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AUCTION FIRM STUDY GUIDE 2025-2026 EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED) A+ GRADE
Terms in this set (19) Q & A
Auction
- answer- a method of sale of real or personal property, goods, or chattels, at a predetermined
date and time, by means of a verbal exchange, regular mail, telecommunications, the
internet, an electronic transmission, or a physical gesture between an auctioneer or
apprentice auctioneer and members of the audience or prospective purchasers, the
exchanges and gestures consisting of a series of invitations for offers made by the auctioneer
and offers by members of the audience or prospective purchasers, with the right to
acceptance of offers with the auctioneer or apprentice auctioneer. (Division A)
What is Included in an "Auction"
- answer- sale of real or personal property, goods, or chattels in which there has been a
solicitation or invitation by advertisement to the public for an advance in bidding using sealed
bidding, provided that the bids are opened and there is a call for an advancement of the bids.
Auctioneer
- answer- any person who engages, or who by advertising or otherwise holds the person out as
being able to engage, in the calling for, recognition of, and the acceptance of, offers for the
purchase of real or personal property, goods, or chattels at auction either directly or through
the use of other licensed auctioneers or apprentice auctioneers.
AUCTION FIRM STUDY GUIDE 2025-2026 EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED) A+ GRADE
Terms in this set (19) Q & A
Auction
- answer- a method of sale of real or personal property, goods, or chattels, at a predetermined
date and time, by means of a verbal exchange, regular mail, telecommunications, the
internet, an electronic transmission, or a physical gesture between an auctioneer or
apprentice auctioneer and members of the audience or prospective purchasers, the
exchanges and gestures consisting of a series of invitations for offers made by the auctioneer
and offers by members of the audience or prospective purchasers, with the right to
acceptance of offers with the auctioneer or apprentice auctioneer. (Division A)
What is Included in an "Auction"
- answer- sale of real or personal property, goods, or chattels in which there has been a
solicitation or invitation by advertisement to the public for an advance in bidding using sealed
bidding, provided that the bids are opened and there is a call for an advancement of the bids.
Auctioneer
- answer- any person who engages, or who by advertising or otherwise holds the person out as
being able to engage, in the calling for, recognition of, and the acceptance of, offers for the
purchase of real or personal property, goods, or chattels at auction either directly or through
the use of other licensed auctioneers or apprentice auctioneers.
