TEXAS AUCTIONEER LICENSE Newest
Question Bank | Question and Answer
| Grade A+
• Trust Account -✓✓ a legal and financial agreement to hold, manage, and be
accountable for someone else's money
• Properly Payable -✓✓ the instrument or form presented for payment in a
normal course of business must be honored as outlined in the terms of the trust
account
• Notice of Dishonor -✓✓ the written explanation the financial institution is
required by law to give the requester if the financial institution is refusing for any
reason to honor the request for payment
• Discuss discriminatory lending activities as described in the Consumer Credit
Protection Act -✓✓ -A person cannot be denied credit or discriminated against in
any part of a credit transaction based on his or her race, color, religion, national
origin, sex, marital status or age
-A person cannot be discriminated against if some or all of his or her income
comes from any kind of public assistance program
-An applicant cannot be denied credit because he or she insisted upon claiming
his or her rights under this law
• What are the records required for a public livestock auction market? -✓✓ -the
name, address and picture ID of the seller and the buyer
-proof of all tests taken and the results of each one
, -certificates of veterinary inspections and any other required permits and health
certificates
-the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
• Discuss what it means to purchase an item on credit? -✓✓ purchasing items on
credit enables the borrower to take possession of the item at the time of
purchase by agreeing to make payments over a specific period of time
• Under the Consumer Credit Protection Act and in accordance with the
regulations of the Board, it is not considered discrimination to: -✓✓ -ask about a
person's marital status when the creditor is trying to determine his rights and
remedies as applicable to a particular approval of credit
-verify the applicant's age in order to determine if he or she is of legal age to
enter into a binding contracts
-ask an elderly person his or her age as long as the elderly person is not given a
positive or negative value in any empirically derived credit rating system
-request if any of an applicant's income is provided by a public assistance program
as long as the inquiry is made in order to determine the person's income level, the
probability the income will continue and to learn about their credit history
• Define a Public Livestock Auction Market -✓✓ a permanent facility that sells
livestock to the public on a regularly scheduled day or days every week.
• Discuss trust account record retention by the auctioneer -✓✓ the auctioneer
should keep a copy of:
-the bill of sale and any other written agreements
Question Bank | Question and Answer
| Grade A+
• Trust Account -✓✓ a legal and financial agreement to hold, manage, and be
accountable for someone else's money
• Properly Payable -✓✓ the instrument or form presented for payment in a
normal course of business must be honored as outlined in the terms of the trust
account
• Notice of Dishonor -✓✓ the written explanation the financial institution is
required by law to give the requester if the financial institution is refusing for any
reason to honor the request for payment
• Discuss discriminatory lending activities as described in the Consumer Credit
Protection Act -✓✓ -A person cannot be denied credit or discriminated against in
any part of a credit transaction based on his or her race, color, religion, national
origin, sex, marital status or age
-A person cannot be discriminated against if some or all of his or her income
comes from any kind of public assistance program
-An applicant cannot be denied credit because he or she insisted upon claiming
his or her rights under this law
• What are the records required for a public livestock auction market? -✓✓ -the
name, address and picture ID of the seller and the buyer
-proof of all tests taken and the results of each one
, -certificates of veterinary inspections and any other required permits and health
certificates
-the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
• Discuss what it means to purchase an item on credit? -✓✓ purchasing items on
credit enables the borrower to take possession of the item at the time of
purchase by agreeing to make payments over a specific period of time
• Under the Consumer Credit Protection Act and in accordance with the
regulations of the Board, it is not considered discrimination to: -✓✓ -ask about a
person's marital status when the creditor is trying to determine his rights and
remedies as applicable to a particular approval of credit
-verify the applicant's age in order to determine if he or she is of legal age to
enter into a binding contracts
-ask an elderly person his or her age as long as the elderly person is not given a
positive or negative value in any empirically derived credit rating system
-request if any of an applicant's income is provided by a public assistance program
as long as the inquiry is made in order to determine the person's income level, the
probability the income will continue and to learn about their credit history
• Define a Public Livestock Auction Market -✓✓ a permanent facility that sells
livestock to the public on a regularly scheduled day or days every week.
• Discuss trust account record retention by the auctioneer -✓✓ the auctioneer
should keep a copy of:
-the bill of sale and any other written agreements
