Texas Auctioneer Exam Questions With 100% Correct Answers 2024

Texas Auctioneer Exam Questions With 100% Correct Answers 2024 What is a buyers premium? - answerA percentage of the high bid added to the "hammer price" of an item. What is an antique? - answerAntique - Any work of art, piece of furniture, decorative object, or the like, created or produced in a former period, or, according to U.S. customs laws, 100 years before date of purchase. What does "As is, Where is" mean? - answerWithout warranty; buyers are responsible for examining and judging the property for their own protection. what is a Bank letter of guarantee? - answera letter issued by a bank on behalf of a customer guaranteeing payment up to the amount stated in the letter What does commission mean? - answerThe fee charged to the seller by the auctioneer for providing services; usually a percentage of the gross selling price of the item(s) established by contract (the Listing Agreement) prior to the auction. Conditions of sale - answerThe legal terms that govern an auction, including acceptable payment terms, buyer's premiums, possession and removal of goods (including storage), absolute or reserve auction, and other agree upon terms what is a deposit? - answerThe sum of money paid by the bidder for the privilege of bidding or as a percentage of the purchase price, especially on higher valued property. A deposit is commonly used to discourage casual or unqualified bidders. Unused deposits are returned to the bidder at the end of the auction. what does an increment mean? - answerThe amount the bid increases by What is provenance - answerPlace or source of origin; the history of ownership what is USPAP? - answerUSPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, in