Arkansas Auctioneer Exam with updated questions and
answers 2023
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas General Assembly -ANS False - The governor shall appoint the members
of the Board
All auctioneer licenses expire: -ANS June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. -ANS False - The Auctioneers License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer -ANS 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 -ANS 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 -ANS A 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 -ANS The 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 -ANS The consignor is the person or entity that consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract -ANS A voluntary, legally enforceable agreement between two or more people.
Liens -ANS Liens 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 -ANS The 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 -ANS The 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 -ANS The executor/executrix of an estate is the person named in the will to carry out its provisions.
Goods -ANS Includes chattels, merchandise, personal property, or commodities of any form or type, which may lawfully be kept or offered for sale.
answers 2023
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas General Assembly -ANS False - The governor shall appoint the members
of the Board
All auctioneer licenses expire: -ANS June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. -ANS False - The Auctioneers License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer -ANS 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 -ANS 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 -ANS A 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 -ANS The 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 -ANS The consignor is the person or entity that consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract -ANS A voluntary, legally enforceable agreement between two or more people.
Liens -ANS Liens 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 -ANS The 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 -ANS The 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 -ANS The executor/executrix of an estate is the person named in the will to carry out its provisions.
Goods -ANS Includes chattels, merchandise, personal property, or commodities of any form or type, which may lawfully be kept or offered for sale.
