GA Auction Study Guide Exam Questions
with 100% Correct Verified Answers
1. An auction listing contract--- correct answer --- Must be written to be
enforceable
2. Seller--- correct answer --- In the contracting to operate a consignment
auction this determine the rules of the sale between the auctioneer and the
3. If a public auction your seller directs you to disregard ethical
behavior, you should--- correct answer --- Avoid the seller
4. A real estate deed is a document to determine;--- correct answer ---
Convey land ownership
5. An auctioneers license number must be displayed on--- correct answer
--- All advertising of all auctions
6. An auctioneers first agency obligation is to--- correct answer --- Sellers
7. How should an auctioneer dress?--- correct answer --- Comparable
with your bidders
8. The best chant for an auctioneer is to be--- correct answer --- Easily
understood
9. liquidation auction--- correct answer --- Selling remaining inventory at
auction
10. The Auction Commission can regulate the amount of commission you
can charge to sell real estate.
T or F--- correct answer --- False
,11. Registration of bidders at an auction--- correct answer --- Creates a
mailing list
12. If a licensed Auctioneer allows an unlicensed person to call their
auction, both parties have violated the law.
T or F--- correct answer --- True
13. A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
T or F--- correct answer --- True
14. At an absolute auction you can legally--- correct answer --- Withdraw
and item if no bid is received within a reasonable time.
15. At a court ordered auction conducted by an attorney, the attorney
must hold an Auctioneers license.
T or F--- correct answer --- True
16. Principal--- correct answer --- In an agency situation, when a seller
authorizes you to sell their property.
17. 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.
18. How long must a closing statement be kept on record?--- correct
answer --- 3 years
19. Real Property--- correct answer --- Land with permanent building
thereon
20. Example of surcharge at an auction--- correct answer --- 10% buyer's
premium
, 21. An auctioneer may bid on behalf of the seller during the auction when-
-- correct answer --- -
Prior notice has been given
22. Federal laws regulating sell of firearms at an auction apply when?---
correct answer --- Always apply
23. Personal property is anything that can be moved. True or False?---
correct answer ---
24. A title to real property requires--- correct answer --- A copy of the
deed to be transferred.
25. A lein on personal property is not enforceable and prohibits property
being transferred before the lein is settled.
T or F?--- correct answer --- False
26. The use of false bidder, by bidders, cappers, or shills to raise the bid
may--- correct answer --- Lead to revocation of your license
27. 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.
28. Real property tax lean--- correct answer --- Taking precedence over all
29. Valid Auction Contract's may--- correct answer --- Be a legal
agreement between competent parties
30. If a buyer's premium is charged at an auction must--- correct answer --
- Be included in the signed bidder contract
31. As-is means--- correct answer --- There are no guarantees.
with 100% Correct Verified Answers
1. An auction listing contract--- correct answer --- Must be written to be
enforceable
2. Seller--- correct answer --- In the contracting to operate a consignment
auction this determine the rules of the sale between the auctioneer and the
3. If a public auction your seller directs you to disregard ethical
behavior, you should--- correct answer --- Avoid the seller
4. A real estate deed is a document to determine;--- correct answer ---
Convey land ownership
5. An auctioneers license number must be displayed on--- correct answer
--- All advertising of all auctions
6. An auctioneers first agency obligation is to--- correct answer --- Sellers
7. How should an auctioneer dress?--- correct answer --- Comparable
with your bidders
8. The best chant for an auctioneer is to be--- correct answer --- Easily
understood
9. liquidation auction--- correct answer --- Selling remaining inventory at
auction
10. The Auction Commission can regulate the amount of commission you
can charge to sell real estate.
T or F--- correct answer --- False
,11. Registration of bidders at an auction--- correct answer --- Creates a
mailing list
12. If a licensed Auctioneer allows an unlicensed person to call their
auction, both parties have violated the law.
T or F--- correct answer --- True
13. A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
T or F--- correct answer --- True
14. At an absolute auction you can legally--- correct answer --- Withdraw
and item if no bid is received within a reasonable time.
15. At a court ordered auction conducted by an attorney, the attorney
must hold an Auctioneers license.
T or F--- correct answer --- True
16. Principal--- correct answer --- In an agency situation, when a seller
authorizes you to sell their property.
17. 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.
18. How long must a closing statement be kept on record?--- correct
answer --- 3 years
19. Real Property--- correct answer --- Land with permanent building
thereon
20. Example of surcharge at an auction--- correct answer --- 10% buyer's
premium
, 21. An auctioneer may bid on behalf of the seller during the auction when-
-- correct answer --- -
Prior notice has been given
22. Federal laws regulating sell of firearms at an auction apply when?---
correct answer --- Always apply
23. Personal property is anything that can be moved. True or False?---
correct answer ---
24. A title to real property requires--- correct answer --- A copy of the
deed to be transferred.
25. A lein on personal property is not enforceable and prohibits property
being transferred before the lein is settled.
T or F?--- correct answer --- False
26. The use of false bidder, by bidders, cappers, or shills to raise the bid
may--- correct answer --- Lead to revocation of your license
27. 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.
28. Real property tax lean--- correct answer --- Taking precedence over all
29. Valid Auction Contract's may--- correct answer --- Be a legal
agreement between competent parties
30. If a buyer's premium is charged at an auction must--- correct answer --
- Be included in the signed bidder contract
31. As-is means--- correct answer --- There are no guarantees.
