GA AUCTION STUDY GUIDE EXAM SCRIPT
2026 COMPLETE QUESTIONS AND ANSWERS
GRADED A
◉ Seller . Answer: In the contracting to operate a consignment auction
this determine the rules of the sale between the auctioneer and the _____
◉ If a public auction your seller directs you to disregard ethical
behavior, you should: . Answer: Avoid the seller
◉ A real estate deed is a document to determine; . Answer: Convey land
ownership
◉ An auctioneers license number must be displayed on: . Answer: All
advertising of all auctions
◉ An auctioneers first agency obligation is to . Answer: Sellers
◉ How should an auctioneer dress? . Answer: Comparable with your
bidders
◉ The best chant for an auctioneer is to be: . Answer: Easily understood
,◉ liquidation auction . Answer: Selling remaining inventory at auction
◉ The Auction Commission can regulate the amount of commission you
can charge to sell real estate.
T or F . Answer: False
◉ Registration of bidders at an auction . Answer: Creates a mailing list
◉ If a licensed Auctioneer allows an unlicensed person to call their
auction, both parties have violated the law.
T or F . Answer: True
◉ A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
T or F . Answer: True
◉ At an absolute auction you can legally . Answer: Withdraw and item if
no bid is received within a reasonable time.
◉ At a court ordered auction conducted by an attorney, the attorney must
hold an Auctioneers license.
T or F . Answer: True
, ◉ Principal . Answer: In an agency situation, when a seller authorizes
you to sell their property.
◉ A closing statement . Answer: 1. Must include name and address of
seller, price property sold for, date and location where sale was
conducted, and date the seller was paid.
◉ How long must a closing statement be kept on record? . Answer: 3
years
◉ Real Property . Answer: Land with permanent building thereon
◉ Example of surcharge at an auction . Answer: 10% buyer's premium
◉ An auctioneer may bid on behalf of the seller during the auction
when: . Answer: Prior notice has been given
◉ Federal laws regulating sell of firearms at an auction apply when? .
Answer: Always apply
◉ Personal property is anything that can be moved. True or False? .
Answer:
2026 COMPLETE QUESTIONS AND ANSWERS
GRADED A
◉ Seller . Answer: In the contracting to operate a consignment auction
this determine the rules of the sale between the auctioneer and the _____
◉ If a public auction your seller directs you to disregard ethical
behavior, you should: . Answer: Avoid the seller
◉ A real estate deed is a document to determine; . Answer: Convey land
ownership
◉ An auctioneers license number must be displayed on: . Answer: All
advertising of all auctions
◉ An auctioneers first agency obligation is to . Answer: Sellers
◉ How should an auctioneer dress? . Answer: Comparable with your
bidders
◉ The best chant for an auctioneer is to be: . Answer: Easily understood
,◉ liquidation auction . Answer: Selling remaining inventory at auction
◉ The Auction Commission can regulate the amount of commission you
can charge to sell real estate.
T or F . Answer: False
◉ Registration of bidders at an auction . Answer: Creates a mailing list
◉ If a licensed Auctioneer allows an unlicensed person to call their
auction, both parties have violated the law.
T or F . Answer: True
◉ A chapter 11 bankruptcy is a debtor in possession who has filed for
reorganization.
T or F . Answer: True
◉ At an absolute auction you can legally . Answer: Withdraw and item if
no bid is received within a reasonable time.
◉ At a court ordered auction conducted by an attorney, the attorney must
hold an Auctioneers license.
T or F . Answer: True
, ◉ Principal . Answer: In an agency situation, when a seller authorizes
you to sell their property.
◉ A closing statement . Answer: 1. Must include name and address of
seller, price property sold for, date and location where sale was
conducted, and date the seller was paid.
◉ How long must a closing statement be kept on record? . Answer: 3
years
◉ Real Property . Answer: Land with permanent building thereon
◉ Example of surcharge at an auction . Answer: 10% buyer's premium
◉ An auctioneer may bid on behalf of the seller during the auction
when: . Answer: Prior notice has been given
◉ Federal laws regulating sell of firearms at an auction apply when? .
Answer: Always apply
◉ Personal property is anything that can be moved. True or False? .
Answer:
