Texas Auctioneer License-Part 1 Exam Study Guide Questions with
Correct Answers 2025 latest update!!
Terms in this set (66)
Does an auctioneer need a federal Yes AND No; if estate sale then no, consignment sale then yes
firearms license?
If an auctioneer sales a firearm It must be returned to their business location before transferring.
away from their business
location, how do they
transfer to buyer?
Who determines the The court sets the fee.
auctioneers fee in federal
bankruptcy court?
Persons in the business of importing, manufacturing, or dealing
Who must obtain a firearms
license? in firearms, or importing or manufacturing ammunition
Any work of art, piece of furniture, decorative object, or the like,
What is an antique? created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of
purchase.
What is "provenance"? Place or source of origin; the history of ownership.
What does "termination" of a when either party pursuant to a power created by agreement or
contract mean? law puts an end to the contract otherwise than for its breach.
occurs when either party puts an end to the contract for breach
What does "cancellation" of a
by the other and its effect is the same as that of "termination"
contract mean?
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 False. For items more than $500 a contract must be in writing to be
for a used jetski with a price of enforceable.
$750 is enforceable in a court.
, No. A writing is not insufficient because it omits
If a contract is found to have a
or incorrectly states a term agreed upon but the contract is not
deficiency like a blank that was
enforceable under this paragraph
not filled in, is it
beyond the quantity of goods shown in such writing.
rendered invalid?
False. An agreement sufficient to constitute a contract for sale may
True or False. A contract is
be found even though the
rendered invalid if it's exact
moment of its making is undetermined.
commencement is not noted.
True of False. When a lot is sold False. Each lot is a different "sale".
with other lots owned by the
same seller, all lots are
considered one "sale".
when the auctioneer so announces by the fall of the hammer or in
When is the sale complete at
auction? other customary manner.
If a bid comes in while the The auctioneer can reopen the bidding or he can declare the
hammer is falling, what can item sold for the bid under which the hammer was falling.
happen next?
True or False. All auctions are True.
with reserve unless otherwise
stated.
Can an auctioneer withdraw an Yes.
item in a reserve auction?
Can an auctioneer withdraw an Generally No; unless there is no bid in a reasonable time period.
item in an absolute auction?
In a recent estate auction, Bill The auctioneer can start the bidding again and no prior bid is revived.
changed his mind after he bid on
a 1955 Chevy Pickup. What
happens if he retracts his bid
before the auction ends?
What happens if an auctioneer The bidder can quit the auction or buy the item at the last bid price.
receives a bid on the seller's
behalf or from the seller and he
does not give notice to other
bidders?
What constitutes a "sufficient" Must include: The name of the debtor. The name of the secured
financing statement? party. The property being used as security (collateral).
Correct Answers 2025 latest update!!
Terms in this set (66)
Does an auctioneer need a federal Yes AND No; if estate sale then no, consignment sale then yes
firearms license?
If an auctioneer sales a firearm It must be returned to their business location before transferring.
away from their business
location, how do they
transfer to buyer?
Who determines the The court sets the fee.
auctioneers fee in federal
bankruptcy court?
Persons in the business of importing, manufacturing, or dealing
Who must obtain a firearms
license? in firearms, or importing or manufacturing ammunition
Any work of art, piece of furniture, decorative object, or the like,
What is an antique? created or produced in a
former period, or, according to U.S. customs laws, 100 years before date of
purchase.
What is "provenance"? Place or source of origin; the history of ownership.
What does "termination" of a when either party pursuant to a power created by agreement or
contract mean? law puts an end to the contract otherwise than for its breach.
occurs when either party puts an end to the contract for breach
What does "cancellation" of a
by the other and its effect is the same as that of "termination"
contract mean?
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 False. For items more than $500 a contract must be in writing to be
for a used jetski with a price of enforceable.
$750 is enforceable in a court.
, No. A writing is not insufficient because it omits
If a contract is found to have a
or incorrectly states a term agreed upon but the contract is not
deficiency like a blank that was
enforceable under this paragraph
not filled in, is it
beyond the quantity of goods shown in such writing.
rendered invalid?
False. An agreement sufficient to constitute a contract for sale may
True or False. A contract is
be found even though the
rendered invalid if it's exact
moment of its making is undetermined.
commencement is not noted.
True of False. When a lot is sold False. Each lot is a different "sale".
with other lots owned by the
same seller, all lots are
considered one "sale".
when the auctioneer so announces by the fall of the hammer or in
When is the sale complete at
auction? other customary manner.
If a bid comes in while the The auctioneer can reopen the bidding or he can declare the
hammer is falling, what can item sold for the bid under which the hammer was falling.
happen next?
True or False. All auctions are True.
with reserve unless otherwise
stated.
Can an auctioneer withdraw an Yes.
item in a reserve auction?
Can an auctioneer withdraw an Generally No; unless there is no bid in a reasonable time period.
item in an absolute auction?
In a recent estate auction, Bill The auctioneer can start the bidding again and no prior bid is revived.
changed his mind after he bid on
a 1955 Chevy Pickup. What
happens if he retracts his bid
before the auction ends?
What happens if an auctioneer The bidder can quit the auction or buy the item at the last bid price.
receives a bid on the seller's
behalf or from the seller and he
does not give notice to other
bidders?
What constitutes a "sufficient" Must include: The name of the debtor. The name of the secured
financing statement? party. The property being used as security (collateral).
