TEXAS AUCTIONEER LICENSE EXAM 200 QUESTIONS AND CORRECT ANSWERS SORTED.
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Module
TEXAS AUCTIONEER LICENSE
Institution
TEXAS AUCTIONEER LICENSE
TEXAS AUCTIONEER LICENSE EXAM 200 QUESTIONS AND CORRECT ANSWERS SORTED.
Name some persons that are exempt from needing an auctioneer license. - ANSWER1.
U.S. court ordered sale
2. A government sponsored or conducted sale.
3. A charitable organization as long as no compensation
4. A sale of...
Name some persons that are exempt from needing an auctioneer license. - ANSWER1.
U.S. court ordered sale
2. A government sponsored or conducted sale.
3. A charitable organization as long as no compensation
4. A sale of real property by a trustee under a security instrument.
5. A sale of real property by an owner with an interest or employee (unless he/she is a
licensed auctioneer by trade) and all property is under a security instrument
6. sealed bid auction w/o option to bid again
7. livestock sales
8. automobile auctions
T or F. An auctioneer owes a tax or fee to the state based on his services for each
auction. - ANSWERFalse. Auctioneers cannot be taxed on their services if they are duly
licensed.
T or F. A person auctioning items online needs a license. - ANSWERFalse. Licenses
not required for online auctions/sales.
A licensed auctioneer can perform an auction for what three entities? - ANSWER1. a
registered auction firm 2. a real estate broker with an auction license 3. a dealer or
,wholesaler of motor vehicles if they hold the proper registered number.
Name the requirements for obtaining an auction license. - ANSWER1. at least 18 years
of age.
2. has a high school diploma
3. is a U.S. citizen or legal alien
4. has taken 80 hours of approved coursework
5. has passed a state exam OR
6. has worked two years for a licensed auctioneer and has worked 10 auctions
What are the requirements to receive an associate auctioneer license? - ANSWER1.
Works for a licensed auctioneer.
2. is a U.S. citizen or legal alien
How many times may an applicant re-test per year? - ANSWER2; AND then must wait a
year to re-apply.
,Does Texas allow auction license reciprocity? - ANSWERYes, as long as the state or
jurisdiction has similar laws and processes; nonresidents must provide a signed consent
to service.
What are the Auction Advisory Board's responsiblities? - ANSWERAdvise the
commission on educational matters, operational matters and common practices in
auction industry.
The advisory board consists of? - ANSWER7 members, 4 licensed auctioneers, 2 public
at large, 1 administrative head from the state
What is the term of an advisory board member? - ANSWER2 years, no more than 2
consecutive terms
The presiding officer of the commission appoints the next presiding officer from the
advisory board. What is the term for the officer? - ANSWER2 years, no more than 2
consecutive terms
Are advisory board members compensated? - ANSWERNo
What is the "Fund"? - ANSWERThe recovery fund set up to pay claims made against
licensed auctioneers.
It the recovery fund drops below this amount, licensees must contribute at their next
license renewal. - ANSWER$350,000
, Funds in excess of what amount may be used for furthering auctioneer education and
training? - ANSWER$300,000
Who may initiate a claim against the Fund for actions by a licensee? - ANSWER1. a
complainant or aggrieved party 2. the executive director of the commission
Can a decision by the commission on a complaint be appealed? - ANSWERYes.
A payment from the Fund to an aggrieved party cannot include payments on certain
expenses. What are they? - ANSWERAttorneys fees, profits, speculative damages
The limit on a payout from the fund for an aggrieved party is ? The limit
on a payout for a single auction is ? The limit on payout to a single
auctioneer is ? - ANSWER$15,000, $30,000, $30,000
Must a licensee against which a claim was made that results in a payout to a party be
responsible to reimburse the Fund? - ANSWERYes, immediately, and he/she must pay
anything he/she owes to the aggrieved party at that time as well; he CAN pay back the
Fund on a schedule with 8% interest approved by the commission.
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