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Arkansas Auctioneer Exam Questions With 100% Correct Answers 2024
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Arkansas Auctioneer Exam Questions With 100% Correct Answers 2024
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Arkansas Auctioneer Exam Questions With 100% Correct Answers 2024True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of the Arkansas General Assembly - Correct Answer-False - The governor shall appoint the members of the Board
All auctioneer licenses expire: - Correct Answer-June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or revocation of an auctioneer's license. - Correct Answer-False - The Auctioneers License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - Correct 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 - Correct 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 - Correct 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 materials, supplies, merchandise, or other inventory of any business subject to the Bulk Sale Law.
Consignee - Correct 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 - Correct Answer-The consignor is the person or entity that consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract - Correct Answer-A voluntary, legally enforceable agreement between two or more people.
Liens - Correct 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 - Correct 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.
Estate Administrator/Administratrix - Correct Answer-The administrator/administratrix of an estate is the person appointed by the court to oversee the settling of an estate when there is no will or when the person named in a will cannot or will not serve, or when the will names no executor or executrix.
Estate Executor/Executrix - Correct Answer-The executor/executrix of an estate is the person named in the will to carry out its provisions.
Goods - Correct Answer-Includes chattels, merchandise, personal property, or commodities of any form or type, which may lawfully be kept or offered for sale.
Chattels - Correct Answer-Chattels are moveable personal property such as furniture, automobiles, and livestock. This excludes real estate.
Commodities - Correct Answer-Commodities may or may not be chattels and include valuable interest in agricultural products, silver, gold, and other products customarily sold or traded in commercial markets.
Market Value - Correct Answer-The market value is the price that a willing seller will take for goods and a willing buyer will give if neither buyer nor seller is under any compulsion or undue influence to buy or sell.
Mortal Turpitude - Correct Answer-Intentional acts or behavior involving dishonest, wickedness, depravity, or grave infringement of the good moral sentiment of the community.
Reciprocity - Correct Answer-In the professional auctioneering context, reciprocity is the
mutual recognition by two or more licensing agencies of the validity of the licenses issued by any of them. An auctioneer licensed in Arkansas, for example, will be granted a license in any state with which it has reciprocity simply by requesting the licensing and
paying any necessary fees.
Spouse - Correct Answer-A spouse is a husband or wife.
Mr. Sam Turner died last year leaving a will written by attorney John Grice and witnessed by Tom Turner and Mary Snelling. The will divided Sam's property equally among his three children and named the oldest child, Brenda Mahoney, to see that its provisions were carried out and the necessary business and legal arrangements completed. Who is the executor/executrix of the estate? - Correct Answer-Brenda Mahoney
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