Ky Board of Auctioneer Questions and Answers with complete solution

Absolute Auction - After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right to bid - The auctioneer may withdraw the goods at any time until he announces completion of the sale - KRS 355.2-328. The goods may be put up subject to the seller's confirmation or subject to a certain reserve price - KRS 330.220(5). The seller, or someone acting on the seller's behalf, may bid, provided that full disclosure has been made that liberty for such bidding is retained. No licensee shall knowingly receive such a bid without this full disclosure - KRS 330.220(6)(c) and KRS 355.2-328(4). Real Estate/Real Property - Means real estate in its ordinary meaning, including but not limited to timeshares, options, leaseholds, and other interests less than leaseholds of any form or type which may be lawfully kept or offered for sale, exchange, or lease. Real estate usually includes all improvements to the land, such as buildings, fences and fixtures. Title for real estate sold at auction passes at closing with delivery and acceptance of the deed. Fee Simple - The highest type of real estate ownership recognized by law. It is complete ownership for all time and is the most common type of ownership. Life Estate - A temporary ownership of real estate. Usually the life estate ownership expires at the death of a designated person. This type of ownership is more often used in family situations where one family member retains ownership of the family property until his/her death, at which time ownership transfers to another family member. Interest in property held in a life estate may be sold, but rights to the property end at the death of the individual to whom the life estate was originally given. Eminent Domain - The federal, state and local government's right to take property after adequate compensation for the purpose of using the land for the public good. Examples include land taken for highways, urban renewal projects, airport expansion, schools and parks, plus for the use of power companies, telephone companies, natural gas companies and railroads.