True/False: The Arkansas False - The governor shall appoint the members of the
Auctioneers Licensing Board
Board is appointed by vote
of the Arkansas General
Assembly
All auctioneer licenses June 30th
expire:
True/False: The Arkansas False - The Auctioneers License Act indicates the "Board
Auctioneers Licensing shall be subject to the Arkansas Administrative
Board has the final decision Procedure Act"
in the suspension or
revocation of an
auctioneer's license.
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
Auctioneer
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.
The term bona fide means that a person or agency is
acting in good faith, without dishonesty, fraud, or deceit.
Bona Fide
In relation to an auction, the term is normally used to
refer to a bona fide perchaser.
A bulk sale is any transfer that is in bulk and not in the
ordinary course of the transferor's business, or a major
Bulk Sale
part of the materials, supplies, merchandise, or other
inventory of any business subject to the Bulk Sale Law.
, The consignee is a person or agent to whom something,
usually goods, is entrusted by others for a purpose. The
Consignee 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.
The consignor is the person or entity that consgins
Consignor goods to an auctioneer. In an auction, the consignor is
usually the seller.
A voluntary, legally enforceable agreement between
Contract
two or more people.
Liens are adverse claims against property which may
occur when the property has been used as collateral for
Liens 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.
The auctioneer often deals with the sale of both real and
personal property in the settlement of an estate. In
Estates
working with estate auctions, certain terms are
important.
The administrator/administratrix of an estate is the
person appointed by the court to oversee the settling of
Estate
an estate when there is no will or when the person
Administrator/Administratrix
named in a will cannot or will not serve, or when the will
names no executor or executrix.
The executor/executrix of an estate is the person named
Estate Executor/Executrix
in the will to carry out its provisions.
Includes chattels, merchandise, personal property, or
Goods commodities of any form or type, which may lawfully be
kept or offered for sale.
Chattels are moveable personal property such as
Chattels furniture, automobiles, and livestock. This excludes real
estate.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TheAlphanursed. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
