Arkansas Auctioneer Exam Latest Updated 2025
Questions With Detailed Answers
Goods - answers-Includes chattels, merchandise, personal property, or commodities of any form
or type, which may lawfully be kept or offered for sale.
Chattels - answers-Chattels are moveable personal property such as furniture, automobiles, and
livestock. This excludes real estate.
Commodities - answers-Commodities may or may not be chattels and include valuable interest
in agricultural products, silver, gold, and other products customarily sold or traded in
commercial markets.
Market Value - answers-The market value is the 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.
Mortal Turpitude - answers-Intentional acts or behavior involving dishonest, wickedness,
depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - answers-In the professional auctioneering context, reciprocity is the mutual
recognition by two or more licensing agencies of the validity of the licenses issued by any of
them. An auctioneer licensed in Arkansas, for example, will be granted a license in any state
with which it has reciprocity simply by requesting the licensing and paying any necessary fees.
Spouse - answers-A spouse is a husband or wife.
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - answers-False - The governor shall appoint the members of the Board
, All auctioneer licenses expire: - answers-June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or
revocation of an auctioneer's license. - answers-False - The Auctioneers License Act indicates
the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - answers-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 - answers-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 - answers-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.
Consignee - answers-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 - answers-The consignor is the person or entity that consgins goods to an auctioneer.
In an auction, the consignor is usually the seller.
Contract - answers-A voluntary, legally enforceable agreement between two or more people.
Questions With Detailed Answers
Goods - answers-Includes chattels, merchandise, personal property, or commodities of any form
or type, which may lawfully be kept or offered for sale.
Chattels - answers-Chattels are moveable personal property such as furniture, automobiles, and
livestock. This excludes real estate.
Commodities - answers-Commodities may or may not be chattels and include valuable interest
in agricultural products, silver, gold, and other products customarily sold or traded in
commercial markets.
Market Value - answers-The market value is the 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.
Mortal Turpitude - answers-Intentional acts or behavior involving dishonest, wickedness,
depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - answers-In the professional auctioneering context, reciprocity is the mutual
recognition by two or more licensing agencies of the validity of the licenses issued by any of
them. An auctioneer licensed in Arkansas, for example, will be granted a license in any state
with which it has reciprocity simply by requesting the licensing and paying any necessary fees.
Spouse - answers-A spouse is a husband or wife.
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - answers-False - The governor shall appoint the members of the Board
, All auctioneer licenses expire: - answers-June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or
revocation of an auctioneer's license. - answers-False - The Auctioneers License Act indicates
the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - answers-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 - answers-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 - answers-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.
Consignee - answers-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 - answers-The consignor is the person or entity that consgins goods to an auctioneer.
In an auction, the consignor is usually the seller.
Contract - answers-A voluntary, legally enforceable agreement between two or more people.
