ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
True/False: The Arkansas Auctioneers Licensing Board is appointed by
vote of the Arkansas General Assembly - ANSWER--False - The
governor shall appoint the members of the Board
All auctioneer licenses expire: - ANSWER--June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final
decision in the suspension or revocation of an auctioneer's license. -
ANSWER--False - The Auctioneers License Act indicates the "Board
shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - ANSWER--An auctioneer is any person who offers,
negotiates, or attempts to negotiate a listing contract, sale, purchase, or
exchange of goods, chattels, merchandise, real or personal property, or
of any other commodity which may lawfully be kept or offered for sale
by or at public auction, or who sells the same at auction.
Bona Fide - ANSWER--The term bona fide means that a person or
agency is acting in good faith, without dishonesty, fraud, or deceit. In
relation to an auction, the term is normally used to refer to a bona fide
perchaser.
Bulk Sale - ANSWER--A bulk sale is any transfer that is in bulk and not
in the ordinary course of the transferor's business, or a major part of the
, ARKANSAS AUCTIONEER EXAM 2024 ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
materials, supplies, merchandise, or other inventory of any business
subject to the Bulk Sale Law.
Consignee - ANSWER--The consignee is a person or agent to whom
something, usually goods, is entrusted by others for a purpose. The
auctioneer is referred to as the consignee for such goods to be sold at
auction. He or she is the person in whose care goods are placed for sale.
Consignor - ANSWER--The consignor is the person or entity that
consgins goods to an auctioneer. In an auction, the consignor is usually
the seller.
Contract - ANSWER--A voluntary, legally enforceable agreement
between two or more people.
Liens - ANSWER--Liens are adverse claims against property which may
occur when the property has been used as collateral for a debt by the
property owner or when a legal interest is created upon non-payment of
a debt such as taxes or contractors bills.
Estates - ANSWER--The auctioneer often deals with the sale of both
real and personal property in the settlement of an estate. In working with
estate auctions, certain terms are important.
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