ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM 80 QUESTIONS AND CORRECT DETAILED ANSWERS
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas General
Assembly - (answer) False - The governor shall appoint the members of the Board
All auctioneer licenses expire: - (answer) June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or
revocation of an auctioneer's license. - (answer) False - The Auctioneers License Act indicates the
"Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - (answer) 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 - (answer) 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 - (answer) 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 - (answer) 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 - (answer) The consignor is the person or entity that consgins goods to an auctioneer. In an
auction, the consignor is usually the seller.
Contract - (answer) A voluntary, legally enforceable agreement between two or more people.
Liens - (answer) 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.
, ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM 80 QUESTIONS AND CORRECT DETAILED ANSWERS
Estates - (answer) 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 - (answer) 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 - (answer) The executor/executrix of an estate is the person named in the
will to carry out its provisions.
Goods - (answer) Includes chattels, merchandise, personal property, or commodities of any form or
type, which may lawfully be kept or offered for sale.
Chattels - (answer) Chattels are moveable personal property such as furniture, automobiles, and
livestock. This excludes real estate.
Commodities - (answer) 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 - (answer) 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 - (answer) Intentional acts or behavior involving dishonest, wickedness, depravity, or
grave infringement of the good moral sentiment of the community.
Reciprocity - (answer) 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 - (answer) A spouse is a husband or wife.
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas General
Assembly - (answer) False - The governor shall appoint the members of the Board
All auctioneer licenses expire: - (answer) June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or
revocation of an auctioneer's license. - (answer) False - The Auctioneers License Act indicates the
"Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - (answer) 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 - (answer) 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 - (answer) 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 - (answer) 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 - (answer) The consignor is the person or entity that consgins goods to an auctioneer. In an
auction, the consignor is usually the seller.
Contract - (answer) A voluntary, legally enforceable agreement between two or more people.
Liens - (answer) 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.
, ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM 80 QUESTIONS AND CORRECT DETAILED ANSWERS
Estates - (answer) 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 - (answer) 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 - (answer) The executor/executrix of an estate is the person named in the
will to carry out its provisions.
Goods - (answer) Includes chattels, merchandise, personal property, or commodities of any form or
type, which may lawfully be kept or offered for sale.
Chattels - (answer) Chattels are moveable personal property such as furniture, automobiles, and
livestock. This excludes real estate.
Commodities - (answer) 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 - (answer) 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 - (answer) Intentional acts or behavior involving dishonest, wickedness, depravity, or
grave infringement of the good moral sentiment of the community.
Reciprocity - (answer) 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 - (answer) A spouse is a husband or wife.
