Indiana Auctioneer Exam Study Guide
Indiana Auctioneer Exam Study Guide Licensing Requirements, Laws, and Practice Questions for Certification
Study online at https://quizlet.com/_akehf1
1. Absolute Auction also known as a no-reserve auction,
it is an auction in which there is
no reserve or restriction on price.
Goods cannot be withdrawn once
bidding is opened UNLESS no bid is
made within a reasonable time.
2. Reserve Auction an auction in which a seller reserves
the right to accept or reject the high-
est bid within a predetermined time.
ALL AUCTIONS ARE WITH RESERVE
UNLESS OTHERWISE STATED. Auc-
tioneers can withdraw goods at any
time until the completion of the sale.
Auctioneer can bid on behalf of the
seller up to amount of reserve price.
3. trust or escrow account Must be a separate account from
the auctioneer's personal bank ac-
count, used for all funds belonging
to others. Deposits must be within
48 hours or the next business day
4. Recovery Fund maintained by the Auction Commit-
tee, requirements for payment out
of the fund, required amounts in the
fund
5. Escrow account violations commingling of funds, using or bor-
rowing from the account, inade-
quate records for account activity,
and not having an escrow account
Page 1
, Indiana Auctioneer Exam Study Guide
Indiana Auctioneer Exam Study Guide Licensing Requirements, Laws, and Practice Questions for Certification
Study online at https://quizlet.com/_akehf1
6. Auction licenses Auction houses need their own li-
cense, need auctioneer license,
7. Chapter 7 Bankruptcy LIQUIDATION. debtor unable/un-
willing to pay debt. All non-exempt
property is lost to creditors, dis-
charge of debts given quickly, not
discharged-taxes, education, fraud,
fines, damages. May file at begin-
ning of every seventh year
8. Chapter 13 Bankruptcy RE-ORGANIZATION. Debtor desires
to repay creditors, must have regular
income for repayment plan, able to
keep property if debt cured in rea-
sonable time, discharge at end of
plan, not discharged- support and
long term secured debt
9. Chapter 12 Bankruptcy FARMS
10. Chapter 11 Bankruptcy BUSINESS reorganization.
11. The bankruptcy court system district court with 13 region (they
handle appeals from bankruptcy
court,) U.S. Trustee program. The
goal of the Bankruptcy court is
to maximize return for unsecured
creditors
12. secure creditors The secured creditor holds priority
on debt collection from the property
on which it holds a lien, backed by
Page 2
, Indiana Auctioneer Exam Study Guide
Indiana Auctioneer Exam Study Guide Licensing Requirements, Laws, and Practice Questions for Certification
Study online at https://quizlet.com/_akehf1
collateral. Creditors must be notified
within 45 days before the auction
date.
13. unsecure creditors The unsecured creditor gets no such
protection; its best method of re-
payment from its debtor is voluntary
repayment. Somebody that lends
money out without collateral
14. Bankruptcy advertising requirements must notify the creditors of sale date
at least 20 days prior, leased equip-
ment-what can be sold, lease pur-
chase,
15. Bankruptcy proceeds must go to trustee and list accounts
receivable
16. Problems with bankruptcy auctions debts exceed property, threat of
lawsuit, retained rights, transfers to
insiders.
17. Zoning Codes Dictate the types of businesses and
buildings allowed in specific geo-
graphic areas
18. Tie bids open up bidding to only those two
bidders only, not the whole crowd
19. Types of licenses auctioneer (individual,) auction
house license, auction company or
business, apprentice, real estate
sales,
Page 3
Indiana Auctioneer Exam Study Guide Licensing Requirements, Laws, and Practice Questions for Certification
Study online at https://quizlet.com/_akehf1
1. Absolute Auction also known as a no-reserve auction,
it is an auction in which there is
no reserve or restriction on price.
Goods cannot be withdrawn once
bidding is opened UNLESS no bid is
made within a reasonable time.
2. Reserve Auction an auction in which a seller reserves
the right to accept or reject the high-
est bid within a predetermined time.
ALL AUCTIONS ARE WITH RESERVE
UNLESS OTHERWISE STATED. Auc-
tioneers can withdraw goods at any
time until the completion of the sale.
Auctioneer can bid on behalf of the
seller up to amount of reserve price.
3. trust or escrow account Must be a separate account from
the auctioneer's personal bank ac-
count, used for all funds belonging
to others. Deposits must be within
48 hours or the next business day
4. Recovery Fund maintained by the Auction Commit-
tee, requirements for payment out
of the fund, required amounts in the
fund
5. Escrow account violations commingling of funds, using or bor-
rowing from the account, inade-
quate records for account activity,
and not having an escrow account
Page 1
, Indiana Auctioneer Exam Study Guide
Indiana Auctioneer Exam Study Guide Licensing Requirements, Laws, and Practice Questions for Certification
Study online at https://quizlet.com/_akehf1
6. Auction licenses Auction houses need their own li-
cense, need auctioneer license,
7. Chapter 7 Bankruptcy LIQUIDATION. debtor unable/un-
willing to pay debt. All non-exempt
property is lost to creditors, dis-
charge of debts given quickly, not
discharged-taxes, education, fraud,
fines, damages. May file at begin-
ning of every seventh year
8. Chapter 13 Bankruptcy RE-ORGANIZATION. Debtor desires
to repay creditors, must have regular
income for repayment plan, able to
keep property if debt cured in rea-
sonable time, discharge at end of
plan, not discharged- support and
long term secured debt
9. Chapter 12 Bankruptcy FARMS
10. Chapter 11 Bankruptcy BUSINESS reorganization.
11. The bankruptcy court system district court with 13 region (they
handle appeals from bankruptcy
court,) U.S. Trustee program. The
goal of the Bankruptcy court is
to maximize return for unsecured
creditors
12. secure creditors The secured creditor holds priority
on debt collection from the property
on which it holds a lien, backed by
Page 2
, Indiana Auctioneer Exam Study Guide
Indiana Auctioneer Exam Study Guide Licensing Requirements, Laws, and Practice Questions for Certification
Study online at https://quizlet.com/_akehf1
collateral. Creditors must be notified
within 45 days before the auction
date.
13. unsecure creditors The unsecured creditor gets no such
protection; its best method of re-
payment from its debtor is voluntary
repayment. Somebody that lends
money out without collateral
14. Bankruptcy advertising requirements must notify the creditors of sale date
at least 20 days prior, leased equip-
ment-what can be sold, lease pur-
chase,
15. Bankruptcy proceeds must go to trustee and list accounts
receivable
16. Problems with bankruptcy auctions debts exceed property, threat of
lawsuit, retained rights, transfers to
insiders.
17. Zoning Codes Dictate the types of businesses and
buildings allowed in specific geo-
graphic areas
18. Tie bids open up bidding to only those two
bidders only, not the whole crowd
19. Types of licenses auctioneer (individual,) auction
house license, auction company or
business, apprentice, real estate
sales,
Page 3
