True/False: The Arkansas False - The governor shall appoint the members of the
Auctioneers Licensing Board
Board is appointed by vote
of the Arkansas General
Assembly
All auctioneer licenses June 30th
expire:
True/False: The Arkansas False - The Auctioneers License Act indicates the "Board
Auctioneers Licensing shall be subject to the Arkansas Administrative
Board has the final decision Procedure Act"
in the suspension or
revocation of an
auctioneer's license.
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
Auctioneer
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.
The term bona fide means that a person or agency is
acting in good faith, without dishonesty, fraud, or deceit.
Bona Fide
In relation to an auction, the term is normally used to
refer to a bona fide perchaser.
A bulk sale is any transfer that is in bulk and not in the
ordinary course of the transferor's business, or a major
Bulk Sale
part of the materials, supplies, merchandise, or other
inventory of any business subject to the Bulk Sale Law.
, The consignee is a person or agent to whom something,
usually goods, is entrusted by others for a purpose. The
Consignee 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.
The consignor is the person or entity that consgins
Consignor goods to an auctioneer. In an auction, the consignor is
usually the seller.
A voluntary, legally enforceable agreement between
Contract
two or more people.
Liens are adverse claims against property which may
occur when the property has been used as collateral for
Liens 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.
The auctioneer often deals with the sale of both real and
personal property in the settlement of an estate. In
Estates
working with estate auctions, certain terms are
important.
The administrator/administratrix of an estate is the
person appointed by the court to oversee the settling of
Estate
an estate when there is no will or when the person
Administrator/Administratrix
named in a will cannot or will not serve, or when the will
names no executor or executrix.
The executor/executrix of an estate is the person named
Estate Executor/Executrix
in the will to carry out its provisions.
Includes chattels, merchandise, personal property, or
Goods commodities of any form or type, which may lawfully be
kept or offered for sale.
Chattels are moveable personal property such as
Chattels furniture, automobiles, and livestock. This excludes real
estate.
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