Indiana Auctioneer Exam Study Guide || with 100% Errorless Solutions.

Absolute Auction correct answers also known as a no-reserve auction, it is an auction in which there is no reserve or restriction on price. Goods cannot be withdrawn once bidding is opened UNLESS no bid is made within a reasonable time. Reserve Auction correct answers an auction in which a seller reserves the right to accept or reject the highest bid within a predetermined time. ALL AUCTIONS ARE WITH RESERVE UNLESS OTHERWISE STATED. Auctioneers can withdraw goods at any time until the completion of the sale. Auctioneer can bid on behalf of the seller up to amount of reserve price. trust or escrow account correct answers Must be a separate account from the auctioneer's personal bank account, used for all funds belonging to others. Deposits must be within 48 hours or the next business day Recovery Fund correct answers maintained by the Auction Committee, requirements for payment out of the fund, required amounts in the fund Escrow account violations correct answers commingling of funds, using or borrowing from the account, inadequate records for account activity, and not having an escrow account Auction licenses correct answers Auction houses need their own license, need auctioneer license, Chapter 7 Bankruptcy correct answers LIQUIDATION. debtor unable/unwilling to pay debt. All non-exempt property is lost to creditors, discharge of debts given quickly, not discharged-taxes, education, fraud, fines, damages. May file at beginning of every seventh year Chapter 13 Bankruptcy correct answers RE-ORGANIZATION. Debtor desires to repay creditors, must have regular income for repayment plan, able to keep property if debt cured in reasonable time, discharge at end of plan, not discharged- support and long term secured debt Chapter 12 Bankruptcy correct answers FARMS Chapter 11 Bankruptcy correct answers BUSINESS reorganization. The bankruptcy court system correct answers district court with 13 region (they handle appeals from bankruptcy court,) U.S. Trustee program. The goal of the Bankruptcy court is to maximize return for unsecured creditors secure creditors correct answers The secured creditor holds priority on debt collection from the property on which it holds a lien, backed by collateral. Creditors must be notified within 45 days before the auction date.