GA Auction Study Guide Exam Questions with Correct Answers Latest Update 2025/2026
An auction listing contract - Answers Must be written to be enforceable
Seller - Answers 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: - Answers
Avoid the seller
A real estate deed is a document to determine; - Answers Convey land ownership
An auctioneers license number must be displayed on: - Answers All advertising of all auctions
An auctioneers first agency obligation is to - Answers Sellers
How should an auctioneer dress? - Answers Comparable with your bidders
The best chant for an auctioneer is to be: - Answers Easily understood
liquidation auction - Answers Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell real
estate.
T or F - Answers False
Registration of bidders at an auction - Answers 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 - Answers True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Answers True
At an absolute auction you can legally - Answers 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 - Answers True
Principal - Answers In an agency situation, when a seller authorizes you to sell their property.
A closing statement - Answers 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? - Answers 3 years
Real Property - Answers Land with permanent building thereon
Example of surcharge at an auction - Answers 10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Answers Prior notice
has been given
Federal laws regulating sell of firearms at an auction apply when? - Answers Always apply
Personal property is anything that can be moved. True or False? - Answers
A title to real property requires: - Answers A copy of the deed to be transferred.
A lein on personal property is not enforceable and prohibits property being transferred before
the lein is settled.
T or F? - Answers False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Answers Lead to
revocation of your license
Mechanic Lein - Answers Applies to autos repairs, attaches to property that labor and materials
went into, and can attach to either real or personal property.
Real property tax lean - Answers Taking precedence over all
Valid Auction Contract's may: - Answers Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - Answers Be included in the signed bidder
contract
As-is means - Answers There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Answers No bid has been
received within a reasonable time
An appraisal of personal property is - Answers An opinion of value, normally not required to be
made by certified appraiser, and estimates value, documented.
When a buyer must sign a sales tax exempt form - Answers When buying personal property for
resale, to avoid paying sales tax
Buyer's premium - Answers Additional percentage charged to bidder above their bid
Any interest accumulated in an auctioneer's escrow account belongs to who? - Answers It is
An auction listing contract - Answers Must be written to be enforceable
Seller - Answers 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: - Answers
Avoid the seller
A real estate deed is a document to determine; - Answers Convey land ownership
An auctioneers license number must be displayed on: - Answers All advertising of all auctions
An auctioneers first agency obligation is to - Answers Sellers
How should an auctioneer dress? - Answers Comparable with your bidders
The best chant for an auctioneer is to be: - Answers Easily understood
liquidation auction - Answers Selling remaining inventory at auction
The Auction Commission can regulate the amount of commission you can charge to sell real
estate.
T or F - Answers False
Registration of bidders at an auction - Answers 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 - Answers True
A chapter 11 bankruptcy is a debtor in possession who has filed for reorganization.
T or F - Answers True
At an absolute auction you can legally - Answers 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 - Answers True
Principal - Answers In an agency situation, when a seller authorizes you to sell their property.
A closing statement - Answers 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? - Answers 3 years
Real Property - Answers Land with permanent building thereon
Example of surcharge at an auction - Answers 10% buyer's premium
An auctioneer may bid on behalf of the seller during the auction when: - Answers Prior notice
has been given
Federal laws regulating sell of firearms at an auction apply when? - Answers Always apply
Personal property is anything that can be moved. True or False? - Answers
A title to real property requires: - Answers A copy of the deed to be transferred.
A lein on personal property is not enforceable and prohibits property being transferred before
the lein is settled.
T or F? - Answers False
The use of false bidder, by bidders, cappers, or shills to raise the bid may: - Answers Lead to
revocation of your license
Mechanic Lein - Answers Applies to autos repairs, attaches to property that labor and materials
went into, and can attach to either real or personal property.
Real property tax lean - Answers Taking precedence over all
Valid Auction Contract's may: - Answers Be a legal agreement between competent parties
If a buyer's premium is charged at an auction must: - Answers Be included in the signed bidder
contract
As-is means - Answers There are no guarantees.
At an absolute auction, the auctioneer may withdraw property when - Answers No bid has been
received within a reasonable time
An appraisal of personal property is - Answers An opinion of value, normally not required to be
made by certified appraiser, and estimates value, documented.
When a buyer must sign a sales tax exempt form - Answers When buying personal property for
resale, to avoid paying sales tax
Buyer's premium - Answers Additional percentage charged to bidder above their bid
Any interest accumulated in an auctioneer's escrow account belongs to who? - Answers It is
