GA AUCTION STUDY GUIDE EXAM QUESTIONS
WITH 100% CORRECT ANSWERS
"A |valid |contract |must |include: |- |Correct |Answer |An |offer |by |one |of |the |parties, |an |acceptance |of |the
|offer |by |another |party, |and |consideration"
"A |corporation |can |be |exempt |from |licensing |by |- |Correct |Answer |Filing |an |application |of |exemption
|with |Georgia |Auction |Commission, |have |a |licensed |auctioneer |supervise |operation, |have |a |licensed
|auctioneer |controls |funds |in |his |escrow |account."
"Principal |- |Correct |Answer |In |an |agency |situation, |when |a |seller |authorizes |you |to |sell |their
|property."
"Seller |- |Correct |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: |- |Correct
|Answer |Avoid |the |seller"
"A |real |estate |deed |is |a |document |to |determine; |- |Correct |Answer |Convey |land |ownership"
"An |auctioneers |license |number |must |be |displayed |on: |- |Correct |Answer |All |advertising |of |all
|auctions"
"An |auctioneers |first |agency |obligation |is |to |- |Correct |Answer |Sellers"
"How |should |an |auctioneer |dress? |- |Correct |Answer |Comparable |with |your |bidders"
"The |best |chant |for |an |auctioneer |is |to |be: |- |Correct |Answer |Easily |understood"
"liquidation |auction |- |Correct |Answer |Selling |remaining |inventory |at |auction"
"Registration |of |bidders |at |an |auction |- |Correct |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 |- |Correct |Answer |True"
"A |chapter |11 |bankruptcy |is |a |debtor |in |possession |who |has |filed |for |reorganization.
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, T |or |F |- |Correct |Answer |True"
"Auctioneers |should |have |product |knowledge |because: |- |Correct |Answer |The |seller |will |know |that
|the |auctioneer |has |done |his |due |diligence, |auctioneer |will |be |prepared |to |ask |for |a |reasonable
|opening |bid, |auctioneer |will |prove |credibility |with |this |knowledge"
"At |an |absolute |auction |you |can |legally |- |Correct |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 |- |Correct |Answer |True"
"A |closing |statement |- |Correct |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? |- |Correct |Answer |3 |years"
"Real |Property |- |Correct |Answer |Land |with |permanent |building |thereon"
"Example |of |surcharge |at |an |auction |- |Correct |Answer |10% |buyer's |premium"
"An |auctioneer |may |bid |on |behalf |of |the |seller |during |the |auction |when: |- |Correct |Answer |Prior
|notice |has |been |given"
"Federal |laws |regulating |sell |of |firearms |at |an |auction |apply |when? |- |Correct |Answer |Always |apply"
"Personal |property |is |anything |that |can |be |moved. |True |or |False? |- |Correct |Answer |"
"A |title |to |real |property |requires: |- |Correct |Answer |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? |- |Correct |Answer |False"
"The |use |of |false |bidder, |by |bidders, |cappers, |or |shills |to |raise |the |bid |may: |- |Correct |Answer |Lead |to
|revocation |of |your |license"
"Mechanic |Lein |- |Correct |Answer |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 |- |Correct |Answer |Taking |precedence |over |all"
"Valid |Auction |Contract's |may: |- |Correct |Answer |Be |a |legal |agreement |between |competent |parties"
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WITH 100% CORRECT ANSWERS
"A |valid |contract |must |include: |- |Correct |Answer |An |offer |by |one |of |the |parties, |an |acceptance |of |the
|offer |by |another |party, |and |consideration"
"A |corporation |can |be |exempt |from |licensing |by |- |Correct |Answer |Filing |an |application |of |exemption
|with |Georgia |Auction |Commission, |have |a |licensed |auctioneer |supervise |operation, |have |a |licensed
|auctioneer |controls |funds |in |his |escrow |account."
"Principal |- |Correct |Answer |In |an |agency |situation, |when |a |seller |authorizes |you |to |sell |their
|property."
"Seller |- |Correct |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: |- |Correct
|Answer |Avoid |the |seller"
"A |real |estate |deed |is |a |document |to |determine; |- |Correct |Answer |Convey |land |ownership"
"An |auctioneers |license |number |must |be |displayed |on: |- |Correct |Answer |All |advertising |of |all
|auctions"
"An |auctioneers |first |agency |obligation |is |to |- |Correct |Answer |Sellers"
"How |should |an |auctioneer |dress? |- |Correct |Answer |Comparable |with |your |bidders"
"The |best |chant |for |an |auctioneer |is |to |be: |- |Correct |Answer |Easily |understood"
"liquidation |auction |- |Correct |Answer |Selling |remaining |inventory |at |auction"
"Registration |of |bidders |at |an |auction |- |Correct |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 |- |Correct |Answer |True"
"A |chapter |11 |bankruptcy |is |a |debtor |in |possession |who |has |filed |for |reorganization.
`1 || |P a g e
, T |or |F |- |Correct |Answer |True"
"Auctioneers |should |have |product |knowledge |because: |- |Correct |Answer |The |seller |will |know |that
|the |auctioneer |has |done |his |due |diligence, |auctioneer |will |be |prepared |to |ask |for |a |reasonable
|opening |bid, |auctioneer |will |prove |credibility |with |this |knowledge"
"At |an |absolute |auction |you |can |legally |- |Correct |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 |- |Correct |Answer |True"
"A |closing |statement |- |Correct |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? |- |Correct |Answer |3 |years"
"Real |Property |- |Correct |Answer |Land |with |permanent |building |thereon"
"Example |of |surcharge |at |an |auction |- |Correct |Answer |10% |buyer's |premium"
"An |auctioneer |may |bid |on |behalf |of |the |seller |during |the |auction |when: |- |Correct |Answer |Prior
|notice |has |been |given"
"Federal |laws |regulating |sell |of |firearms |at |an |auction |apply |when? |- |Correct |Answer |Always |apply"
"Personal |property |is |anything |that |can |be |moved. |True |or |False? |- |Correct |Answer |"
"A |title |to |real |property |requires: |- |Correct |Answer |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? |- |Correct |Answer |False"
"The |use |of |false |bidder, |by |bidders, |cappers, |or |shills |to |raise |the |bid |may: |- |Correct |Answer |Lead |to
|revocation |of |your |license"
"Mechanic |Lein |- |Correct |Answer |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 |- |Correct |Answer |Taking |precedence |over |all"
"Valid |Auction |Contract's |may: |- |Correct |Answer |Be |a |legal |agreement |between |competent |parties"
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