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Auctioneering in PA Exam with Questions (New Version 2024-25) & Complete Solutions
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Auctioneering in PA Exam with Questions (New Version 2024-25) & Complete Solutions
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Auctioneering in PA Exam with Questions (NewVersion 2024-25) & Complete Solutions
What is the LAST duty of an auctioneer at an estate auction after the auction is over? -
✔✔Provide the seller a complete written accounting statement.
What is provided on a bill of sale or receipt to buyers? - ✔✔The quantity and bid for each
item, also sales tax if applicable
Who is responsible for unsold merchandise at an estate auction? - ✔✔Usually the seller
Should you allow for return of items as an auctioneer? - ✔✔It depends, any return policies
should be stated in your terms and conditions.
Most livestock and auto auctions in Pennsylvania are conducted by what type of auctioneer? -
✔✔Contract auctioneer - they are hired by another auctioneer to call bids at the auction
venue
What is a consignment auction - ✔✔where people bring items to one place and one
individual to sell. Many livestock auctions and produce markets are consignment auctions.
What is an auction barn? - ✔✔an auction that sells livestock, produce, or farm equipment
What is an auction house? - ✔✔an auction that sells estate, or personal property
What is an auction gallery? - ✔✔An auction where higher quality antiques or collectibles are
sold
,commission fees of an auction house usually include what costs? - ✔✔labor, transportation,
storage, and selling of the goods
How quickly does the auctioneer settle with consigners at an auction house - ✔✔2 weeks
how quickly does the auctioneer settle with consignors at an auction gallery - ✔✔30 days
Why are buyers premiums common at auction galleries? - ✔✔This offsets higher commission
rats that are given to consigners with high value items
What fees are generally charged for a charity auction by the auctioneer? - ✔✔These can
range from no charge, 10-15 % of the amount raise, or a flat fee
What are the two major types of auto auctions? - ✔✔Wholesale (dealer) auctions and public
auto auctions - whole sale auctions are bigger by far.
What type of business uses auctions to dispose of vehicles? - ✔✔fleet services (i.e large
companies with a fleet of cars, or rental car agencies)
Why is the owner of the vehicle requested to be present at an auto auction? - ✔✔To tell the
auctioneer the physical condition of the vehicle.
In the 4 panel colored light system at auto auctions - what are the 4 colors of lights? -
✔✔Green, yellow, red, and blue
What does the green light mean on the light panel at an auto auction? - ✔✔the car condition
is OK - the buyer has the right to road test the vehicle
, What does the yellow light mean on the light panel at an auto auction? - ✔✔the car has
DEFECTS - the seller announces the defects, the buyer has a right to road test and reject or
adjust the bid
What does the red light mean on the light panel at an auto auction? - ✔✔the car is sold AS IS
- the buyer takes the vehicle regardless of condition
What does the blue light mean on the light panel at an auto auction? - ✔✔the car is sold
with TITLE ATTACHED - The owner does not have the title at the time of the sale, but will
guarantee the title will be delivered within 10-14 days.
What is the best season to have a farm auction? - ✔✔Early spring
What is the most important consideration in preparing a farm auction advertisement? -
✔✔Accurate listing of the sale items
What is an important crop in PA that is sold commonly by auction? - ✔✔Tobacco - grown
especially in Lancaster County
What is Emblement - ✔✔An annual crop growing on land (corn, rye, wheat)
what is a sheet - in tobacco auctions? - ✔✔unit in which tobacco is sold
What is a set - in tobacco auctions? - ✔✔a group of buyers bidding on the tobacco at an
auction.
What are finger signs (used in tobacco auctions) - ✔✔used by the auctioneer to
communicate price
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