Texas Auctioneer License Exam
Questions and Answers 100% Pass
Antique -
CORRECT ANSWER-- Any work of art, piece of furniture, decorative object, or
the like, created or produced in a former period, or, according to U.S. customs
laws, 100 years before date of purchase.
Bank letter of guarantee -
CORRECT ANSWER-a letter issued by a bank on behalf of a customer
guaranteeing payment up to the amount stated in the letter.
Buyer's premium -
CORRECT ANSWER-A percentage of the high bid added to the "hammer price"
of an item.
Commission -
CORRECT ANSWER-- The fee charged to the seller by the auctioneer for
providing services; usually a percentage of the gross selling price of the item(s)
established by contract (the Listing Agreement) prior to the auction.
Questions and Answers 100% Pass
Antique -
CORRECT ANSWER-- Any work of art, piece of furniture, decorative object, or
the like, created or produced in a former period, or, according to U.S. customs
laws, 100 years before date of purchase.
Bank letter of guarantee -
CORRECT ANSWER-a letter issued by a bank on behalf of a customer
guaranteeing payment up to the amount stated in the letter.
Buyer's premium -
CORRECT ANSWER-A percentage of the high bid added to the "hammer price"
of an item.
Commission -
CORRECT ANSWER-- The fee charged to the seller by the auctioneer for
providing services; usually a percentage of the gross selling price of the item(s)
established by contract (the Listing Agreement) prior to the auction.
