Page 1 of 15
ARKANSAS AUCTIONEER EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (GRADED A+) LATEST EDITION
TERMS IN THIS SET (76) Q & A
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly
-answer- False - The governor shall appoint the members of the Board
All auctioneer licenses expire:
-answer- June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension
or revocation of an auctioneer's license.
-answer- False - The Auctioneers License Act indicates the "Board shall be subject to the
Arkansas Administrative Procedure Act"
Auctioneer
-answer- An auctioneer is any person who offers, negotiates, or attempts to negotiate a listing
contract, sale, purchase, or exchange of goods, chattels, merchandise, real or personal
property, or of any other commodity which may lawfully be kept or offered for sale by or at
public auction, or who sells the same at auction.
Bona Fide
-answer- The term bona fide means that a person or agency is acting in good faith, without
, Page 2 of 15
dishonesty, fraud, or deceit. In relation to an auction, the term is normally used to refer to a
bona fide perchaser.
Bulk Sale
-answer- A bulk sale is any transfer that is in bulk and not in the ordinary course of the
transferor's business, or a major part of the materials, supplies, merchandise, or other
inventory of any business subject to the Bulk Sale Law.
Consignee
-answer- The consignee is a person or agent to whom something, usually goods, is entrusted
by others for a purpose. The auctioneer is referred to as the consignee for such goods to be
sold at auction. He or she is the person in whose care goods are placed for sale.
Consignor
-answer- The consignor is the person or entity that consgins goods to an auctioneer. In an
auction, the consignor is usually the seller.
Contract
-answer- A voluntary, legally enforceable agreement between two or more people.
Liens
-answer- Liens are adverse claims against property which may occur when the property has
been used as collateral for a debt by the property owner or when a legal interest is created
upon non-payment of a debt such as taxes or contractors bills.
ARKANSAS AUCTIONEER EXAM QUESTIONS AND CORRECT
DETAILED ANSWERS (GRADED A+) LATEST EDITION
TERMS IN THIS SET (76) Q & A
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly
-answer- False - The governor shall appoint the members of the Board
All auctioneer licenses expire:
-answer- June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension
or revocation of an auctioneer's license.
-answer- False - The Auctioneers License Act indicates the "Board shall be subject to the
Arkansas Administrative Procedure Act"
Auctioneer
-answer- An auctioneer is any person who offers, negotiates, or attempts to negotiate a listing
contract, sale, purchase, or exchange of goods, chattels, merchandise, real or personal
property, or of any other commodity which may lawfully be kept or offered for sale by or at
public auction, or who sells the same at auction.
Bona Fide
-answer- The term bona fide means that a person or agency is acting in good faith, without
, Page 2 of 15
dishonesty, fraud, or deceit. In relation to an auction, the term is normally used to refer to a
bona fide perchaser.
Bulk Sale
-answer- A bulk sale is any transfer that is in bulk and not in the ordinary course of the
transferor's business, or a major part of the materials, supplies, merchandise, or other
inventory of any business subject to the Bulk Sale Law.
Consignee
-answer- The consignee is a person or agent to whom something, usually goods, is entrusted
by others for a purpose. The auctioneer is referred to as the consignee for such goods to be
sold at auction. He or she is the person in whose care goods are placed for sale.
Consignor
-answer- The consignor is the person or entity that consgins goods to an auctioneer. In an
auction, the consignor is usually the seller.
Contract
-answer- A voluntary, legally enforceable agreement between two or more people.
Liens
-answer- Liens are adverse claims against property which may occur when the property has
been used as collateral for a debt by the property owner or when a legal interest is created
upon non-payment of a debt such as taxes or contractors bills.
