Affiliate Auctioneer License Test Study Guide || very Flawless.

When the terms of an agreement are declared by the parties, an ______________ has been made. correct answers Express Contract An expression by 2 or more persons of a common intention to create a legal expression is an ___________. correct answers Agreement A _________ is an agreement that creates an obligation between 2 or more parties. correct answers Contract Authority given to an agent may be ___________ or __________. correct answers Expressed, Implied A principal or agent may terminate the agency relationship at ___________. correct answers Anytime In considering an auction the principal in the agency relationship is the _________________. correct answers Property owner An agency relationship is based upon the ____________________. correct answers Consent of the parties An auctioneer acting on behalf of a property owner (principal) under the terms of a contract becomes an _________. correct answers Agent In states that have license law the _________________ usually has a recovery account or requires the auctioneer to be bonded. correct answers Auctioneer commission If an auctioneer received a license from a state where they do not live, the auctioneer is referred to as a _____________. correct answers Non-resident licensee In auction license states auctioneers are licensed by an _______________. correct answers Auctioneer commission or board An auction that is conducted with no reserve is an ___________. correct answers Absolute auction An agent who sells property at auction is an _______________. correct answers Auctioneer A "________________" sale of cattle means the seller is selling all stock. correct answers Complete dispersal The most desirable glassware are pieces that are ________. correct answers Signed