WITH ALL CORRECT ANSWERS 2025 RECENT.
◉Is it always unethical for a seller to bid on their own property?. Answer:No, sellers generally
may bid on their own property if the fact that they are doing so has been announced prior to the
auction. They may not generally do so otherwise. Partners in a business or divorce settlement
doing so as an individual may always bid.
◉What professional communication skills are needed to conduct bid calling at an auction?.
Answer:(a) Inform audience of terms and conditions of sale (b) Property represent property to
be sold (c) Convey the bid asking price as well as the bid received to members of their audience
(d) Sell property at a pace as to create competition between bidders (e) Control audience as to
maintain attention of buyers (f) Convey to audience when property is sold, to whom, and for
what price (g) Convey to audience when property is not sold in compliance with reserve
conditions of sale (h) Maintain control of support staff while sale is in progress such as ring
workers' assistance in displaying property and identifying bids and clerk's recording of sale to
ensure that buyer and sale lot number are properly recorded (i) Exercise other sale
management responsibilities to the extent assumed under a written agreement.
◉What should the opening statement of an auction contain?. Answer:(1) Welcome everyone to
the auction (2) Introduce yourself as well as your crew members (3) Explain to your customers
the reason for the sale and if the sale is forced or voluntary. You may or may not with to
introduce the seller. (4) Explain the terms of purchases and if it is free and clear of all liens,
debts, and encumbrances. (5) Let the customers know if the items for sale are as is, where is, or
if there is any type of guarantee. (6) Explain on purchases made whether they are to be paid in
cash, cashier's check, check, credit card, or by whatever means of payment; when payment is to
be made on purchases; and if there is a buyer's premium. (7) Explain when they may remove
purchased items, and if there are any specific rules in removing those items.
◉Livestock auction barn. Answer:A place where livestock is sold on a regular basis to the public
◉Livestock auction barn auctioneer. Answer:An auctioneer who is solely engaged in the selling
of livestock on a regular basis at one or more locations
◉How long must a copy of an auction contract be kept?. Answer:3 years after the auction
◉Buyer's premium. Answer:An advertised percentage of the high bid or flat fee added to the
high bid to determine the total contract price to be paid by the buyer.
, ◉Prima Facie. Answer:A legal term that indicates evidence is sufficient to establish an allegation
as reasonably probably; a strong appearance of a wrongful act.
◉Fair Market Value. Answer:The estimated price that a willing seller will take for goods and a
willing buyer will give, if neither buyer nor seller is under any compulsion or undue influence to
buy or sell.
◉Absolute auction. Answer:A type of auction where the sale is awarded to the highest bidder.
Absolute auctions do not have a reserve price which sets a minimum required bid for the item
to be sold. One type of absolute auction relates to foreclosed properties, where the winning bid
acquires the foreclosed property. This is opposed to a lender confirmation auction, where the
lender must approve the bid in order to complete the transaction. I: An absolute auction can
occur in various venues including the foreclosure marketplace, the online marketplace (such as
eBay.com) or live auction events. In this type of auction, the highest bidder "wins" the item,
whether it is real estate property or any other type of product. Absolute auctions are often
implemented where there is an immediate demand to sell an item. The seller or anyone acting
on their behalf may not bid.
◉Auction with reserve. Answer:Auctioneer doesn't have to sell the goods for the highest bid if
it's lower than the reserve amount.
◉Filler words. Answer:Small sounds or words used to fill in between the bid
◉Bid Catcher/Ringman. Answer:Takes note of every bid and communicates them to the
auctioneer either with hand signals or verbally
◉True/False: Advertising does not have to include the auctioneer's name.. Answer:False
◉What is an escrow account and what is it used for?. Answer:A separate account used to hold the
funds of others, money from several auctions may be placed in it at one time.
◉What does it mean to sell an item "as is"?. Answer:It means the auctioneer does not warrant the
item's authenticity or condition as long as the auctioneer or assistants make no other comments
about the item that could be perceived as promises about its authenticity or condition.
◉True/False: If two bidders think they have the final bid after the hammer falls, the auctioneer is
required by law to reopen the bidding.. Answer:False; the auctioneer may give the item to the