ARKANSAS AUCTIONEER EXAM 2026
WITH 100% ACCURATE ANSWERS
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - Precise Answer ✔✔False - The governor shall appoint the members of the
Board
All auctioneer licenses expire: - Precise Answer ✔✔June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension
or revocation of an auctioneer's license. - Precise Answer ✔✔False - The Auctioneers License
Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - Precise 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 - Precise Answer ✔✔The term bona fide means that a person or agency is acting in
good faith, without dishonesty, fraud, or deceit. In relation to an auction, the term is normally
used to refer to a bona fide perchaser.
Bulk Sale - Precise 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 - Precise 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 - Precise Answer ✔✔The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract - Precise Answer ✔✔A voluntary, legally enforceable agreement between two or more
people.
Liens - Precise 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.
Estates - Precise Answer ✔✔The auctioneer often deals with the sale of both real and personal
property in the settlement of an estate. In working with estate auctions, certain terms are
, important.
Estate Administrator/Administratrix - Precise Answer ✔✔The administrator/administratrix of an
estate is the person appointed by the court to oversee the settling of an estate when there is no
will or when the person named in a will cannot or will not serve, or when the will names no
executor or executrix.
Estate Executor/Executrix - Precise Answer ✔✔The executor/executrix of an estate is the
person named in the will to carry out its provisions.
Goods - Precise Answer ✔✔Includes chattels, merchandise, personal property, or commodities
of any form or type, which may lawfully be kept or offered for sale.
Chattels - Precise Answer ✔✔Chattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - Precise Answer ✔✔Commodities may or may not be chattels and include
valuable interest in agricultural products, silver, gold, and other products customarily sold or
traded in commercial markets.
Market Value - Precise Answer ✔✔The market value is the price that a willing seller will take for
goods and a willing buyer will give if neither buyer nor seller is under any compulsion or undue
influence to buy or sell.
Mortal Turpitude - Precise Answer ✔✔Intentional acts or behavior involving dishonest,
wickedness, depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - Precise Answer ✔✔In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the licenses issued by
any of them. An auctioneer licensed in Arkansas, for example, will be granted a license in any
state with which it has reciprocity simply by requesting the licensing and paying any necessary
fees.
Spouse - Precise Answer ✔✔A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and witnessed by
Tom Turner and Mary Snelling. The will divided Sam's property equally among his three children
and named the oldest child, Brenda Mahoney, to see that its provisions were carried out and
the necessary business and legal arrangements completed. Who is the executor/executrix of the
estate? - Precise Answer ✔✔Brenda Mahoney
No-reserve auction/absolute auction - Precise Answer ✔✔Seller cannot withdraw item after a
bid has been received and the item will be sold regardless of price.
With reserve auction - Precise Answer ✔✔The owner or auctioneer may set a minimum price
that will be accepted for an item. In normal auction practice, an auction is assumed to be "with
reserve" unless otherwise stated
WITH 100% ACCURATE ANSWERS
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas
General Assembly - Precise Answer ✔✔False - The governor shall appoint the members of the
Board
All auctioneer licenses expire: - Precise Answer ✔✔June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension
or revocation of an auctioneer's license. - Precise Answer ✔✔False - The Auctioneers License
Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - Precise 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 - Precise Answer ✔✔The term bona fide means that a person or agency is acting in
good faith, without dishonesty, fraud, or deceit. In relation to an auction, the term is normally
used to refer to a bona fide perchaser.
Bulk Sale - Precise 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 - Precise 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 - Precise Answer ✔✔The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract - Precise Answer ✔✔A voluntary, legally enforceable agreement between two or more
people.
Liens - Precise 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.
Estates - Precise Answer ✔✔The auctioneer often deals with the sale of both real and personal
property in the settlement of an estate. In working with estate auctions, certain terms are
, important.
Estate Administrator/Administratrix - Precise Answer ✔✔The administrator/administratrix of an
estate is the person appointed by the court to oversee the settling of an estate when there is no
will or when the person named in a will cannot or will not serve, or when the will names no
executor or executrix.
Estate Executor/Executrix - Precise Answer ✔✔The executor/executrix of an estate is the
person named in the will to carry out its provisions.
Goods - Precise Answer ✔✔Includes chattels, merchandise, personal property, or commodities
of any form or type, which may lawfully be kept or offered for sale.
Chattels - Precise Answer ✔✔Chattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - Precise Answer ✔✔Commodities may or may not be chattels and include
valuable interest in agricultural products, silver, gold, and other products customarily sold or
traded in commercial markets.
Market Value - Precise Answer ✔✔The market value is the price that a willing seller will take for
goods and a willing buyer will give if neither buyer nor seller is under any compulsion or undue
influence to buy or sell.
Mortal Turpitude - Precise Answer ✔✔Intentional acts or behavior involving dishonest,
wickedness, depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - Precise Answer ✔✔In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the licenses issued by
any of them. An auctioneer licensed in Arkansas, for example, will be granted a license in any
state with which it has reciprocity simply by requesting the licensing and paying any necessary
fees.
Spouse - Precise Answer ✔✔A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and witnessed by
Tom Turner and Mary Snelling. The will divided Sam's property equally among his three children
and named the oldest child, Brenda Mahoney, to see that its provisions were carried out and
the necessary business and legal arrangements completed. Who is the executor/executrix of the
estate? - Precise Answer ✔✔Brenda Mahoney
No-reserve auction/absolute auction - Precise Answer ✔✔Seller cannot withdraw item after a
bid has been received and the item will be sold regardless of price.
With reserve auction - Precise Answer ✔✔The owner or auctioneer may set a minimum price
that will be accepted for an item. In normal auction practice, an auction is assumed to be "with
reserve" unless otherwise stated
