GA AUCTION STUDY GUIDE
REVIEW 2025 UPDATE | VERIFIED
QUESTIONS AND ANSWERS |
WITH 100% CORRECT ANSWERS
(VERIFIED AND DETAILED)
GRADED A+ GUARANTEED
SUCCESS!!
An auction listing contract - ANSWER: Must be written to be
enforceable
Seller - ANSWER: 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: - ANSWER: Avoid the seller
A real estate deed is a document to determine; - ANSWER: Convey
land ownership
An auctioneer’s license number must be displayed on: - ANSWER:
All advertising of all auctions
,An auctioneers first agency obligation is to - ANSWER: Sellers
How should an auctioneer dress? - ANSWER: Comparable with your
bidders
The best chant for an auctioneer is to be: - ANSWER: Easily
understood
liquidation auction - ANSWER: Selling remaining inventory at
auction
The Auction Commission can regulate the amount of commission
you can charge to sell real estate.
T or F - ANSWER: False
Registration of bidders at an auction - ANSWER: 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 - ANSWER: True
A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
, T or F - ANSWER: True
At an absolute auction you can legally - ANSWER: 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 - ANSWER: True
Principal - ANSWER: In an agency situation, when a seller
authorizes you to sell their property.
A closing statement - ANSWER: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? - ANSWER:3
years
Real Property - ANSWER: Land with permanent building thereon
Example of surcharge at an auction - ANSWER:10% buyer's
premium
An auctioneer may bid on behalf of the seller during the auction
when: - ANSWER: Prior notice has been given
REVIEW 2025 UPDATE | VERIFIED
QUESTIONS AND ANSWERS |
WITH 100% CORRECT ANSWERS
(VERIFIED AND DETAILED)
GRADED A+ GUARANTEED
SUCCESS!!
An auction listing contract - ANSWER: Must be written to be
enforceable
Seller - ANSWER: 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: - ANSWER: Avoid the seller
A real estate deed is a document to determine; - ANSWER: Convey
land ownership
An auctioneer’s license number must be displayed on: - ANSWER:
All advertising of all auctions
,An auctioneers first agency obligation is to - ANSWER: Sellers
How should an auctioneer dress? - ANSWER: Comparable with your
bidders
The best chant for an auctioneer is to be: - ANSWER: Easily
understood
liquidation auction - ANSWER: Selling remaining inventory at
auction
The Auction Commission can regulate the amount of commission
you can charge to sell real estate.
T or F - ANSWER: False
Registration of bidders at an auction - ANSWER: 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 - ANSWER: True
A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
, T or F - ANSWER: True
At an absolute auction you can legally - ANSWER: 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 - ANSWER: True
Principal - ANSWER: In an agency situation, when a seller
authorizes you to sell their property.
A closing statement - ANSWER: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? - ANSWER:3
years
Real Property - ANSWER: Land with permanent building thereon
Example of surcharge at an auction - ANSWER:10% buyer's
premium
An auctioneer may bid on behalf of the seller during the auction
when: - ANSWER: Prior notice has been given
