TX Auctioneer License Exam-#1-Questions with Correct Answers/ Verified
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Course
TX Auctioneer License
Institution
TX Auctioneer License
Fiduciary Responsibilities - include:
-keeping the money in a safe place
-maintaining an accurate record of the funds and any interest earned
-when appropriate, disbursal of the funds as mandated by law
Trust Account - a legal and financial agreement to hold, manage, and be accountable for
som...
TX Auctioneer License Exam-#1-Questions with Correct
Answers/ Verified
Fiduciary Responsibilities - ✔✔include:
-keeping the money in a safe place
-maintaining an accurate record of the funds and any interest earned
-when appropriate, disbursal of the funds as mandated by law
Trust Account - ✔✔a legal and financial agreement to hold, manage, and be accountable for
someone else's money
Properly Payable - ✔✔the instrument or form presented for payment in a normal course of business
must be honored as outlined in the terms of the trust account
Notice of Dishonor - ✔✔the written explanation the financial institution is required by law to give
the requester if the financial institution is refusing for any reason to honor the request for payment
Discuss discriminatory lending activities as described in the Consumer Credit Protection Act - ✔✔-A
person cannot be denied credit or discriminated against in any part of a credit transaction based on
his or her race, color, religion, national origin, sex, marital status or age
-A person cannot be discriminated against if some or all of his or her income comes from any kind of
public assistance program
-An applicant cannot be denied credit because he or she insisted upon claiming his or her rights
under this law
What are the records required for a public livestock auction market? - ✔✔-the name, address and
picture ID of the seller and the buyer
-proof of all tests taken and the results of each one
-certificates of veterinary inspections and any other required permits and health certificates
-the unique identifier used as the federally required ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration certification
, Discuss what it means to purchase an item on credit? - ✔✔purchasing items on credit enables the
borrower to take possession of the item at the time of purchase by agreeing to make payments over
a specific period of time
Under the Consumer Credit Protection Act and in accordance with the regulations of the Board, it is
not considered discrimination to: - ✔✔-ask about a person's marital status when the creditor is
trying to determine his rights and remedies as applicable to a particular approval of credit
-verify the applicant's age in order to determine if he or she is of legal age to enter into a binding
contracts
-ask an elderly person his or her age as long as the elderly person is not given a positive or negative
value in any empirically derived credit rating system
-request if any of an applicant's income is provided by a public assistance program as long as the
inquiry is made in order to determine the person's income level, the probability the income will
continue and to learn about their credit history
Define a Public Livestock Auction Market - ✔✔a permanent facility that sells livestock to the public
on a regularly scheduled day or days every week.
Discuss trust account record retention by the auctioneer - ✔✔the auctioneer should keep a copy of:
-the bill of sale and any other written agreements
-the deposit slip from the initial deposit to the account and all subsequent transactions
-copies of all invoices
-copies of statements sent to the client and any other paperwork associated with the sale
What is the minimum information that should be shown included in an auctioneer's trust account
records? - ✔✔-Date funds received and trust account established
-name and contact information of seller and buyer
-lot number and brief description of item(s) involved in the transaction
-sale price of the item(s)
-exact amount of the initial deposit
-deposit slip attached
-running balance as funds are disbursed to creditors
-copies of invoices paid from funds in account attached
-notes concerning any transactions made
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