Arkansas Auctioneer Exam questions with correct answers

True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas General Assembly CORRECT ANSWER False - The governor shall appoint the members of the Board All auctioneer licenses expire: CORRECT ANSWER June 30th True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or revocation of an auctioneer's license. CORRECT ANSWER False - The Auctioneers License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act" Auctioneer CORRECT ANSWER An auctioneer is any person who offers, negotiates, or attempts to negotiate a listing contract, sale, purchase, or exchange of goods, chattels, merchandise, real or personal property, or of any other commodity which may lawfully be kept or offered for sale by or at public auction, or who sells the same at auction. Bona Fide CORRECT ANSWER The term bona fide means that a person or agency is acting in good faith, without dishonesty, fraud, or deceit. In relation to an auction, the term is normally used to refer to a bona fide perchaser. Bulk Sale CORRECT ANSWER A bulk sale is any transfer that is in bulk and not in the ordinary course of the transferor's business, or a major part of the materials, supplies, merchandise, or other inventory of any business subject to the Bulk Sale Law.