GA AUCTION 2025/2026 QUESTIONS WITH ANSWERS
TAGGED A+
✔✔The bulk sale transfer article is a part of the uniform commercial code.
T or F - ✔✔True
✔✔Caveat emptor means "let the buyer beware"
T or F - ✔✔True
✔✔An auction conducted with no reserves is an absolute auction.
T or F - ✔✔True
✔✔ An auction listing contract - ✔✔Must be written to be enforceable
✔✔Seller - ✔✔In the contracting to operate a consignment auction this determine the
rules of the sale between the auctioneer and the _____
✔✔If a public auction your seller directs you to disregard ethical behavior, you should: -
✔✔Avoid the seller
✔✔A real estate deed is a document to determine; - ✔✔Convey land ownership
✔✔An auctioneers license number must be displayed on: - ✔✔All advertising of all
auctions
✔✔An auctioneers first agency obligation is to - ✔✔Sellers
✔✔How should an auctioneer dress? - ✔✔Comparable with your bidders
✔✔The best chant for an auctioneer is to be: - ✔✔Easily understood
✔✔liquidation auction - ✔✔Selling remaining inventory at auction
✔✔The Auction Commission can regulate the amount of commission you can charge to
sell real estate.
T or F - ✔✔False
✔✔Registration of bidders at an auction - ✔✔Creates a mailing list
✔✔If a licensed Auctioneer allows an unlicensed person to call their auction, both
parties have violated the law.
T or F - ✔✔True
, ✔✔A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - ✔✔True
✔✔At an absolute auction you can legally - ✔✔Withdraw and item if no bid is received
within a reasonable time.
✔✔At a court ordered auction conducted by an attorney, the attorney must hold an
Auctioneers license.
T or F - ✔✔True
✔✔Principal - ✔✔In an agency situation, when a seller authorizes you to sell their
property.
✔✔A closing statement - ✔✔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.
✔✔How long must a closing statement be kept on record? - ✔✔3 years
✔✔Real Property - ✔✔Land with permanent building thereon
✔✔Example of surcharge at an auction - ✔✔10% buyer's premium
✔✔An auctioneer may bid on behalf of the seller during the auction when: - ✔✔Prior
notice has been given
✔✔Federal laws regulating sell of firearms at an auction apply when? - ✔✔Always apply
✔✔Personal property is anything that can be moved. True or False? - ✔✔
✔✔A title to real property requires: - ✔✔A copy of the deed to be transferred.
✔✔A lein on personal property is not enforceable and prohibits property being
transferred before the lein is settled.
T or F? - ✔✔False
✔✔The use of false bidder, by bidders, cappers, or shills to raise the bid may: - ✔✔Lead
to revocation of your license
✔✔Mechanic Lein - ✔✔Applies to autos repairs, attaches to property that labor and
materials went into, and can attach to either real or personal property.
✔✔Real property tax lean - ✔✔Taking precedence over all
TAGGED A+
✔✔The bulk sale transfer article is a part of the uniform commercial code.
T or F - ✔✔True
✔✔Caveat emptor means "let the buyer beware"
T or F - ✔✔True
✔✔An auction conducted with no reserves is an absolute auction.
T or F - ✔✔True
✔✔ An auction listing contract - ✔✔Must be written to be enforceable
✔✔Seller - ✔✔In the contracting to operate a consignment auction this determine the
rules of the sale between the auctioneer and the _____
✔✔If a public auction your seller directs you to disregard ethical behavior, you should: -
✔✔Avoid the seller
✔✔A real estate deed is a document to determine; - ✔✔Convey land ownership
✔✔An auctioneers license number must be displayed on: - ✔✔All advertising of all
auctions
✔✔An auctioneers first agency obligation is to - ✔✔Sellers
✔✔How should an auctioneer dress? - ✔✔Comparable with your bidders
✔✔The best chant for an auctioneer is to be: - ✔✔Easily understood
✔✔liquidation auction - ✔✔Selling remaining inventory at auction
✔✔The Auction Commission can regulate the amount of commission you can charge to
sell real estate.
T or F - ✔✔False
✔✔Registration of bidders at an auction - ✔✔Creates a mailing list
✔✔If a licensed Auctioneer allows an unlicensed person to call their auction, both
parties have violated the law.
T or F - ✔✔True
, ✔✔A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - ✔✔True
✔✔At an absolute auction you can legally - ✔✔Withdraw and item if no bid is received
within a reasonable time.
✔✔At a court ordered auction conducted by an attorney, the attorney must hold an
Auctioneers license.
T or F - ✔✔True
✔✔Principal - ✔✔In an agency situation, when a seller authorizes you to sell their
property.
✔✔A closing statement - ✔✔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.
✔✔How long must a closing statement be kept on record? - ✔✔3 years
✔✔Real Property - ✔✔Land with permanent building thereon
✔✔Example of surcharge at an auction - ✔✔10% buyer's premium
✔✔An auctioneer may bid on behalf of the seller during the auction when: - ✔✔Prior
notice has been given
✔✔Federal laws regulating sell of firearms at an auction apply when? - ✔✔Always apply
✔✔Personal property is anything that can be moved. True or False? - ✔✔
✔✔A title to real property requires: - ✔✔A copy of the deed to be transferred.
✔✔A lein on personal property is not enforceable and prohibits property being
transferred before the lein is settled.
T or F? - ✔✔False
✔✔The use of false bidder, by bidders, cappers, or shills to raise the bid may: - ✔✔Lead
to revocation of your license
✔✔Mechanic Lein - ✔✔Applies to autos repairs, attaches to property that labor and
materials went into, and can attach to either real or personal property.
✔✔Real property tax lean - ✔✔Taking precedence over all
