GA Auction Study Guide with Complete Solutions
An auction listing contract - Correct Answer-Must be written to be enforceable
Seller - Correct Answer-In the contracting to operate a consignment auction this determine the rules of the sale between the auctioneer and the _____
If a public auction your seller directs you to disregard ethical behavior, you should: - Correct Answer-Avoid the seller
A real estate deed is a document to determine; - Correct Answer-Convey land ownership
An auctioneers license number must be displayed on: - Correct Answer-All advertising of all auctions
An auctioneers first agency obligation is to - Correct Answer-Sellers
How should an auctioneer dress? - Correct Answer-Comparable with your bidders
The best chant for an auctioneer is to be: - Correct Answer-Easily understood
liquidation auction - Correct Answer-Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell
real estate.
T or F - Correct Answer-False
Registration of bidders at an auction - Correct Answer-Creates a mailing list
If a licensed Auctioneer allows an unlicensed person to call their auction, both parties have violated the law. T or F - Correct Answer-True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Correct Answer-True
At an absolute auction you can legally - Correct Answer-Withdraw and item if no bid is received within a reasonable time.
At a court ordered auction conducted by an attorney, the attorney must hold an Auctioneers license.
T or F - Correct Answer-True Principal - Correct Answer-In an agency situation, when a seller authorizes you to sell their property.
A closing statement - Correct Answer-1. Must include name and address of seller, price property sold for, date and location where sale was conducted, and date the seller was paid.
How long must a closing statement be kept on record? - Correct Answer-3 years
Real Property - Correct Answer-Land with permanent building thereon
Example of surcharge at an auction - Correct Answer-10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Correct Answer-Prior notice has been given
Federal laws regulating sell of firearms at an auction apply when? - Correct Answer-
Always apply
Personal property is anything that can be moved. True or False? - Correct Answer-
A title to real property requires: - Correct Answer-A copy of the deed to be transferred.
A lein on personal property is not enforceable and prohibits property being transferred before the lein is settled. T or F? - Correct Answer-False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Correct Answer-Lead to revocation of your license
Mechanic Lein - Correct Answer-Applies to autos repairs, attaches to property that labor
and materials went into, and can attach to either real or personal property.
Real property tax lean - Correct Answer-Taking precedence over all
Valid Auction Contract's may: - Correct Answer-Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - Correct Answer-Be included in the signed bidder contract
As-is means - Correct Answer-There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Correct Answer-
No bid has been received within a reasonable time
An auction listing contract - Correct Answer-Must be written to be enforceable
Seller - Correct Answer-In the contracting to operate a consignment auction this determine the rules of the sale between the auctioneer and the _____
If a public auction your seller directs you to disregard ethical behavior, you should: - Correct Answer-Avoid the seller
A real estate deed is a document to determine; - Correct Answer-Convey land ownership
An auctioneers license number must be displayed on: - Correct Answer-All advertising of all auctions
An auctioneers first agency obligation is to - Correct Answer-Sellers
How should an auctioneer dress? - Correct Answer-Comparable with your bidders
The best chant for an auctioneer is to be: - Correct Answer-Easily understood
liquidation auction - Correct Answer-Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell
real estate.
T or F - Correct Answer-False
Registration of bidders at an auction - Correct Answer-Creates a mailing list
If a licensed Auctioneer allows an unlicensed person to call their auction, both parties have violated the law. T or F - Correct Answer-True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Correct Answer-True
At an absolute auction you can legally - Correct Answer-Withdraw and item if no bid is received within a reasonable time.
At a court ordered auction conducted by an attorney, the attorney must hold an Auctioneers license.
T or F - Correct Answer-True Principal - Correct Answer-In an agency situation, when a seller authorizes you to sell their property.
A closing statement - Correct Answer-1. Must include name and address of seller, price property sold for, date and location where sale was conducted, and date the seller was paid.
How long must a closing statement be kept on record? - Correct Answer-3 years
Real Property - Correct Answer-Land with permanent building thereon
Example of surcharge at an auction - Correct Answer-10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Correct Answer-Prior notice has been given
Federal laws regulating sell of firearms at an auction apply when? - Correct Answer-
Always apply
Personal property is anything that can be moved. True or False? - Correct Answer-
A title to real property requires: - Correct Answer-A copy of the deed to be transferred.
A lein on personal property is not enforceable and prohibits property being transferred before the lein is settled. T or F? - Correct Answer-False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Correct Answer-Lead to revocation of your license
Mechanic Lein - Correct Answer-Applies to autos repairs, attaches to property that labor
and materials went into, and can attach to either real or personal property.
Real property tax lean - Correct Answer-Taking precedence over all
Valid Auction Contract's may: - Correct Answer-Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - Correct Answer-Be included in the signed bidder contract
As-is means - Correct Answer-There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Correct Answer-
No bid has been received within a reasonable time
