INDIANA AUCTIONEER LICENSURE EXAM LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS GRADED A

INDIANA AUCTIONEER LICENSURE EXAM LATEST ACTUAL EXAM QUESTIONS AND CORRECT DETAILED ANSWERS GRADED A Which of the following is required to obtain an Auction Company License to conduct auctions? A. Auctioneer B. Auction House C. Real Estate Company D. Livestock Auction Pavilion - ANSWER-C How are commissioners paid? - ANSWER-Per Diem An auctioneer who has been subjected to disciplinary sanctions may be required by the commission to pay what? - ANSWER-Cost of witness attending and mileage A mixed breed of cattle is called what? - ANSWER-Grade animal Brucellosis (bangs) disease causes female animals to: - ANSWER-Abort When transporting horses interstate, what disease must they be treated for? - ANSWER-Coggins What species does Cribbing affect? - ANSWER-Horses Herd reduction is also known as? - ANSWER-Culling Underground storage tanks not regulated by the EPA are farm and residential tanks _______ gallons or less. - ANSWER-1100 When selling real estate at auction, the auctioneer should get how much deposit the day of sale? - ANSWER-An amount agreeable to the parties 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 In order to be considered an underground storage tank, what percentage of the tank must be underground? - ANSWER-10 What type of deed would you normally receive from real property purchased from an estate? - ANSWER-Special warranty deed A composition of copper and silver is identified as which? - ANSWER-Pewter When weighing silver, an ounce is what part of a pound? - ANSWER-1/12 18 karat gold jewelry is what percent gold? - ANSWER-.75 An alloy of tin, lead and brass or copper is characteristic of? - ANSWER-Pewter The design of a rug from which a weaver works is called? - ANSWER-Weft treads Thread running from the top to bottom of a run is called what? - ANSWER-Warp threads What information is obtained from the tag of an oriental rug? - ANSWER-City of origin 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 Is the signature of the current owner required in the preparation of a personal property appraisal? - ANSWER-No 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 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 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 What is the "worst" season to sell farm equipment? - ANSWER-Summer Cars sold "AS IS" at automobile auction have what color light turned on? - ANSWERRed What should your first step be when opening the sale? - ANSWER-Call the bidders together When representing an absentee bidder, it is acceptable to start the bid where? - ANSWER-At half of the maximum absentee bid Opening statements should be: - ANSWER-Given with assertiveness to establish who is in control Once a ringman has made the auctioneer aware of the location of a bidder, he should: - ANSWER-Let the auctioneer watch th