Exam (elaborations)

Texas Auctioneer License Part 1 Exam Questions and Correct Answers

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Texas Auctioneer License

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Texas Auctioneer License

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Uploaded on June 18, 2023
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Type Exam (elaborations)
Contains Questions & answers

texas auctioneer license
texas auctioneer license part 1
texas auctioneer license part 1 exam questions

Institution Texas Auctioneer License
Course Texas Auctioneer License

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Texas Auctioneer License Part 1 Exam Ques tions and Correct Answers Does an auctioneer need a federal firearms license? - ANSWER Yes AND No; if estate sale then no, consignment sale then yes If an auctioneer sales a firearm away from their business location, how do they transfer to buyer? - ANSWER It must be returned to their business location before transferring. Who determines the auctioneers fee in federal bankruptcy court? - ANSWER The court sets the fee. Who must obtain a firearms license? - ANSWER Persons in the business of importing, manufacturing, or dealing in firearms, or importing or manufacturing ammunition What is an antique? - ANSWER Any work of art, piece of furnitu re, decorative object, or the like, created or produced in a former period, or, according to U.S. customs laws, 100 years before date of purchase. What is "provenance"? - ANSWER Place or source of origin; the history of ownership. What do es "termination" of a contract mean? - ANSWER when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. What does "cancellation" of a contract mean? - ANSWER occurs when either party puts an end to the contract for breach by the other and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or any unperformed balance. True of False. An oral contract for a used jetski with a price of $750 is enforceable in a court. - ANSWER False. For items more than $500 a contract must be in writing to be enforceable. If a contract is found to have a deficiency like a blank tha t was not filled in, is it rendered invalid? - ANSWER No. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown i n such writing. True or False. A contract is rendered invalid if it's exact commencement is not noted. - ANSWER False. An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermi ned. True of False. When a lot is sold with other lots owned by the same seller, all lots are considered one "sale". - ANSWER False. Each lot is a different "sale". When is the sale complete at auction? - ANSWER when the auc tioneer so announces by the fall of the hammer or in other customary manner. If a bid comes in while the hammer is falling, what can happen next? - ANSWER The auctioneer can reopen the bidding or he can declare the item sold for the bid und er which the hammer was falling. True or False. All auctions are with reserve unless otherwise stated. - ANSWER True. Can an auctioneer withdraw an item in a reserve auction? - ANSWER Yes. Can an auctioneer withdraw an item in an absolute auction? - ANSWER Generally No; unless there is no bid in a reasonable time period. In a recent estate auction, Bill changed his mind after he bid on a 1955 Chevy Pickup. What happens if he retracts his bid before the auction ends? - ANSWER The auctioneer can start the bidding again and no prior bid is revived. What happens if an auctioneer receives a bid on the seller's behalf or from the seller and he does not give notice to other bidders? - ANSWER The bidder can quit the auction or buy the item at the last bid price. What constitutes a "sufficient" financing statement? - ANSWER Must include: The name of the debtor. The name of the secured party. The property being used as security (collateral).

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Exam (elaborations)

Texas Auctioneer License Part 1 Exam Questions and Correct Answers

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