Arkansas Auctioneer Exam EXAM 2025 ACTUAL
EXAM QUESTIONS AND CORRECT ANSWERS
(PROFESSOR VERIFIED) | ALREADY GRADED A+
True/False: The Arkansas Auctioneers Licensing Board is
appointed by vote of the Arkansas General Assembly
-Solution
False - The governor shall appoint the members of the Board
All auctioneer licenses expire:
-Solution
June 30th
True/False: The Arkansas Auctioneers Licensing Board has the
final decision in the suspension or revocation of an auctioneer's
license.
-Solution
False - The Auctioneers License Act indicates the "Board shall be
subject to the Arkansas Administrative Procedure Act"
Auctioneer
-Solution
An auctioneer is any person who offers, negotiates, or attempts to
negotiate a listing contract, sale, purchase, or exchange of goods,
chattels, merchandise, real or personal property, or of any other
commodity which may lawfully be kept or offered for sale by or at
public auction, or who sells the same at auction.
Bona Fide
-Solution
The term bona fide means that a person or agency is acting in
good faith, without dishonesty, fraud, or deceit. In relation to an
auction, the term is normally used to refer to a bona fide perchaser.
Bulk Sale
-Solution
A bulk sale is any transfer that is in bulk and not in the ordinary
course of the transferor's business, or a major part of the materials,
supplies, merchandise, or other inventory of any business subject
to the Bulk Sale Law.
1
, Consignee
-Solution
The consignee is a person or agent to whom something, usually
goods, is entrusted by others for a purpose. The auctioneer is
referred to as the consignee for such goods to be sold at auction.
He or she is the person in whose care goods are placed for sale.
Consignor
-Solution
The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract
-Solution
A voluntary, legally enforceable agreement between two or more
people.
Liens
-Solution
Liens are adverse claims against property which may occur when
the property has been used as collateral for a debt by the property
owner or when a legal interest is created upon non-payment of a
debt such as taxes or contractors bills.
Estates
-Solution
The auctioneer often deals with the sale of both real and personal
property in the settlement of an estate. In working with estate
auctions, certain terms are important.
Estate Administrator/Administratrix
-Solution
The administrator/administratrix of an estate is the person
appointed by the court to oversee the settling of an estate when
there is no will or when the person named in a will cannot or will
not serve, or when the will names no executor or executrix.
Estate Executor/Executrix
-Solution
The executor/executrix of an estate is the person named in the will
to carry out its provisions.
2
EXAM QUESTIONS AND CORRECT ANSWERS
(PROFESSOR VERIFIED) | ALREADY GRADED A+
True/False: The Arkansas Auctioneers Licensing Board is
appointed by vote of the Arkansas General Assembly
-Solution
False - The governor shall appoint the members of the Board
All auctioneer licenses expire:
-Solution
June 30th
True/False: The Arkansas Auctioneers Licensing Board has the
final decision in the suspension or revocation of an auctioneer's
license.
-Solution
False - The Auctioneers License Act indicates the "Board shall be
subject to the Arkansas Administrative Procedure Act"
Auctioneer
-Solution
An auctioneer is any person who offers, negotiates, or attempts to
negotiate a listing contract, sale, purchase, or exchange of goods,
chattels, merchandise, real or personal property, or of any other
commodity which may lawfully be kept or offered for sale by or at
public auction, or who sells the same at auction.
Bona Fide
-Solution
The term bona fide means that a person or agency is acting in
good faith, without dishonesty, fraud, or deceit. In relation to an
auction, the term is normally used to refer to a bona fide perchaser.
Bulk Sale
-Solution
A bulk sale is any transfer that is in bulk and not in the ordinary
course of the transferor's business, or a major part of the materials,
supplies, merchandise, or other inventory of any business subject
to the Bulk Sale Law.
1
, Consignee
-Solution
The consignee is a person or agent to whom something, usually
goods, is entrusted by others for a purpose. The auctioneer is
referred to as the consignee for such goods to be sold at auction.
He or she is the person in whose care goods are placed for sale.
Consignor
-Solution
The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract
-Solution
A voluntary, legally enforceable agreement between two or more
people.
Liens
-Solution
Liens are adverse claims against property which may occur when
the property has been used as collateral for a debt by the property
owner or when a legal interest is created upon non-payment of a
debt such as taxes or contractors bills.
Estates
-Solution
The auctioneer often deals with the sale of both real and personal
property in the settlement of an estate. In working with estate
auctions, certain terms are important.
Estate Administrator/Administratrix
-Solution
The administrator/administratrix of an estate is the person
appointed by the court to oversee the settling of an estate when
there is no will or when the person named in a will cannot or will
not serve, or when the will names no executor or executrix.
Estate Executor/Executrix
-Solution
The executor/executrix of an estate is the person named in the will
to carry out its provisions.
2
