8/29/24, 3:04 PM TEXAS AUCTIONEER LICENSE EXAM 2024-2025 ACTUAL EXAM COMPLETE QUESTIONS WITH DETAILED VERIFIED A…
TEXAS AUCTIONEER LICENSE EXAM 2024-2025
ACTUAL EXAM COMPLETE QUESTIONS WITH
DETAILED VERIFIED ANSWERS [100% CORRECT
ANSWERS] ALREADY GRADED A+
Terms in this set (66)
Does an auctioneer need a Yes AND No; if estate sale then no, consignment sale
federal firearms license? then yes
If an auctioneer sales a It must be returned to their business location before
firearm away from their transferring.
business location, how do
they transfer to buyer?
Who determines the The court sets the fee.
auctioneers fee in federal
bankruptcy court?
Persons in the business of importing, manufacturing, or
Who must obtain a
dealing in firearms, or importing or manufacturing
firearms license?
ammunition
Any work of art, piece of furniture, decorative object,
or the like, created or produced in a
What is an antique?
former period, or, according to U.S. customs laws, 100
years before date of purchase.
What is "provenance"? Place or source of origin; the history of ownership.
when either party pursuant to a power created by
What does "termination" of
agreement or law puts an end to the contract
a contract mean?
otherwise than for its breach.
occurs when either party puts an end to the contract
for breach by the other and its effect is the same as
What does "cancellation"
that of "termination" except that the cancelling party
of a contract mean?
also retains any remedy for breach of the whole
TEXAS AUCTIONEERcontract
LICENSE or any unperformed balance.
EXAM 2024-2025 ACTUAL E...
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True of False. An oral False. For items more than $500 a contract must be in
contract for a used jetski writing to be enforceable.
with a price of $750 is
enforceable in a court.
If a contract is found to No. A writing is not insufficient because it omits
have a deficiency like a or incorrectly states a term agreed upon but the
blank that was not filled in, contract is not enforceable under this paragraph
is it rendered invalid? beyond the quantity of goods shown in such writing.
True or False. A contract is False. An agreement sufficient to constitute a contract
rendered invalid if it's exact for sale may be found even though the
commencement is not moment of its making is undetermined.
noted.
True of False. When a lot is False. Each lot is a different "sale".
sold with other lots owned
by the same seller, all lots
are considered one "sale".
When is the sale complete when the auctioneer so announces by the fall of the
at auction? hammer or in other customary manner.
If a bid comes in while the The auctioneer can reopen the bidding or he can
hammer is falling, what can declare the item sold for the bid under which the
happen next? hammer was falling.
True or False. All auctions True.
are with reserve unless
otherwise stated.
Can an auctioneer Yes.
withdraw an item in a
reserve auction?
Can an auctioneer Generally No; unless there is no bid in a reasonable
withdraw an item in an time period.
absolute auction?
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