GA AUCTION LATEST COMPREHENSIVE EXAM ALL
QUESTIONS AND ANSWERS SURE A+
✔✔A valid contract must include - ✔✔Date contract is signed, date of performance,
consideration
✔✔Ethics may be defined as - ✔✔Honest and fair business dealings
✔✔After completing this course and passing the state exam, but before you receive
your license , if you contract an auction and the seller fails to honor it, can you sure and
recover losses?
Y or N - ✔✔No
✔✔The terms "antique" and "collectible" mean the same thing.
T or F - ✔✔False
✔✔The term "estate auction" always refers tot he sale of property.
T or F - ✔✔True
✔✔Encumbrance - ✔✔A claim or lien on property
✔✔If a bidder premium is chargers at the auction, it must be announced at the
beginning of the sale.
, T or F - ✔✔False
✔✔Georgia auction law requires you to have a writren, signed contract to legally
operate an auction.
T or F - ✔✔True
✔✔Any auction generating gross sales below $2000 is not required to deposit proceeds
into an escrow account.
T or F - ✔✔False
✔✔An auctioneers license must be displayed or made available at each auction.
T or F - ✔✔True
✔✔The principal auctioneer must include their name and license in all advertising Of an
auction.
T or F - ✔✔True
✔✔The auctioneer is allowed to have three "NO SALES" during the duration. Of any
absolute auction.
T or F - ✔✔False
✔✔In conducting an absolute auction any item may be withdrawn if no bids have been
received within a reasonable time.
T or F - ✔✔True
✔✔The Georgia auctioneer commission is composed of six auctioneers and one other
person not connected with the auction business.
T or F - ✔✔False
✔✔An unlicensed person can conduct auctions by being supervised by a licensed
auctioneer.
T or F - ✔✔False
✔✔In an agency relationship you are entitled to receive compensation if - ✔✔You are a
legally licensed Auctioneer
✔✔An unlicensed person can conduct auctions I livestock legally without being licensed
T or F - ✔✔True
✔✔The biennial license fee for an auctioneer is $200
T or F - ✔✔False
✔✔A Copy of an auction contract must be held in file for 3 years
QUESTIONS AND ANSWERS SURE A+
✔✔A valid contract must include - ✔✔Date contract is signed, date of performance,
consideration
✔✔Ethics may be defined as - ✔✔Honest and fair business dealings
✔✔After completing this course and passing the state exam, but before you receive
your license , if you contract an auction and the seller fails to honor it, can you sure and
recover losses?
Y or N - ✔✔No
✔✔The terms "antique" and "collectible" mean the same thing.
T or F - ✔✔False
✔✔The term "estate auction" always refers tot he sale of property.
T or F - ✔✔True
✔✔Encumbrance - ✔✔A claim or lien on property
✔✔If a bidder premium is chargers at the auction, it must be announced at the
beginning of the sale.
, T or F - ✔✔False
✔✔Georgia auction law requires you to have a writren, signed contract to legally
operate an auction.
T or F - ✔✔True
✔✔Any auction generating gross sales below $2000 is not required to deposit proceeds
into an escrow account.
T or F - ✔✔False
✔✔An auctioneers license must be displayed or made available at each auction.
T or F - ✔✔True
✔✔The principal auctioneer must include their name and license in all advertising Of an
auction.
T or F - ✔✔True
✔✔The auctioneer is allowed to have three "NO SALES" during the duration. Of any
absolute auction.
T or F - ✔✔False
✔✔In conducting an absolute auction any item may be withdrawn if no bids have been
received within a reasonable time.
T or F - ✔✔True
✔✔The Georgia auctioneer commission is composed of six auctioneers and one other
person not connected with the auction business.
T or F - ✔✔False
✔✔An unlicensed person can conduct auctions by being supervised by a licensed
auctioneer.
T or F - ✔✔False
✔✔In an agency relationship you are entitled to receive compensation if - ✔✔You are a
legally licensed Auctioneer
✔✔An unlicensed person can conduct auctions I livestock legally without being licensed
T or F - ✔✔True
✔✔The biennial license fee for an auctioneer is $200
T or F - ✔✔False
✔✔A Copy of an auction contract must be held in file for 3 years
