TEXAS AUCTIONEER LICENSE-PART 1 (RELATED LAWS
AND CODES) NEWEST COMPREHENSIVE STUDY GUIDE –
EXPERT STRATEGIES, REVIEW OF KEY QUIZZES, AND
PRACTICE QUESTIONS FOR GUARANTEED SUCCESS
Terms in this set (66)
Does an auctioneer need a Yes AND No; if estate sale then no, consignment sale then yes
federal firearms license?
If an auctioneer sales aIt must be returned to their business location before firearm away
from their transferring. business location, how do they transfer to buyer?
Who determines the The court sets the fee.
auctioneers fee in federal
bankruptcy court?
Who must obtain a firearms Persons in the business of importing, manufacturing, or
license? dealing in firearms, or importing or manufacturing
ammunition
What is an antique? Any work of art, piece of furniture, decorative object, or
the like, created or produced in a former period, or,
according to U.S. customs laws, 100 years before date of
purchase.
What is "provenance"? Place or source of origin; the history of ownership.
when either party pursuant to a power created by
What does "termination" of a
agreement or law puts an end to the contract
contract mean?
otherwise than for its breach.
, What does "cancellation" of a occurs when either party puts an end to the contract for
contract mean? breach by the other and its effect is the same as that of
"termination" except that the cancelling party also retains
any remedy for breach of the whole contract or any
unperformed balance.
True of False. An oral contract False. For items more than $500 a contract must be in writing to be
for a used jetski with a price enforceable.
of $750 is enforceable in a
court.
If a contract is found to have No. A writing is not insufficient because it omits or
a deficiency like a blank that incorrectly states a term agreed upon but the contract is
was not filled in, is it not enforceable under this paragraph beyond the quantity
rendered invalid? of goods shown in such writing.
True or False. A contract is False. An agreement sufficient to constitute a contract for
rendered invalid if it's sale may be found even though the moment of its making is
undetermined.
exact commencement is not
noted.
True of False. When a lot is False. Each lot is a different "sale".
sold with other lots owned by
the same seller, all lots are
considered one "sale".
When is the sale complete at when the auctioneer so announces by the fall of the hammer or in
auction? other customary manner.
If a bid comes in while the The auctioneer can reopen the bidding or he can
hammer is falling, what can declare the item sold for the bid under which the
happen next? hammer was falling.
True or False. All auctions True.
are with reserve unless
otherwise stated.
Yes.
Can an auctioneer
withdraw an item in a
reserve auction?
AND CODES) NEWEST COMPREHENSIVE STUDY GUIDE –
EXPERT STRATEGIES, REVIEW OF KEY QUIZZES, AND
PRACTICE QUESTIONS FOR GUARANTEED SUCCESS
Terms in this set (66)
Does an auctioneer need a Yes AND No; if estate sale then no, consignment sale then yes
federal firearms license?
If an auctioneer sales aIt must be returned to their business location before firearm away
from their transferring. business location, how do they transfer to buyer?
Who determines the The court sets the fee.
auctioneers fee in federal
bankruptcy court?
Who must obtain a firearms Persons in the business of importing, manufacturing, or
license? dealing in firearms, or importing or manufacturing
ammunition
What is an antique? Any work of art, piece of furniture, decorative object, or
the like, created or produced in a former period, or,
according to U.S. customs laws, 100 years before date of
purchase.
What is "provenance"? Place or source of origin; the history of ownership.
when either party pursuant to a power created by
What does "termination" of a
agreement or law puts an end to the contract
contract mean?
otherwise than for its breach.
, What does "cancellation" of a occurs when either party puts an end to the contract for
contract mean? breach by the other and its effect is the same as that of
"termination" except that the cancelling party also retains
any remedy for breach of the whole contract or any
unperformed balance.
True of False. An oral contract False. For items more than $500 a contract must be in writing to be
for a used jetski with a price enforceable.
of $750 is enforceable in a
court.
If a contract is found to have No. A writing is not insufficient because it omits or
a deficiency like a blank that incorrectly states a term agreed upon but the contract is
was not filled in, is it not enforceable under this paragraph beyond the quantity
rendered invalid? of goods shown in such writing.
True or False. A contract is False. An agreement sufficient to constitute a contract for
rendered invalid if it's sale may be found even though the moment of its making is
undetermined.
exact commencement is not
noted.
True of False. When a lot is False. Each lot is a different "sale".
sold with other lots owned by
the same seller, all lots are
considered one "sale".
When is the sale complete at when the auctioneer so announces by the fall of the hammer or in
auction? other customary manner.
If a bid comes in while the The auctioneer can reopen the bidding or he can
hammer is falling, what can declare the item sold for the bid under which the
happen next? hammer was falling.
True or False. All auctions True.
are with reserve unless
otherwise stated.
Yes.
Can an auctioneer
withdraw an item in a
reserve auction?
