GA AUCTION STUDY EXAM GUIDE QUESTIONS AND
ANSWERS 2025/2026 ALL GRADED A+
✔✔Which of the following is considered part of the real property being sold at Auction -
✔✔barns, timber, crops in the field
✔✔In the sale of dairy cattle, the location most desirable for the Sale is - ✔✔on the
premises or Farm
✔✔As an agent, the auctioneer owes the principal the Duty - ✔✔A strict accounting of
all monies or property received and/or expended on behalf of
the principal
exercising reasonable care in carrying out the prinipal's assigned duties
disclosure of relevant information that the auctioneer has acquired to the principal
✔✔Hepplewhite has the characteristic - ✔✔tapered Leg
✔✔In Accounting,a method of depreciation that achieves accelerated depreciation -
✔✔declining balance and sum of the years digits
✔✔Fixed assets are - ✔✔buildings and equipmEnt
✔✔The best way for the auctioneer to break a pool or syndicate during an auction Is to -
✔✔establish reserve prices
✔✔The bottom side of the pedigree for an animal will always show the - ✔✔dam
✔✔If a complaint is filed against the auctioneer, how long must the auctioneer keep the
sale records - ✔✔until the complaint is resolved
✔✔An auction charges a buyer's permium of 10% and a 6% sales tax. Calculate the
total
cost for: 2 box lots, at $8.00 each and 4 box lots at $1.00 each and 1 piece of framed art
for $30.00. - ✔✔$58.30
✔✔Each of the following is considered illegal when performed by the auctioneer except
- ✔✔fast knocking
✔✔As a 3rd party with proper authorization, who mayauthorize an auctioneer to Sell
property - ✔✔an administrator of the estate
b. an executor of an estate
, c. a guardian of a minor
✔✔A buyer/bidderregistration should include - ✔✔only a driver's license
b. occupation and age
c. name and address
✔✔Before the auction listing contract can exist, there must be - ✔✔consideration to the
contract
b. an acceptance of the offer by the other party
c. an offer by one of the parties
✔✔When an auctioneer insures goods - ✔✔two or more insurance estimates should be
sought
✔✔One of the most common but older methods of depreciation in accounting known to
auctioneers - ✔✔straight line
✔✔The definition of advertising differs from publicity as a result Of - ✔✔paid media
✔✔John bought a dress for $24 and marked it up 25%.What was the selling cost to The
buyer - ✔✔
✔✔Items sold for $10,$18.50, $6., $14., and $11.50. What is the average price -
✔✔12.00
✔✔A good chant should have - ✔✔few filler words
✔✔A building rents for $6000 pr month.It was sold on the 20th day of a 30 day Month
Prorate the rent - ✔✔2000 buyer/$4000 seller
✔✔In business, the term "finance" refers to - ✔✔the prudent use of funds, the raising of
funds
✔✔Auctioneers often humor the crowd with joking that should not Be - ✔✔off color
✔✔In tie bids, the Auctioneer should - ✔✔reopenthe bidding and try to advance the bids
✔✔Duncan Phyfe is identified with which furniture period - ✔✔Sheraton
✔✔Which period of funiture is not identified with the 19th Century - ✔✔Edwardian
✔✔.If a person bought a 1/4 section of land at a real estate auction, how many aces
land is that - ✔✔160 acres
ANSWERS 2025/2026 ALL GRADED A+
✔✔Which of the following is considered part of the real property being sold at Auction -
✔✔barns, timber, crops in the field
✔✔In the sale of dairy cattle, the location most desirable for the Sale is - ✔✔on the
premises or Farm
✔✔As an agent, the auctioneer owes the principal the Duty - ✔✔A strict accounting of
all monies or property received and/or expended on behalf of
the principal
exercising reasonable care in carrying out the prinipal's assigned duties
disclosure of relevant information that the auctioneer has acquired to the principal
✔✔Hepplewhite has the characteristic - ✔✔tapered Leg
✔✔In Accounting,a method of depreciation that achieves accelerated depreciation -
✔✔declining balance and sum of the years digits
✔✔Fixed assets are - ✔✔buildings and equipmEnt
✔✔The best way for the auctioneer to break a pool or syndicate during an auction Is to -
✔✔establish reserve prices
✔✔The bottom side of the pedigree for an animal will always show the - ✔✔dam
✔✔If a complaint is filed against the auctioneer, how long must the auctioneer keep the
sale records - ✔✔until the complaint is resolved
✔✔An auction charges a buyer's permium of 10% and a 6% sales tax. Calculate the
total
cost for: 2 box lots, at $8.00 each and 4 box lots at $1.00 each and 1 piece of framed art
for $30.00. - ✔✔$58.30
✔✔Each of the following is considered illegal when performed by the auctioneer except
- ✔✔fast knocking
✔✔As a 3rd party with proper authorization, who mayauthorize an auctioneer to Sell
property - ✔✔an administrator of the estate
b. an executor of an estate
, c. a guardian of a minor
✔✔A buyer/bidderregistration should include - ✔✔only a driver's license
b. occupation and age
c. name and address
✔✔Before the auction listing contract can exist, there must be - ✔✔consideration to the
contract
b. an acceptance of the offer by the other party
c. an offer by one of the parties
✔✔When an auctioneer insures goods - ✔✔two or more insurance estimates should be
sought
✔✔One of the most common but older methods of depreciation in accounting known to
auctioneers - ✔✔straight line
✔✔The definition of advertising differs from publicity as a result Of - ✔✔paid media
✔✔John bought a dress for $24 and marked it up 25%.What was the selling cost to The
buyer - ✔✔
✔✔Items sold for $10,$18.50, $6., $14., and $11.50. What is the average price -
✔✔12.00
✔✔A good chant should have - ✔✔few filler words
✔✔A building rents for $6000 pr month.It was sold on the 20th day of a 30 day Month
Prorate the rent - ✔✔2000 buyer/$4000 seller
✔✔In business, the term "finance" refers to - ✔✔the prudent use of funds, the raising of
funds
✔✔Auctioneers often humor the crowd with joking that should not Be - ✔✔off color
✔✔In tie bids, the Auctioneer should - ✔✔reopenthe bidding and try to advance the bids
✔✔Duncan Phyfe is identified with which furniture period - ✔✔Sheraton
✔✔Which period of funiture is not identified with the 19th Century - ✔✔Edwardian
✔✔.If a person bought a 1/4 section of land at a real estate auction, how many aces
land is that - ✔✔160 acres
