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.
Chattels - ANSWER--Chattels are moveable personal property
such as furniture, automobiles, and livestock. This excludes real
estate.
Commodities - ANSWER--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.
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