ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM 80
QUESTIONS AND CORRECT DETAILED ANSWERS
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the
Arkansas General Assembly - ANSWER: False - The governor shall appoint the
members of the Board
All auctioneer licenses expire: - ANSWER: June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ANSWER: False - The
Auctioneers License Act indicates the "Board shall be subject to the Arkansas
Administrative Procedure Act"
Auctioneer - ANSWER: 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 - ANSWER: 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 - ANSWER: 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 - ANSWER: 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 - ANSWER: The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract - ANSWER: A voluntary, legally enforceable agreement between two or
more people.
Liens - ANSWER: 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 - ANSWER: 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 - ANSWER: 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 - ANSWER: The executor/executrix of an estate is the
person named in the will to carry out its provisions.
Goods - ANSWER: Includes chattels, merchandise, personal property, or commodities
of any form or type, which may lawfully be kept or offered for sale.
Chattels - ANSWER: Chattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - ANSWER: Commodities may or may not be chattels and include
valuable interest in agricultural products, silver, gold, and other products customarily
sold or traded in commercial markets.
Market Value - ANSWER: The market value is the price that a willing seller will take
for goods and a willing buyer will give if neither buyer nor seller is under any
compulsion or undue influence to buy or sell.
Mortal Turpitude - ANSWER: Intentional acts or behavior involving dishonest,
wickedness, depravity, or grave infringement of the good moral sentiment of the
community.
Reciprocity - ANSWER: In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the licenses
issued by any of them. An auctioneer licensed in Arkansas, for example, will be
granted a license in any state with which it has reciprocity simply by requesting the
licensing and paying any necessary fees.
Spouse - ANSWER: A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and
witnessed by Tom Turner and Mary Snelling. The will divided Sam's property equally
among his three children and named the oldest child, Brenda Mahoney, to see that
its provisions were carried out and the necessary business and legal arrangements
completed. Who is the executor/executrix of the estate? - ANSWER: Brenda
Mahoney
No-reserve auction/absolute auction - ANSWER: Seller cannot withdraw item after a
bid has been received and the item will be sold regardless of price.
QUESTIONS AND CORRECT DETAILED ANSWERS
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the
Arkansas General Assembly - ANSWER: False - The governor shall appoint the
members of the Board
All auctioneer licenses expire: - ANSWER: June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - ANSWER: False - The
Auctioneers License Act indicates the "Board shall be subject to the Arkansas
Administrative Procedure Act"
Auctioneer - ANSWER: 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 - ANSWER: 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 - ANSWER: 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 - ANSWER: 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 - ANSWER: The consignor is the person or entity that consgins goods to an
auctioneer. In an auction, the consignor is usually the seller.
Contract - ANSWER: A voluntary, legally enforceable agreement between two or
more people.
Liens - ANSWER: 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 - ANSWER: 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 - ANSWER: 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 - ANSWER: The executor/executrix of an estate is the
person named in the will to carry out its provisions.
Goods - ANSWER: Includes chattels, merchandise, personal property, or commodities
of any form or type, which may lawfully be kept or offered for sale.
Chattels - ANSWER: Chattels are moveable personal property such as furniture,
automobiles, and livestock. This excludes real estate.
Commodities - ANSWER: Commodities may or may not be chattels and include
valuable interest in agricultural products, silver, gold, and other products customarily
sold or traded in commercial markets.
Market Value - ANSWER: The market value is the price that a willing seller will take
for goods and a willing buyer will give if neither buyer nor seller is under any
compulsion or undue influence to buy or sell.
Mortal Turpitude - ANSWER: Intentional acts or behavior involving dishonest,
wickedness, depravity, or grave infringement of the good moral sentiment of the
community.
Reciprocity - ANSWER: In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the licenses
issued by any of them. An auctioneer licensed in Arkansas, for example, will be
granted a license in any state with which it has reciprocity simply by requesting the
licensing and paying any necessary fees.
Spouse - ANSWER: A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and
witnessed by Tom Turner and Mary Snelling. The will divided Sam's property equally
among his three children and named the oldest child, Brenda Mahoney, to see that
its provisions were carried out and the necessary business and legal arrangements
completed. Who is the executor/executrix of the estate? - ANSWER: Brenda
Mahoney
No-reserve auction/absolute auction - ANSWER: Seller cannot withdraw item after a
bid has been received and the item will be sold regardless of price.
