Auctioneering in PA Exam Questions With
Correct Answers
What are the two key elements of successful auctioneering? - answer✔Education and product
knowledge
An auctioneer as a profession can be defined as a: - answer✔Marketing specialist
What are the aspects of managing an auction business? (4 things) - answer✔1) PLANNING
2) ORGANIZING (put plan into action)
3) MOTIVATING (people to execute the plan)
4)CONTROLLING (measuring the results)
What is the best source of leads for estate auctions? - answer✔Attorneys and bank trust
departments
What is one of the best ways to get free advertising as an auctioneer? - answer✔Conducting
charity auctions
What is the definition of an estate? - answer✔Everything a person owns including personal and
real property, a person's financial status, as well as debt
Who enforces a person's will and directs the administration of an estate? - answer✔The courts
What is intestate? - answer✔When a person died without a will, and has no heirs. Their estate
is disposed through the statutes of descent
What is a trust? - answer✔created by individuals with large states to ensure control of the
estate and avoid heavy taxation
what is testate? - answer✔when a person dies with a will
what is probate? - answer✔collection and preservation of a dependents property and
distribution of property to those entitled to it by a will or law
what is an executor(male) or executrix (female)? - answer✔The person identified by the
testator(person who died with a will) that administers the estate and accounts for all the items
ALL RIGHTS RESERVED.
what is the difference between an auctioneer and a broker? - answer✔auctioneers may only
sell, brokers can buy and sell
When assessing a potential estate auction - what is the first step for the auctioneer? -
answer✔Determine WHO and IF the individual has the right or power to the transfer and sale
of the property?
What three things does an auctioneer analyze about estate property when making an
assessment? - answer✔Condition, location, and quality
Who sets and determines the value of property in an estate auction? - answer✔The buyer
What is the first document that should be in the file of any estate sale? - answer✔The contract
for the sale
Name three questions that should be asked in the planning of an estate sale? - answer✔Where
is the best parking for cars, Is there a need for traffic control? Where will the clerk and cashier
be? Will there be a food stand? Is there a restroom? What is the start time? What is the sale
order? Who is the staff? Is there special equipment needed? What signage is needed and
where will it be put?
What is shotgun advertising? Is it good or bad? - answer✔It is running advertising everywhere
and anywhere - it is not very cost effective
What are the three most common methods of advertising auctions? - answer✔Direct mail (a
mailing list), point of sale (signs posted at the property), media (including radio, TV,
newspapers, and internet)
An auction must always start _____ _________________ to maintain control - answer✔on
time!
What are the rules of the auction called? - answer✔Terms and Conditions of the Sale - these
MUST be stated before the bidding begins
What is the order of sale? - answer✔dividing the property and offering it for sale in an
particular order, often a specific time for items to sell is given i.e. furniture will be sold at 1 pm.
What impacts the order of sale? - answer✔limitations of mobility, display requirements,
security of valuable items.
What is "prime time" in an estate auction? - answer✔The time when attendance is highest -
typically midway through the auction - and when the highest dollar items should be sold.
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