North Dakota Auctioneer License
Examination 2026 Comprehensive Question
Practice Test with Answers & Rationales Free
Pdf Access
1. What is the primary role of an auctioneer?
A. Sell property through negotiated sales
B. Facilitate public sale of goods or property to the highest bidder
C. Provide appraisal services only
D. Act as a real estate agent
Answer: B Facilitate public sale of goods or property to the highest
bidder
Rationale: Auctioneers conduct sales to the public and ensure fair
competitive bidding.
2. Which type of auction is typically used for real estate?
A. Absolute auction
B. Reserve auction
C. Silent auction
D. Online auction
Answer: B Reserve auction
Rationale: The seller sets a minimum price; property is sold only if
bids meet or exceed it.
3. What is an “absolute auction”?
A. Auction where property is sold to the highest bidder regardless of
price
B. Auction with a reserve price
C. Online bidding only
D. Charity auction
, North Dakota Auctioneer License
Examination 2026 Comprehensive Question
Practice Test with Answers & Rationales Free
Pdf Access
Answer: A Auction where property is sold to the highest bidder
regardless of price
Rationale: Absolute auctions have no minimum price and
guarantee sale to the highest bidder.
4. What is “reserve price” in an auction?
A. Minimum price the seller will accept
B. Opening bid
C. Bid increment
D. Final sale price
Answer: A Minimum price the seller will accept
Rationale: Protects sellers from accepting bids below their
minimum.
5. Which law primarily governs auctioneers in North Dakota?
A. North Dakota Century Code, Chapter 43-07
B. Federal Trade Commission rules
C. IRS tax code
D. North Dakota Uniform Commercial Code
Answer: A North Dakota Century Code, Chapter 43-07
Rationale: Sets licensing requirements and regulations for
auctioneers.
6. How long is a North Dakota auctioneer license valid?
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Answer: B 2 years
Rationale: Licenses must be renewed biennially with continuing
education requirements.
7. Which of the following is required to obtain an auctioneer license?
, North Dakota Auctioneer License
Examination 2026 Comprehensive Question
Practice Test with Answers & Rationales Free
Pdf Access
A. High school diploma or equivalent
B. Passing the state examination
C. Payment of licensing fees
D. All of the above
Answer: D All of the above
Rationale: Applicants must meet education, examination, and fee
requirements.
8. What is “bid calling”?
A. Announcing bids quickly and clearly during an auction
B. Recording bids for tax purposes
C. Appraising property
D. Advertising the auction
Answer: A Announcing bids quickly and clearly during an auction
Rationale: Clear bid calling is essential for competitive and fair
bidding.
9. What is “clerk of the auction”?
A. Person who records bids and manages paperwork
B. Bid caller
C. Appraiser
D. Auction sponsor
Answer: A Person who records bids and manages paperwork
Rationale: The clerk ensures accurate bid recording and
transaction documentation.
10. What is a “consignment auction”?
A. Auctioneer sells property on behalf of a seller for a fee or
commission
B. Auctioneer buys property directly
C. Charity auction
D. Silent auction
Examination 2026 Comprehensive Question
Practice Test with Answers & Rationales Free
Pdf Access
1. What is the primary role of an auctioneer?
A. Sell property through negotiated sales
B. Facilitate public sale of goods or property to the highest bidder
C. Provide appraisal services only
D. Act as a real estate agent
Answer: B Facilitate public sale of goods or property to the highest
bidder
Rationale: Auctioneers conduct sales to the public and ensure fair
competitive bidding.
2. Which type of auction is typically used for real estate?
A. Absolute auction
B. Reserve auction
C. Silent auction
D. Online auction
Answer: B Reserve auction
Rationale: The seller sets a minimum price; property is sold only if
bids meet or exceed it.
3. What is an “absolute auction”?
A. Auction where property is sold to the highest bidder regardless of
price
B. Auction with a reserve price
C. Online bidding only
D. Charity auction
, North Dakota Auctioneer License
Examination 2026 Comprehensive Question
Practice Test with Answers & Rationales Free
Pdf Access
Answer: A Auction where property is sold to the highest bidder
regardless of price
Rationale: Absolute auctions have no minimum price and
guarantee sale to the highest bidder.
4. What is “reserve price” in an auction?
A. Minimum price the seller will accept
B. Opening bid
C. Bid increment
D. Final sale price
Answer: A Minimum price the seller will accept
Rationale: Protects sellers from accepting bids below their
minimum.
5. Which law primarily governs auctioneers in North Dakota?
A. North Dakota Century Code, Chapter 43-07
B. Federal Trade Commission rules
C. IRS tax code
D. North Dakota Uniform Commercial Code
Answer: A North Dakota Century Code, Chapter 43-07
Rationale: Sets licensing requirements and regulations for
auctioneers.
6. How long is a North Dakota auctioneer license valid?
A. 1 year
B. 2 years
C. 3 years
D. 5 years
Answer: B 2 years
Rationale: Licenses must be renewed biennially with continuing
education requirements.
7. Which of the following is required to obtain an auctioneer license?
, North Dakota Auctioneer License
Examination 2026 Comprehensive Question
Practice Test with Answers & Rationales Free
Pdf Access
A. High school diploma or equivalent
B. Passing the state examination
C. Payment of licensing fees
D. All of the above
Answer: D All of the above
Rationale: Applicants must meet education, examination, and fee
requirements.
8. What is “bid calling”?
A. Announcing bids quickly and clearly during an auction
B. Recording bids for tax purposes
C. Appraising property
D. Advertising the auction
Answer: A Announcing bids quickly and clearly during an auction
Rationale: Clear bid calling is essential for competitive and fair
bidding.
9. What is “clerk of the auction”?
A. Person who records bids and manages paperwork
B. Bid caller
C. Appraiser
D. Auction sponsor
Answer: A Person who records bids and manages paperwork
Rationale: The clerk ensures accurate bid recording and
transaction documentation.
10. What is a “consignment auction”?
A. Auctioneer sells property on behalf of a seller for a fee or
commission
B. Auctioneer buys property directly
C. Charity auction
D. Silent auction
