Arkansas Auctioneer Exam Questions with 100% 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. Consignee Correct Answer The consignee is a person or agent to whom something, usually goods, is entrusted by others for a purpose. The auctioneer is referred to as the consignee for such goods to be sold at auction. He or she is the person in whose care goods are placed for sale. Consignor Correct Answer The consignor is the person or entity that consgins goods to an auctioneer. In an auction, the consignor is usually the seller. Contract Correct Answer A voluntary, legally enforceable agreement between two or more people. Liens Correct Answer Liens are adverse claims against property which may occur when the property has been used as collateral for a debt by the property owner or when a legal interest is created upon non-payment of a debt such as taxes or contractors bills.