ARKANSAS AUCTIONEER EXAM | QUESTIONS AND ANSWERS |
VERIFIED AND WELL DETAILED ANSWERS| LATEST UPDATE
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the
Arkansas General Assembly - CORRECT ANSWERS - False - The governor
shall appoint the members of the Board
All auctioneer licenses expire: - CORRECT ANSWERS - June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - CORRECT ANSWERS -
False - The Auctioneers License Act indicates the "Board shall be subject to the
Arkansas Administrative Procedure Act"
Auctioneer - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - The consignor is the person or entity that
consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract - CORRECT ANSWERS - A voluntary, legally enforceable agreement
between two or more people.
Liens - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - The executor/executrix of
an estate is the person named in the will to carry out its provisions.
,Goods - CORRECT ANSWERS - Includes chattels, merchandise, personal
property, or commodities of any form or type, which may lawfully be kept or
offered for sale.
Chattels - CORRECT ANSWERS - Chattels are moveable personal property such
as furniture, automobiles, and livestock. This excludes real estate.
Commodities - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - Intentional acts or behavior
involving dishonest, wickedness, depravity, or grave infringement of the good
moral sentiment of the community.
Reciprocity - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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? -
CORRECT ANSWERS - Brenda Mahoney
No-reserve auction/absolute auction - CORRECT ANSWERS - Seller cannot
withdraw item after a bid has been received and the item will be sold regardless of
price.
With reserve auction - CORRECT ANSWERS - The owner or auctioneer may set
a minimum price that will be accepted for an item. In normal auction practice, an
auction is assumed to be "with reserve" unless otherwise stated
True/False: For an auction to be no reserve or absolute, the goods must not have
any liens or encumbrances against it unless all lien holders agree to the unqualified
acceptance of the highest bid and the seller has a bona fide intent to transfer
ownership of the good regardless of the highest amount - CORRECT ANSWERS
- True
True/False: The seller, or a person acting on behalf of the seller, is allowed to bid
on their own items in an auction. - CORRECT ANSWERS - False
True/False: Any individual party to the dissolution of any marriage, partnership, or
corporation is allowed to bid as an individual entity apart from the selling entity, on
goods being sold at auction pursuant to such dissolution. - CORRECT
ANSWERS - True
VERIFIED AND WELL DETAILED ANSWERS| LATEST UPDATE
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the
Arkansas General Assembly - CORRECT ANSWERS - False - The governor
shall appoint the members of the Board
All auctioneer licenses expire: - CORRECT ANSWERS - June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the
suspension or revocation of an auctioneer's license. - CORRECT ANSWERS -
False - The Auctioneers License Act indicates the "Board shall be subject to the
Arkansas Administrative Procedure Act"
Auctioneer - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - The consignor is the person or entity that
consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract - CORRECT ANSWERS - A voluntary, legally enforceable agreement
between two or more people.
Liens - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - The executor/executrix of
an estate is the person named in the will to carry out its provisions.
,Goods - CORRECT ANSWERS - Includes chattels, merchandise, personal
property, or commodities of any form or type, which may lawfully be kept or
offered for sale.
Chattels - CORRECT ANSWERS - Chattels are moveable personal property such
as furniture, automobiles, and livestock. This excludes real estate.
Commodities - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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 - CORRECT ANSWERS - Intentional acts or behavior
involving dishonest, wickedness, depravity, or grave infringement of the good
moral sentiment of the community.
Reciprocity - CORRECT ANSWERS - 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 - CORRECT ANSWERS - 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? -
CORRECT ANSWERS - Brenda Mahoney
No-reserve auction/absolute auction - CORRECT ANSWERS - Seller cannot
withdraw item after a bid has been received and the item will be sold regardless of
price.
With reserve auction - CORRECT ANSWERS - The owner or auctioneer may set
a minimum price that will be accepted for an item. In normal auction practice, an
auction is assumed to be "with reserve" unless otherwise stated
True/False: For an auction to be no reserve or absolute, the goods must not have
any liens or encumbrances against it unless all lien holders agree to the unqualified
acceptance of the highest bid and the seller has a bona fide intent to transfer
ownership of the good regardless of the highest amount - CORRECT ANSWERS
- True
True/False: The seller, or a person acting on behalf of the seller, is allowed to bid
on their own items in an auction. - CORRECT ANSWERS - False
True/False: Any individual party to the dissolution of any marriage, partnership, or
corporation is allowed to bid as an individual entity apart from the selling entity, on
goods being sold at auction pursuant to such dissolution. - CORRECT
ANSWERS - True
