Illinois Auctioneer Licensing Examination
Practice Test Newest 2026 Edition 250
Questions with Correct Answers & Detailed
Rationales Based on the Illinois Auction
License Act (225 ILCS 407) and IDFPR
Requirements
A Val will - If someone dies "intestate" you know they did not have a
Absentee bidding - the method by which a potential purchaser authorizes a proxy to place on
behalf of the potential purchaser a written or oral bid to an auctioneer or auction firm or an
agent of an auctioneer or auction firm
absolute auction - and auction of real or personal property to which all of the following apply
1. the property is sold to the highest bidder without reserve
2. The auction does not require a minimum bid.
3. The auction does not require competing bids of any type by the seller or an agent of the
seller.
4. The seller of the property cannot withdraw the property from the auction after the auction is
opened and there is public solicitation or calling for bids.
Administrate - In an Estate if there is not a valid will then the court will appoint a(n)
apprentice auctioneer - any individual who is sponsored by an auctioneer to deal or engage in
any activities mentioned in division A or this section
Auction - method of sale of real or personal property, goods, or chattels, at a predetermined
date and time, by means of verbal exchange, regular mail, telecommunications, the internet, an
Practice Test Newest 2026 Edition 250
Questions with Correct Answers & Detailed
Rationales Based on the Illinois Auction
License Act (225 ILCS 407) and IDFPR
Requirements
A Val will - If someone dies "intestate" you know they did not have a
Absentee bidding - the method by which a potential purchaser authorizes a proxy to place on
behalf of the potential purchaser a written or oral bid to an auctioneer or auction firm or an
agent of an auctioneer or auction firm
absolute auction - and auction of real or personal property to which all of the following apply
1. the property is sold to the highest bidder without reserve
2. The auction does not require a minimum bid.
3. The auction does not require competing bids of any type by the seller or an agent of the
seller.
4. The seller of the property cannot withdraw the property from the auction after the auction is
opened and there is public solicitation or calling for bids.
Administrate - In an Estate if there is not a valid will then the court will appoint a(n)
apprentice auctioneer - any individual who is sponsored by an auctioneer to deal or engage in
any activities mentioned in division A or this section
Auction - method of sale of real or personal property, goods, or chattels, at a predetermined
date and time, by means of verbal exchange, regular mail, telecommunications, the internet, an
