Arkansas Auctioneer Exam questions with
correct answers
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - ** VERIFIED ANSWERS🔰 ✔✔False - The governor shall appoint the
members of the Board
All auctioneer licenses expire: - ** VERIFIED ANSWERS🔰 ✔✔June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ** VERIFIED ANSWERS🔰 ✔✔False -
The Auctioneers License Act indicates the "Board shall be subject to the Arkansas
Administrative Procedure Act"
Auctioneer - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔The consignor is the person or entity that
consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract - ** VERIFIED ANSWERS🔰 ✔✔A voluntary, legally enforceable agreement
between two or more people.
Liens - ** VERIFIED ANSWERS🔰 ✔✔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.
Estates - ** VERIFIED ANSWERS🔰 ✔✔The auctioneer often deals with the sale of both
real and personal property in the settlement of an estate. In working with estate auctions,
certain terms are important.
Estate Administrator/Administratrix - ** VERIFIED ANSWERS🔰 ✔✔The
administrator/administratrix of an estate is the person appointed by the court to oversee the
settling of an estate when there is no will or when the person named in a will cannot or will
not serve, or when the will names no executor or executrix.
Estate Executor/Executrix - ** VERIFIED ANSWERS🔰 ✔✔The executor/executrix of an
estate is the person named in the will to carry out its provisions.
Goods - ** VERIFIED ANSWERS🔰 ✔✔Includes chattels, merchandise, personal property,
or commodities of any form or type, which may lawfully be kept or offered for sale.
Chattels - ** VERIFIED ANSWERS🔰 ✔✔Chattels are moveable personal property such as
furniture, automobiles, and livestock. This excludes real estate.
correct answers
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - ** VERIFIED ANSWERS🔰 ✔✔False - The governor shall appoint the
members of the Board
All auctioneer licenses expire: - ** VERIFIED ANSWERS🔰 ✔✔June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ** VERIFIED ANSWERS🔰 ✔✔False -
The Auctioneers License Act indicates the "Board shall be subject to the Arkansas
Administrative Procedure Act"
Auctioneer - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔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 - ** VERIFIED ANSWERS🔰 ✔✔The consignor is the person or entity that
consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract - ** VERIFIED ANSWERS🔰 ✔✔A voluntary, legally enforceable agreement
between two or more people.
Liens - ** VERIFIED ANSWERS🔰 ✔✔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.
Estates - ** VERIFIED ANSWERS🔰 ✔✔The auctioneer often deals with the sale of both
real and personal property in the settlement of an estate. In working with estate auctions,
certain terms are important.
Estate Administrator/Administratrix - ** VERIFIED ANSWERS🔰 ✔✔The
administrator/administratrix of an estate is the person appointed by the court to oversee the
settling of an estate when there is no will or when the person named in a will cannot or will
not serve, or when the will names no executor or executrix.
Estate Executor/Executrix - ** VERIFIED ANSWERS🔰 ✔✔The executor/executrix of an
estate is the person named in the will to carry out its provisions.
Goods - ** VERIFIED ANSWERS🔰 ✔✔Includes chattels, merchandise, personal property,
or commodities of any form or type, which may lawfully be kept or offered for sale.
Chattels - ** VERIFIED ANSWERS🔰 ✔✔Chattels are moveable personal property such as
furniture, automobiles, and livestock. This excludes real estate.
