GA AUCTION STUDY GUIDE
EXAM 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS
100% CORRECT ANSWERS
ALREADY GRADED A+
"When you receive your auctioneers license you can conduct auctions anywhere in Georgia regardless of
local restrictions.
T or F? - CORRECT ANSWER=> False"
"Consignee - CORRECT ANSWER=> The person who receives property from somebody else to sell at an
auction"
"A Georgia auction license is not required to auction for a non-profit organization when the organization:
- CORRECT ANSWER=> Obtains a letter of exemption"
"The Georgia Auction Education, Research, and Recovery Fund - CORRECT ANSWER=> Must maintain a
minimum balance of 100,000, limits it's liability to 10,000 per claim, charges each new license $150,
revokes the license of any auctioneer causing a claim to be paid from the fund."
"The Georgia Auction Commission is made up of 5 auctioneers and 1 person associated with auctions.
T or F? - CORRECT ANSWER=> True"
"A valid contract must include: - CORRECT ANSWER=> An offer by one of the parties, an acceptance of
the offer by another party, and consideration"
"A corporation can be exempt from licensing by - CORRECT ANSWER=> Filing an application of
exemption with Georgia Auction Commission, have a licensed auctioneer supervise operation, have a
licensed auctioneer controls funds in his escrow account."
"Auctioneers are required to deposit funds belonging to others in their escrow account when: -
CORRECT ANSWER=> The total sale exceeds $2,000, the sale is settled after 48 hours of sale"
"An auctioneer is responsible for having their name and license including in all advertising of an auction.
T or F? - CORRECT ANSWER=> True"
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, "Auctioneers must issue closing statements and include: - CORRECT ANSWER=> Name and address of
seller, price property sold for, date and location of sale, kept on file for 3 years, inventory of property
sold, date seller was paid."
"A sale advertised as an "auction" means - CORRECT ANSWER=> Bidder may retract their bid any time
prior to the auctioneering saying sold, and the auctioneer may refuse any and all bids"
"A penalty fee of $___ will be imposed for auctioneering without a license - CORRECT ANSWER=> $250"
"In Georgia, sales tax must be charged on personal property sold to the consumer at: - CORRECT
ANSWER=> An estate sale held on site, a public auction holding regular sales, inventory liquidations"
"A sale advertised as "absolute auction" means - CORRECT ANSWER=> Each item must be sold to high
bidder, bidder may retract their bid any time prior to the auctioneer saying sold"
"At an absolute auction, the only legal way to protect the price of the property is to have a by-bidder to
bid the price up.
T or F? - CORRECT ANSWER=> False"
"Absolute Auction - CORRECT ANSWER=> If you advertise an auction that "everything will be sold to the
bidder regardless of the price.""
"Contract - CORRECT ANSWER=> Legal agreement between competent parties"
"Executed contract - CORRECT ANSWER=> A signed contract"
"Negotiation of a contract - CORRECT ANSWER=> Must be the intent to create a legal obligation, terms
must be definite and complete, must address price, property description, and delivery, must include
parties to the contract"
"The Statue of Frauds requires that auction contracts must be written.
T or F? - CORRECT ANSWER=> True"
"Common law requires that auction contracts must be written.
T or F? - CORRECT ANSWER=> False"
"Parol evidence in a contract may be abided by, but is not enforceable in a court of law.
T or F? - CORRECT ANSWER=> True"
"Compliance with the statue of frauds requires - CORRECT ANSWER=> Names of parties to the contract,
statement of related subject matter, all terms and conditions, signature of the parties"
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EXAM 200 QUESTIONS WITH
DETAILED VERIFIED ANSWERS
100% CORRECT ANSWERS
ALREADY GRADED A+
"When you receive your auctioneers license you can conduct auctions anywhere in Georgia regardless of
local restrictions.
T or F? - CORRECT ANSWER=> False"
"Consignee - CORRECT ANSWER=> The person who receives property from somebody else to sell at an
auction"
"A Georgia auction license is not required to auction for a non-profit organization when the organization:
- CORRECT ANSWER=> Obtains a letter of exemption"
"The Georgia Auction Education, Research, and Recovery Fund - CORRECT ANSWER=> Must maintain a
minimum balance of 100,000, limits it's liability to 10,000 per claim, charges each new license $150,
revokes the license of any auctioneer causing a claim to be paid from the fund."
"The Georgia Auction Commission is made up of 5 auctioneers and 1 person associated with auctions.
T or F? - CORRECT ANSWER=> True"
"A valid contract must include: - CORRECT ANSWER=> An offer by one of the parties, an acceptance of
the offer by another party, and consideration"
"A corporation can be exempt from licensing by - CORRECT ANSWER=> Filing an application of
exemption with Georgia Auction Commission, have a licensed auctioneer supervise operation, have a
licensed auctioneer controls funds in his escrow account."
"Auctioneers are required to deposit funds belonging to others in their escrow account when: -
CORRECT ANSWER=> The total sale exceeds $2,000, the sale is settled after 48 hours of sale"
"An auctioneer is responsible for having their name and license including in all advertising of an auction.
T or F? - CORRECT ANSWER=> True"
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, "Auctioneers must issue closing statements and include: - CORRECT ANSWER=> Name and address of
seller, price property sold for, date and location of sale, kept on file for 3 years, inventory of property
sold, date seller was paid."
"A sale advertised as an "auction" means - CORRECT ANSWER=> Bidder may retract their bid any time
prior to the auctioneering saying sold, and the auctioneer may refuse any and all bids"
"A penalty fee of $___ will be imposed for auctioneering without a license - CORRECT ANSWER=> $250"
"In Georgia, sales tax must be charged on personal property sold to the consumer at: - CORRECT
ANSWER=> An estate sale held on site, a public auction holding regular sales, inventory liquidations"
"A sale advertised as "absolute auction" means - CORRECT ANSWER=> Each item must be sold to high
bidder, bidder may retract their bid any time prior to the auctioneer saying sold"
"At an absolute auction, the only legal way to protect the price of the property is to have a by-bidder to
bid the price up.
T or F? - CORRECT ANSWER=> False"
"Absolute Auction - CORRECT ANSWER=> If you advertise an auction that "everything will be sold to the
bidder regardless of the price.""
"Contract - CORRECT ANSWER=> Legal agreement between competent parties"
"Executed contract - CORRECT ANSWER=> A signed contract"
"Negotiation of a contract - CORRECT ANSWER=> Must be the intent to create a legal obligation, terms
must be definite and complete, must address price, property description, and delivery, must include
parties to the contract"
"The Statue of Frauds requires that auction contracts must be written.
T or F? - CORRECT ANSWER=> True"
"Common law requires that auction contracts must be written.
T or F? - CORRECT ANSWER=> False"
"Parol evidence in a contract may be abided by, but is not enforceable in a court of law.
T or F? - CORRECT ANSWER=> True"
"Compliance with the statue of frauds requires - CORRECT ANSWER=> Names of parties to the contract,
statement of related subject matter, all terms and conditions, signature of the parties"
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