Texas Auctioneer License-Part 1
Exam Questions and Answers
100% Pass
Does an auctioneer need a federal firearms license? -
CORRECT ANSWER-Yes AND No; if estate sale then no, consignment sale then
yes
If an auctioneer sales a firearm away from their business location, how do they
transfer to buyer? -
CORRECT ANSWER-It must be returned to their business location before
transferring.
Who determines the auctioneers fee in federal bankruptcy court? -
CORRECT ANSWER-The court sets the fee.
Who must obtain a firearms license? -
CORRECT ANSWER-Persons in the business of importing, manufacturing, or
dealing in firearms, or importing or manufacturing ammunition
, What is an antique? -
CORRECT ANSWER-Any work of art, piece of furniture, decorative object, or
the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of
purchase.
What is "provenance"? -
CORRECT ANSWER-Place or source of origin; the history of ownership.
What does "termination" of a contract mean? -
CORRECT ANSWER-when either party pursuant to a power created by
agreement or law puts an end to the contract otherwise than for its breach.
What does "cancellation" of a contract mean? -
CORRECT ANSWER-occurs when either party puts an end to the contract for
breach by the other and its effect is the same as that of "termination" except that
the cancelling party also retains any remedy for breach of the whole contract or any
unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable
in a court. -
CORRECT ANSWER-False. For items more than $500 a contract must be in
writing to be enforceable.
Exam Questions and Answers
100% Pass
Does an auctioneer need a federal firearms license? -
CORRECT ANSWER-Yes AND No; if estate sale then no, consignment sale then
yes
If an auctioneer sales a firearm away from their business location, how do they
transfer to buyer? -
CORRECT ANSWER-It must be returned to their business location before
transferring.
Who determines the auctioneers fee in federal bankruptcy court? -
CORRECT ANSWER-The court sets the fee.
Who must obtain a firearms license? -
CORRECT ANSWER-Persons in the business of importing, manufacturing, or
dealing in firearms, or importing or manufacturing ammunition
, What is an antique? -
CORRECT ANSWER-Any work of art, piece of furniture, decorative object, or
the like, created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of
purchase.
What is "provenance"? -
CORRECT ANSWER-Place or source of origin; the history of ownership.
What does "termination" of a contract mean? -
CORRECT ANSWER-when either party pursuant to a power created by
agreement or law puts an end to the contract otherwise than for its breach.
What does "cancellation" of a contract mean? -
CORRECT ANSWER-occurs when either party puts an end to the contract for
breach by the other and its effect is the same as that of "termination" except that
the cancelling party also retains any remedy for breach of the whole contract or any
unperformed balance.
True of False. An oral contract for a used jetski with a price of $750 is enforceable
in a court. -
CORRECT ANSWER-False. For items more than $500 a contract must be in
writing to be enforceable.
