Arkansas Auctioneer Exam
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 dishonesty, fraud, or deceit. In relation to an auction, the term is normally
used to refer to a bona fide perchaser.
Bulk Sale - answerA 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 - answerThe 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 - answerThe consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract - answerA voluntary, legally enforceable agreement between two or more
people.
Liens - answerLiens 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 - answerThe 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 - answerThe 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 - answerThe executor/executrix of an estate is the person
named in the will to carry out its provisions.
Goods - answerIncludes chattels, merchandise, personal property, or commodities of
any form or type, which may lawfully be kept or offered for sale.
Chattels - answerChattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - answerCommodities 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 - answerThe 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 - answerIntentional acts or behavior involving dishonest, wickedness,
depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - answerIn 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 - answerA 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? - answerBrenda Mahoney
No-reserve auction/absolute auction - answerSeller cannot withdraw item after a bid has
been received and the item will be sold regardless of price.
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 dishonesty, fraud, or deceit. In relation to an auction, the term is normally
used to refer to a bona fide perchaser.
Bulk Sale - answerA 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 - answerThe 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 - answerThe consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract - answerA voluntary, legally enforceable agreement between two or more
people.
Liens - answerLiens 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 - answerThe 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 - answerThe 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 - answerThe executor/executrix of an estate is the person
named in the will to carry out its provisions.
Goods - answerIncludes chattels, merchandise, personal property, or commodities of
any form or type, which may lawfully be kept or offered for sale.
Chattels - answerChattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - answerCommodities 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 - answerThe 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 - answerIntentional acts or behavior involving dishonest, wickedness,
depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - answerIn 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 - answerA 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? - answerBrenda Mahoney
No-reserve auction/absolute auction - answerSeller cannot withdraw item after a bid has
been received and the item will be sold regardless of price.
