Arkansas Auctioneer Exam
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1. True/False: The False - The governor shall appoint the members of the Board
Arkansas Auctioneers
Licensing Board is ap-
pointed by vote of the
Arkansas General As-
sembly
2. All auctioneer licens- June 30th
es expire:
3. True/False: The False - The Auctioneers License Act indicates the "Board shall be subject to
Arkansas Auctioneers the Arkansas Administrative Procedure Act"
Licensing Board has
the final decision in
the suspension or re-
vocation of an auc-
tioneer's license.
4. Auctioneer An auctioneer is any person who offers, negotiates, or attempts to ne-
gotiate 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.
5. Bona Fide 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.
6. Bulk Sale 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.
, Arkansas Auctioneer Exam
Study online at https://quizlet.com/_6xek0q
7. Consignee 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.
8. Consignor The consignor is the person or entity that consgins goods to an auctioneer.
In an auction, the consignor is usually the seller.
9. Contract A voluntary, legally enforceable agreement between two or more people.
10. Liens Liens are adverse claims against property which may occur when the prop-
erty 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.
11. Estates 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.
12. Estate Administra- The administrator/administratrix of an estate is the person appointed by the
tor/Administratrix 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.
13. Estate Executor/Ex- The executor/executrix of an estate is the person named in the will to carry
ecutrix out its provisions.
14. Goods Includes chattels, merchandise, personal property, or commodities of any
form or type, which may lawfully be kept or offered for sale.
15. Chattels Chattels are moveable personal property such as furniture, automobiles,
and livestock. This excludes real estate.
16. Commodities
Study online at https://quizlet.com/_6xek0q
1. True/False: The False - The governor shall appoint the members of the Board
Arkansas Auctioneers
Licensing Board is ap-
pointed by vote of the
Arkansas General As-
sembly
2. All auctioneer licens- June 30th
es expire:
3. True/False: The False - The Auctioneers License Act indicates the "Board shall be subject to
Arkansas Auctioneers the Arkansas Administrative Procedure Act"
Licensing Board has
the final decision in
the suspension or re-
vocation of an auc-
tioneer's license.
4. Auctioneer An auctioneer is any person who offers, negotiates, or attempts to ne-
gotiate 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.
5. Bona Fide 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.
6. Bulk Sale 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.
, Arkansas Auctioneer Exam
Study online at https://quizlet.com/_6xek0q
7. Consignee 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.
8. Consignor The consignor is the person or entity that consgins goods to an auctioneer.
In an auction, the consignor is usually the seller.
9. Contract A voluntary, legally enforceable agreement between two or more people.
10. Liens Liens are adverse claims against property which may occur when the prop-
erty 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.
11. Estates 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.
12. Estate Administra- The administrator/administratrix of an estate is the person appointed by the
tor/Administratrix 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.
13. Estate Executor/Ex- The executor/executrix of an estate is the person named in the will to carry
ecutrix out its provisions.
14. Goods Includes chattels, merchandise, personal property, or commodities of any
form or type, which may lawfully be kept or offered for sale.
15. Chattels Chattels are moveable personal property such as furniture, automobiles,
and livestock. This excludes real estate.
16. Commodities
