ Market value
,9. Is the signature of the current owner required in the preparation of a personal
property appraisal? - ANSWER ✔ No
10.Which of the following would be considered a seasonal item when
appraising personal property? Choose the letter.
A. Household items
B. Farm Machinery
C. Horses - ANSWER ✔ B
11.You are appraising a piece of personal property. Which of the following is
not factored into the appraisal? Choose the letter.
A. Condition of the item
B. Age of the item
C. Availability of like items
D. Amount of repair work needed - ANSWER ✔ D
12.In preparing a farm equipment option, it is necessary to do all of the
following except:
A. Line up machinery in rows
B. Place like machinery together
C. Put all accessories with their accompanying piece of equipment -
ANSWER ✔ B
13.What species does Cribbing affect? - ANSWER ✔ Horses
14.Herd reduction is also known as? - ANSWER ✔ Culling
15.Underground storage tanks not regulated by the EPA are farm and
residential tanks _______ gallons or less. - ANSWER ✔ 1100
16.When selling real estate at auction, the auctioneer should get how much
deposit the day of sale? - ANSWER ✔ An amount agreeable to the parties
, 17.An owner must complete and sign a disclosure form and submit the form to
a prospective buyer before an offer is accepted for the sale of residential real
estate. Which of the following properties
would not be exempt from using this form?
A. Foreclosure
B. Eminent domain
C. 3 bedroom home
D. Bankruptcy - ANSWER ✔ C
18.Absolute Auction - ANSWER ✔ also known as a no-reserve auction, it is
an auction in which there is no reserve or restriction on price. Goods cannot
be withdrawn once bidding is opened UNLESS no bid is made within a
reasonable time.
19.Reserve Auction - ANSWER ✔ an auction in which a seller reserves the
right to accept or reject the highest bid within a predetermined time. ALL
AUCTIONS ARE WITH RESERVE UNLESS OTHERWISE STATED.
Auctioneers can withdraw goods at any time until the completion of the sale.
Auctioneer can bid on behalf of the seller up to amount of reserve price.
20.trust or escrow account - ANSWER ✔ Must be a separate account from the
auctioneer's personal bank account, used for all funds belonging to others.
Deposits must be within 48 hours or the next business day
21.Recovery Fund - ANSWER ✔ maintained by the Auction Committee,
requirements for payment out of the fund, required amounts in the fund
22.Escrow account violations - ANSWER ✔ commingling of funds, using or
borrowing from the account, inadequate records for account activity, and not
having an escrow account
23.Auction licenses - ANSWER ✔ Auction houses need their own license,
need auctioneer license,
24.Chapter 7 Bankruptcy - ANSWER ✔ LIQUIDATION. debtor
unable/unwilling to pay debt. All non-exempt property is lost to creditors,
