GA AUCTION STUDY GUIDE EXAM 2025
QUESTIONS AND ANSWERS
An auction listing contract - ANS Must be written to be enforceable
Seller - ANS 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: -
ANS Avoid the seller
A real estate deed is a document to determine; - ANS Convey land ownership
An auctioneers license number must be displayed on: - ANS All advertising of all auctions
An auctioneers first agency obligation is to - ANS Sellers
How should an auctioneer dress? - ANS Comparable with your bidders
The best chant for an auctioneer is to be: - ANS Easily understood
liquidation auction - ANS Selling remaining inventory at auction
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,The Auction Commission can regulate the amount of commission you can charge to sell real
estate.
T or F - ANS False
Registration of bidders at an auction - ANS 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 - ANS True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - ANS True
At an absolute auction you can legally - ANS 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 - ANS True
Principal - ANS In an agency situation, when a seller authorizes you to sell their property.
A closing statement - ANS 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? - ANS 3 years
Real Property - ANS Land with permanent building thereon
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, Example of surcharge at an auction - ANS 10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - ANS Prior notice has
been given
Federal laws regulating sell of firearms at an auction apply when? - ANS Always apply
Personal property is anything that can be moved. True or False? - ANS
A title to real property requires: - ANS 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? - ANS False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - ANS Lead to
revocation of your license
Mechanic Lein - ANS 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 - ANS Taking precedence over all
Valid Auction Contract's may: - ANS Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - ANS Be included in the signed bidder
contract
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 3
QUESTIONS AND ANSWERS
An auction listing contract - ANS Must be written to be enforceable
Seller - ANS 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: -
ANS Avoid the seller
A real estate deed is a document to determine; - ANS Convey land ownership
An auctioneers license number must be displayed on: - ANS All advertising of all auctions
An auctioneers first agency obligation is to - ANS Sellers
How should an auctioneer dress? - ANS Comparable with your bidders
The best chant for an auctioneer is to be: - ANS Easily understood
liquidation auction - ANS Selling remaining inventory at auction
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 1
,The Auction Commission can regulate the amount of commission you can charge to sell real
estate.
T or F - ANS False
Registration of bidders at an auction - ANS 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 - ANS True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - ANS True
At an absolute auction you can legally - ANS 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 - ANS True
Principal - ANS In an agency situation, when a seller authorizes you to sell their property.
A closing statement - ANS 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? - ANS 3 years
Real Property - ANS Land with permanent building thereon
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 2
, Example of surcharge at an auction - ANS 10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - ANS Prior notice has
been given
Federal laws regulating sell of firearms at an auction apply when? - ANS Always apply
Personal property is anything that can be moved. True or False? - ANS
A title to real property requires: - ANS 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? - ANS False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - ANS Lead to
revocation of your license
Mechanic Lein - ANS 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 - ANS Taking precedence over all
Valid Auction Contract's may: - ANS Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - ANS Be included in the signed bidder
contract
Copyright ©2025 BRIGHTSTARS ALL RIGHTS RESERVED 3
