CERTIFICATION EXAM
QUESTIONS AND ANSWERS
(LATEST)
1. An auctioneer in Ohio must be licensed by:
A. Local government
B. Federal agency
C. Ohio Department of Agriculture
D. IRS
Correct Answer: C
Rationale: The Ohio Department of Agriculture regulates auctioneer
licensing in Ohio.
2. The primary purpose of auctioneer licensing is to:
A. Increase profit
B. Protect the public
C. Promote advertising
D. Reduce competition
,Correct Answer: B
Rationale: Licensing ensures professionalism and protects consumers.
3. A person selling goods at auction for others is acting as a:
A. Buyer
B. Principal
C. Agent
D. Contractor
Correct Answer: C
Rationale: Auctioneers act as agents for sellers.
4. The seller in an auction is known as the:
A. Bidder
B. Principal
C. Agent
D. Clerk
Correct Answer: B
Rationale: The auctioneer represents the principal (seller).
5. The contract between auctioneer and seller is called a:
, A. Bill of sale
B. Listing agreement
C. Lease
D. Deed
Correct Answer: B
Rationale: Establishes terms of representation.
6. Reserve auction means:
A. Item must be sold
B. Seller sets minimum price
C. No bids allowed
D. Free sale
Correct Answer: B
Rationale: Seller can reject bids below reserve price.
7. Absolute auction means:
A. Seller may withdraw item
B. Item sells to highest bidder regardless of price
C. Minimum price required