GA AUCTION UPDATED EXAMS TEST PAPER
QUESTIONS AND ANSWERS SURE A+
✔✔A breach of contract situation occurs when - ✔✔A violation of terms of the contract
agreement occurs
✔✔Remedies for breach of contract may be - ✔✔Damages that are Compensatory,
punitive, nominal, or liquidated
✔✔Punitive damages for breach of contract - ✔✔Payment to punish the party breaching
the contract
✔✔When either the auctioneer of the seller violates the conditions of the contract either
party can be charged with breach of contract.
T or F? - ✔✔True
✔✔Failure to disclose agency relationship may lose your auction license.
T or F - ✔✔True
✔✔An oral contract may be permitted to establish agency relationships.
T or F - ✔✔False
✔✔Client - ✔✔The seller in an agency relationship
, ✔✔In a fiduciary relationship, the auctioneer is to place the welfare of their client ahead
of their own.
T or F - ✔✔True
✔✔An auctioneer may represent both the seller and buyer after full disclosure.
T or F - ✔✔True
✔✔Auctioneer is not responsive for wrongdoings of seller by disclosure of agency
relationship.
T or F - ✔✔True
✔✔Quickly dropping the bid to a friend is not a violation of the seller/agency
relationship.
T or F - ✔✔False
✔✔Auctioneer should it disclose any harmful information about the seller.
T or F - ✔✔True
✔✔Misrepresentation by the auctioneer on behalf of seller may cause civil and criminal
liability to the seller.
T or F - ✔✔True
✔✔Furnishing public information to the buyer may be violation of the agency
relationship.
T or F - ✔✔False
✔✔Duties of the seller include compensating the auctioneer according to terms of the
contract.
T or F - ✔✔True
✔✔An auction contract establishes a special agency relationship which is the same as a
power of attorney.
T or F - ✔✔True
✔✔Material misrepresentations made by and auctioneer constitute fraud.
T or F - ✔✔True
✔✔An auctioneer who designs with another (buyer) to defraud (seller) third party is
guilty if fraud.
T or F - ✔✔True
✔✔Operating in a negligent manner is a form of fraud.
QUESTIONS AND ANSWERS SURE A+
✔✔A breach of contract situation occurs when - ✔✔A violation of terms of the contract
agreement occurs
✔✔Remedies for breach of contract may be - ✔✔Damages that are Compensatory,
punitive, nominal, or liquidated
✔✔Punitive damages for breach of contract - ✔✔Payment to punish the party breaching
the contract
✔✔When either the auctioneer of the seller violates the conditions of the contract either
party can be charged with breach of contract.
T or F? - ✔✔True
✔✔Failure to disclose agency relationship may lose your auction license.
T or F - ✔✔True
✔✔An oral contract may be permitted to establish agency relationships.
T or F - ✔✔False
✔✔Client - ✔✔The seller in an agency relationship
, ✔✔In a fiduciary relationship, the auctioneer is to place the welfare of their client ahead
of their own.
T or F - ✔✔True
✔✔An auctioneer may represent both the seller and buyer after full disclosure.
T or F - ✔✔True
✔✔Auctioneer is not responsive for wrongdoings of seller by disclosure of agency
relationship.
T or F - ✔✔True
✔✔Quickly dropping the bid to a friend is not a violation of the seller/agency
relationship.
T or F - ✔✔False
✔✔Auctioneer should it disclose any harmful information about the seller.
T or F - ✔✔True
✔✔Misrepresentation by the auctioneer on behalf of seller may cause civil and criminal
liability to the seller.
T or F - ✔✔True
✔✔Furnishing public information to the buyer may be violation of the agency
relationship.
T or F - ✔✔False
✔✔Duties of the seller include compensating the auctioneer according to terms of the
contract.
T or F - ✔✔True
✔✔An auction contract establishes a special agency relationship which is the same as a
power of attorney.
T or F - ✔✔True
✔✔Material misrepresentations made by and auctioneer constitute fraud.
T or F - ✔✔True
✔✔An auctioneer who designs with another (buyer) to defraud (seller) third party is
guilty if fraud.
T or F - ✔✔True
✔✔Operating in a negligent manner is a form of fraud.
