Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

Affiliate Auctioneer License Exam Study Guide 2025-2026: Contract Law and Agency, Exams of Commercial Law

This document serves as a study guide for the affiliate auctioneer license test, focusing on key concepts related to contract law and agency relationships. It covers topics such as express contracts, agreements, the definition of a contract, authority given to an agent, and the termination of agency relationships. The guide also addresses the roles of the principal and agent in an auction setting, emphasizing the importance of consent in agency relationships. It provides correct answers to potential test questions, making it a useful resource for exam preparation. This study guide is designed to help individuals understand the fundamental principles governing auctioneer licensing and related legal aspects, ensuring they are well-prepared for the licensing test. It offers a concise overview of essential terms and concepts, aiding in comprehension and retention of the material.

Typology: Exams

2024/2025

Available from 05/20/2025

Fortis-In-Re
Fortis-In-Re 🇺🇸

1

(1)

2.3K documents

1 / 12

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
Affiliate Auctioneer License Test Study Guide
2025-2026
pf3
pf4
pf5
pf8
pf9
pfa

Partial preview of the text

Download Affiliate Auctioneer License Exam Study Guide 2025-2026: Contract Law and Agency and more Exams Commercial Law in PDF only on Docsity!

Affiliate Auctioneer License Test Study Guide 2025 - 2026

om | I I I I I I I a ee ee ee ee ee ee ee I I I I I I I 1 I 1 ___._- 1 I I I I H I : o . I I When the terms of an agreement are declared by the parties, an _ has been I I I I I I I H I I | An expression by 2 or morc persons of a common intention Lo ercate a legal expression is an H I _ .- CORRE‘ ER -Agreement I I I I I H I . oo. . I I A __ is an agreement that creates an obligation between 2 or more parties. - Ct I H NSWER-Contract H I I H I I | Authority given to an agent may be or H I Expressed, Implied I I I I I H I Lo. . . . I I A principal or agent may terminate the agency relationship at .- CORRECT I I ANS ! I I I I I I I I I - I 1 I I I I I I I H I An agency relationship is based upon the _. .- CORRECT ANSWER- ! I ss at I H Consent of the parties H I I H I I H An anclioncer acting on behalf of a property owner (principal) under the terms of a contract | I I becomes an 2 & ER -Agont I I I I I I I I I I I Di oo ol I I I I I I I I I I I I | In states that have license law the usually has a recovery account or H I ires the auctioneer to be bonded. - -Auctioneer commission I I I I I I I ! 5 . . . . . on I I If an auctioneer received a license from a state where they do not live, the auctioneer is referred I H toasa .- CORRECT ANSWER-Non-resident licensee H I I I I I I | In auction license states auctioneers are licensed by an .- CORRECT H I ANSWER -Auctioneer commission or board I I I I I I I I . . . . ! I An auction that is conducted with no reserve is an .- CORRECT ANSWER - I H Absolute auction H I I I I I I | An agent who sells property at auction is an a H I Auctioneer I I I I I I I I » I I A 1 I I I I I I I I I I | The most desirable glassware are pioces that arc __ .- CORR: ‘ER -Signed H I I I I I I H The earliest paintings in America were generally .- CORRECT ANSWER - H I Portraits I I I I I I I H The _ period of furniture in this country was from 1725-1760. - CORRECT: H H ANSWER-Queen Anne H I I I I I I I I I I I I Di oo ol Real property is typically purchased from the owner through a .- CORRECT ANSWER-Contractual agreement Ownership by 2 or more individuals of a single piece of property creates ownership as RECT ANSWER -Tenants in common. The highest quality of ownership of real property is .- CORRECT ANSWER - Fee simple Special types of objects used by commercial tenants in trade or business are defined as ANSWER -Trade fixtures If an item becomes permanently attached to real estate it becomes a .- CORRECT °R-Fixture Berkshire is a breed of Tobacco is sold by the __ and it is typically placed in baskets for offering at auction. - CORRECT ANSWER -Sheet In the sale of dairy cattle the most desirable location is _ On the farm A SS SS SS ac If the auctioneer is using a light system as autos are being sold, the light indicates to the bidder the title is not available at the auction. - CORR. ANSWER -Blue At tobacco auctions the buyers are called a .- CORRECT ANSWER Set Ina bankruptcy an unsecured creditor will likely receive a of the debt owed. - CORRECT ANSWER -Prorated share Ina bankruptcy the estate of the debtor is placed in the hands of the .- CORRECT ANSWER-Trustee The section of the bankruptcy code was designed for farmers. - CORREC ANSWER-Chaptor 12 The Federal Firearms Law is applicable Lo any arms or ammo made after ANSWER-1968 A Bill of Sale would be used to___ personal property The best month for having a consignment farm machinery sale would be _. a A SS SS SS ac The tobacco auctioneer is hired by the a Warehouse ow: = Cherry, Oak and Walnut CORRECT The formula to determine the number of square feet in an area is The 2 basic ty Wholesale and public auto auctions es of auto auctions are The light al an auto auclion indicales thore are defects. - CORRECT ANSWER - Yellow The number of auctioneers used in an auto auction is determined by the of cars typically sold. - -Volune A fee charged at an auction and added to the actual sales price isa __. .- CORRECT ANSWER-Buyers premium The first step in a successful auction is .- CORRECT ANSWER- Signing the contract A SS SS SS ac CORREC The earliest form of silver that an auctioneer might encounter is Coin silver Books that have substantial value were printed prior to .- CORRECT ANSWER -1820 Glass was first manufactured in America in the 1700's 24k gold is not used in jewelry because it is 7 -Too soft Folk painting is attributed to artists who had _.- CORRECT ANSWER- No formal training Rugs that have thick pile and oriental designs were handmade in .- CORRECT ANSWER-China An appraisal is an of valuc. - CORRECT ANSWER-Estimate Most clocks can be dated by the .- CORRECT ANSWER Makers name Sales tax rates are determined by .- CORRECT ANSWER -Each state A SS oo ll ac I I ! | I I I Fees and commissions charged by auctioneers are .- I H CORRECT ANSWER-Set by each individual auctioneer H I I H GSA stands for: General Services Administration H I I H An individual may file for bankruptey once every ____ years. - CORRECT ANSWER -7 H I I I I I I I | I I ! | I I H The auctioneer should always ___.- CORRECT ANSWER Make the H I bidders aware of any restrictions on the auction I I I H The auctioneer is primarily the H I | I I I I I I I I I I I I I I I I I I I I I I I I I The cost of advertising at auction is determined by an agreement between | H _ .- CORRECT ANSWER-The anctioncer and the elicn! H I I I I I I I I I I I I I I I | I I I I I I I I I I I I I I Di oo ol ac Cattle are tested for pregnancy by a process called Cow and calf pairs, show horses and goats are sald by The head Certified angus must be 10% or more Angus Bulls generally sell for a higher price than .- CORRECT ANSWER-Steers Livestock sold off the farm is still required Lo have ANSWER-Veterinary LosLing Your local radio station prices you 60 second radio spats of $8.00 cach and 30 second radio spats of $3.00 each. You order 66 thirty second spots for your auction. The sales tax rate charged is 36 x $3.00 = $330.00 6.5%. How much will your total be? - : Your local newspaper charges $6.20 per column inch for display ads. You purchase a 3 column by W 10x3=30 A SS SS SS