Arkansas Auctioneer Exam WITH CORRECT ANSWERS

Arkansas Auctioneer Exam WITH |\ |\ |\ |\




CORRECT ANSWERS |\




True/False: The Arkansas Auctioneers Licensing Board is
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appointed by vote of the Arkansas General Assembly -
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CORRECT ANSWERS ✔✔False - The governor shall appoint
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the members of the Board
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All auctioneer licenses expire: - CORRECT ANSWERS
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✔✔June 30th |\




True/False: The Arkansas Auctioneers Licensing Board has
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the final decision in the suspension or revocation of an
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auctioneer's license. - CORRECT ANSWERS ✔✔False - The |\ |\ |\ |\ |\ |\ |\ |\



Auctioneers License Act indicates the "Board shall be |\ |\ |\ |\ |\ |\ |\ |\



subject to the Arkansas Administrative Procedure Act"
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Auctioneer - CORRECT ANSWERS ✔✔An auctioneer is any
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person who offers, negotiates, or attempts to negotiate a
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listing contract, sale, purchase, or exchange of goods,
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chattels, merchandise, real or personal property, or of any
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other commodity which may lawfully be kept or offered
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for sale by or at public auction, or who sells the same at
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auction.

,Bona Fide - CORRECT ANSWERS ✔✔The term bona fide
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means that a person or agency is acting in good faith,
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without dishonesty, fraud, or deceit. In relation to an
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auction, the term is normally used to refer to a bona fide
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perchaser.


Bulk Sale - CORRECT ANSWERS ✔✔A bulk sale is any
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transfer that is in bulk and not in the ordinary course of
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the transferor's business, or a major part of the materials,
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supplies, merchandise, or other inventory of any business
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subject to the Bulk Sale Law.
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Consignee - CORRECT ANSWERS ✔✔The consignee is a |\ |\ |\ |\ |\ |\ |\ |\



person or agent to whom something, usually goods, is
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entrusted by others for a purpose. The auctioneer is
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referred to as the consignee for such goods to be sold at
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auction. He or she is the person in whose care goods are
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placed for sale. |\ |\




Consignor - CORRECT ANSWERS ✔✔The consignor is the |\ |\ |\ |\ |\ |\ |\ |\



person or entity that consgins goods to an auctioneer. In
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an auction, the consignor is usually the seller.
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Contract - CORRECT ANSWERS ✔✔A voluntary, legally
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enforceable agreement between two or more people. |\ |\ |\ |\ |\ |\

, Liens - CORRECT ANSWERS ✔✔Liens are adverse claims
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against property which may occur when the property has
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been used as collateral for a debt by the property owner
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or when a legal interest is created upon non-payment of a
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debt such as taxes or contractors bills.
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Estates - CORRECT ANSWERS ✔✔The auctioneer often
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deals with the sale of both real and personal property in
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the settlement of an estate. In working with estate
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auctions, certain terms are important. |\ |\ |\ |\




Estate Administrator/Administratrix - CORRECT ANSWERS
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✔✔The administrator/administratrix of an estate is the
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person appointed by the court to oversee the settling of
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an estate when there is no will or when the person named
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in a will cannot or will not serve, or when the will names
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no executor or executrix.
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Estate Executor/Executrix - CORRECT ANSWERS ✔✔The
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executor/executrix of an estate is the person named in |\ |\ |\ |\ |\ |\ |\ |\ |\



the will to carry out its provisions.
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Goods - CORRECT ANSWERS ✔✔Includes chattels,
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merchandise, personal property, or commodities of any |\ |\ |\ |\ |\ |\ |\



form or type, which may lawfully be kept or offered for
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sale.