GA AUCTION CORE EXAMS SET QUESTIONS AND ANSWERS
2025/2026 ALL GRADED A+
✔✔Auction Listing Agreement - ✔✔A contract executed by the auctioneer and the seller
which authorizes the auctioneer to conduct the auction and sets out the terms of the
agreement and the rights and responsibilities of each party.
✔✔Auction Marketer - ✔✔An individual who contracts with sellers for the auction
method of marketing property. In the case of real property, the individual may not
actually conduct the sale but is directly responsible for all aspects of marketing the
property
✔✔Auction Marketing - ✔✔The method of marketing assets utilizing the auction method
of sale
✔✔Auction Plan - ✔✔The plan for pre-auction, auction-day and post-auction activities.
✔✔Auction Price - ✔✔The price of a property obtained through the auction method of
marketing
✔✔Auction Subject to Confirmation - ✔✔seller or his agent reserves the right to accept
or decline any and all bids.
✔✔Auction Technology Specialist (ATS) - ✔✔A professional designation awarded by
the NAA Education Institute to help professional auctioneers understand today's
technology and how to use it to improve their business. ATS auctioneers gain
experience in conducting live and online static auctions. In order to be designated with
the ATS, auctioneer-scholars are required to complete 21 classroom hours, proof of at
least three online auctions and 24 hours of continuing education every three years.
✔✔Auction Value - ✔✔The price that a particular property brings via competitive bidding
at public auction
✔✔Auction With Reserve - ✔✔An auction in which the seller or his agent reserves the
right to accept or decline any and all bids. A minimum acceptable price may or may not
be disclosed and the seller reserves the right to accept or decline any bid within a
specified time
✔✔Auction Without Reserve - ✔✔An auction where the property is sold to the highest
qualified bidder with no limiting conditions or amount. The seller may not bid personally
or through an agent. Also known as an "absolute auction"
✔✔Auctioneer - ✔✔The person whom the seller engages to direct, conduct, or be
responsible for a sale by auction. This person may or may not actually call or "cry" the
auction.
, ✔✔Auctioneer Subcontractor - ✔✔An auctioneer hired by the principal auctioneer. Also
known as a "Contract Auctioneer."
✔✔Ballroom Auction - ✔✔An auction of one or more properties conducted in a meeting
room facility.
✔✔Bank Letter of Credit - ✔✔A letter from a bank certifying that a named person is
worthy of a given level of credit. Often requested from prospective bidders or buyers
who are not paying with currency at auctions.
✔✔Benefit Auction Specialist (BAS) - ✔✔A professional designation awarded by the
NAA Education Institute designed to teach professional auctioneers the planning
techniques that create successful benefit auctions. BAS auctioneers learn marketing
skills and create a business strategy to build their clientele and profits. In order to be
designated with the BAS, auctioneerscholars are required to complete 21 classroom
hours, a detailed written auction summary report, proof of at least six benefit auctions
and 24 hours of continuing education every three years.
✔✔Bid - ✔✔A prospective buyer's indication or offer of a price they are willing to pay to
purchase property at auction. Bids are usually in standardized increments established
by the auctioneer.
✔✔Bid Acknowledgment - ✔✔A form executed by the high bidder confirming and
acknowledging the bidder's identity, the bid price and the description of the property.
Also known as "Memorandum."
✔✔Bid Assistants - ✔✔Individuals of a live auction team whose primary responsibility is
to accurately interpret and effectively communicate buyer participation to their
auctioneer. They should also be qualified to assist prospective bidders with the
necessary information to make a better informed buying decision. Also known as
"ringmen", "bid spotters" or "groundsmen."
✔✔Bid Caller - ✔✔The person who actually "calls," "cries" or "auctions" the property at
an auction, recognizing bidders and acknowledging the highest bidder. Commonly
known as the auctioneer.
✔✔Bid Rigging - ✔✔The unlawful practice whereby two or more people agree not to bid
against one another so as to deflate value. See "Collusion".
✔✔Bidder Number - ✔✔The number issued to each person who registers at an auction.
✔✔Bidder Package - ✔✔The package of information and instructions pertaining to the
property to be sold at an auction event obtained by prospective bidders at an auction.
Also referred to as "bidder packet" or "due diligence packet."
2025/2026 ALL GRADED A+
✔✔Auction Listing Agreement - ✔✔A contract executed by the auctioneer and the seller
which authorizes the auctioneer to conduct the auction and sets out the terms of the
agreement and the rights and responsibilities of each party.
✔✔Auction Marketer - ✔✔An individual who contracts with sellers for the auction
method of marketing property. In the case of real property, the individual may not
actually conduct the sale but is directly responsible for all aspects of marketing the
property
✔✔Auction Marketing - ✔✔The method of marketing assets utilizing the auction method
of sale
✔✔Auction Plan - ✔✔The plan for pre-auction, auction-day and post-auction activities.
✔✔Auction Price - ✔✔The price of a property obtained through the auction method of
marketing
✔✔Auction Subject to Confirmation - ✔✔seller or his agent reserves the right to accept
or decline any and all bids.
✔✔Auction Technology Specialist (ATS) - ✔✔A professional designation awarded by
the NAA Education Institute to help professional auctioneers understand today's
technology and how to use it to improve their business. ATS auctioneers gain
experience in conducting live and online static auctions. In order to be designated with
the ATS, auctioneer-scholars are required to complete 21 classroom hours, proof of at
least three online auctions and 24 hours of continuing education every three years.
✔✔Auction Value - ✔✔The price that a particular property brings via competitive bidding
at public auction
✔✔Auction With Reserve - ✔✔An auction in which the seller or his agent reserves the
right to accept or decline any and all bids. A minimum acceptable price may or may not
be disclosed and the seller reserves the right to accept or decline any bid within a
specified time
✔✔Auction Without Reserve - ✔✔An auction where the property is sold to the highest
qualified bidder with no limiting conditions or amount. The seller may not bid personally
or through an agent. Also known as an "absolute auction"
✔✔Auctioneer - ✔✔The person whom the seller engages to direct, conduct, or be
responsible for a sale by auction. This person may or may not actually call or "cry" the
auction.
, ✔✔Auctioneer Subcontractor - ✔✔An auctioneer hired by the principal auctioneer. Also
known as a "Contract Auctioneer."
✔✔Ballroom Auction - ✔✔An auction of one or more properties conducted in a meeting
room facility.
✔✔Bank Letter of Credit - ✔✔A letter from a bank certifying that a named person is
worthy of a given level of credit. Often requested from prospective bidders or buyers
who are not paying with currency at auctions.
✔✔Benefit Auction Specialist (BAS) - ✔✔A professional designation awarded by the
NAA Education Institute designed to teach professional auctioneers the planning
techniques that create successful benefit auctions. BAS auctioneers learn marketing
skills and create a business strategy to build their clientele and profits. In order to be
designated with the BAS, auctioneerscholars are required to complete 21 classroom
hours, a detailed written auction summary report, proof of at least six benefit auctions
and 24 hours of continuing education every three years.
✔✔Bid - ✔✔A prospective buyer's indication or offer of a price they are willing to pay to
purchase property at auction. Bids are usually in standardized increments established
by the auctioneer.
✔✔Bid Acknowledgment - ✔✔A form executed by the high bidder confirming and
acknowledging the bidder's identity, the bid price and the description of the property.
Also known as "Memorandum."
✔✔Bid Assistants - ✔✔Individuals of a live auction team whose primary responsibility is
to accurately interpret and effectively communicate buyer participation to their
auctioneer. They should also be qualified to assist prospective bidders with the
necessary information to make a better informed buying decision. Also known as
"ringmen", "bid spotters" or "groundsmen."
✔✔Bid Caller - ✔✔The person who actually "calls," "cries" or "auctions" the property at
an auction, recognizing bidders and acknowledging the highest bidder. Commonly
known as the auctioneer.
✔✔Bid Rigging - ✔✔The unlawful practice whereby two or more people agree not to bid
against one another so as to deflate value. See "Collusion".
✔✔Bidder Number - ✔✔The number issued to each person who registers at an auction.
✔✔Bidder Package - ✔✔The package of information and instructions pertaining to the
property to be sold at an auction event obtained by prospective bidders at an auction.
Also referred to as "bidder packet" or "due diligence packet."
