ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM 80 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

ARKANSAS AUCTIONEER EXAM 2024 ACTUAL

EXAM 80 QUESTIONS AND CORRECT

DETAILED ANSWERS WITH RATIONALES

(VERIFIED ANSWERS) |ALREADY GRADED A+

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.

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