94 Questions
According to Section .0606 of the North Carolina Auctioneer Licensing Board’s Administrative Regulations, what is the minimum number of Board approved designated persons that all licensed auction firms must have?
At least one
What activities can only be performed by the designated person(s) of an auction firm?
All of the above
What happens to the status of an auction firm license if it does not have at least one designated person in good standing?
It is changed to invalid
Can any licensed auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Can an apprentice auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Are individuals with a currently valid real estate broker license exempt from the auction firm examination?
Yes, if their authority to transact business under the auction firm license is only related to real estate sales at auction
Can an individually licensed auctioneer serve as the designated person for an auction firm without being directly involved in its day-to-day activities?
No
What can happen to the individual license of an auctioneer serving as a designated person if there is a problem with the auction firm?
It can be suspended
Are non-auctioneer designated persons exempt from the responsibilities of a designated person for an auction firm?
No
What is the best course of action for an individually licensed auctioneer serving as the designated person for an auction firm that they do not own or otherwise control?
Be directly involved in the day-to-day activities of the auction firm
Is it important for a designated person of an auction firm to have close supervision and ongoing contact with the auction firm?
Yes
Can an auction firm operate without a designated person in good standing?
No
According to Section .0606 of the North Carolina Auctioneer Licensing Board’s Administrative Regulations, what is the minimum number of Board approved designated persons that all licensed auction firms must have?
At least one
What activities can only be performed by the designated person(s) of an auction firm?
All of the above
What happens to the status of an auction firm license if it does not have at least one designated person in good standing?
It is changed to invalid
Can any licensed auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Can an apprentice auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Are individuals with a currently valid real estate broker license exempt from the auction firm examination?
Yes, if their authority to transact business under the auction firm license is only related to real estate sales at auction
Can an individually licensed auctioneer serve as the designated person for an auction firm without being directly involved in its day-to-day activities?
No
What can happen to the individual license of an auctioneer serving as a designated person if there is a problem with the auction firm?
It can be suspended
Are non-auctioneer designated persons exempt from the responsibilities of a designated person for an auction firm?
No
What is the best course of action for an individually licensed auctioneer serving as the designated person for an auction firm that they do not own or otherwise control?
Be directly involved in the day-to-day activities of the auction firm
Is it important for a designated person of an auction firm to have close supervision and ongoing contact with the auction firm?
Yes
Can an auction firm operate without a designated person in good standing?
No
According to Section .0606 of the North Carolina Auctioneer Licensing Board’s Administrative Regulations, how many Board approved designated persons must a licensed auction firm have?
At least one
What is the consequence if a licensed auction firm does not have at least one designated person in good standing?
The auction firm license is revoked
What activities can only be performed by the designated person(s) for an auction firm?
All of the above
What is the requirement for the designated person during an auction sale?
They must be present on the premises
Who can call bids for a licensed auction firm without being a designated person?
Any auctioneer licensed under G.S. 85B
Who can call bids for a licensed auction firm if they are an apprentice auctioneer?
Only if they are supervised by the sponsor auctioneer
Who is exempt from the auction firm examination if their authority to transact business under the auction firm license is only related to real estate sales at auction?
Individuals with a valid real estate broker license
What can happen to an individually licensed auctioneer if there is a problem with the auction firm in which they are serving as the designated person?
Both their auctioneer license and the auction firm license can be impacted
Can a non-auctioneer serve as a designated person for an auction firm?
Yes, but there are no specific requirements
What is the potential risk of an individually licensed auctioneer serving as a designated person for an auction firm that they do not own or otherwise control?
It is a tricky situation and can result in negative consequences for both the auction firm and the auctioneer
What is the responsibility of an individually licensed auctioneer who is serving as a designated person for an auction firm?
They must be directly involved in the day-to-day activities of the auction firm
What is the purpose of a Designated Person in an auction firm?
To transact business under the firm license
Who can call bids for a licensed auction firm without being a designated person?
Any auctioneer licensed under G.S. 85B
What is the consequence of a licensed auction firm not having at least one designated person in good standing?
The auction firm license will be changed to invalid
Who is exempt from the auction firm examination if their authority to transact business under the auction firm license is only related to real estate sales at auction?
Real estate brokers
What is the responsibility of a designated person during an auction sale?
To be on the premises of the auction sale location
Can a non-auctioneer designated person perform all the activities of a designated person for an auction firm?
No
What is the consequence of a problem with the auction firm for which an individually licensed auctioneer is serving as the designated person?
The individual license of the auctioneer serving as the designated person will be suspended
Can an individually licensed auctioneer serve as the designated person for an auction firm without being directly involved in its day-to-day activities?
No
What is the role of an apprentice auctioneer in calling bids for a licensed auction firm?
They can call bids only if supervised by the sponsor auctioneer
What is the best course of action for an individually licensed auctioneer serving as the designated person for an auction firm that they do not own or otherwise control?
To be directly involved in the day-to-day activities of the auction firm
Can an auction firm operate without a designated person?
No
Who has the authority to transact business under the firm license of a licensed auction firm?
Only designated person(s) for an auction firm
What is a designated person in the context of auction firms?
An auctioneer who serves as the representative of an auction firm
What is the consequence for a licensed auction firm that does not have at least one designated person in good standing?
The auction firm's status will be changed to invalid
What authority does a designated person have in an auction firm?
The authority to transact business under the firm license
Can any licensed auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Are non-auctioneer designated persons exempt from the responsibilities of a designated person for an auction firm?
No
What is the role of an apprentice auctioneer in relation to an auction firm?
To call bids for a licensed auction firm under the supervision of the sponsor auctioneer
What is the exemption for individuals with a currently valid real estate broker license in relation to the auction firm examination?
They are exempt from the exam if their authority to transact business under the auction firm license is only related to real estate sales at auction
What is the consequence for an individually licensed auctioneer serving as a designated person if there is a problem with the auction firm?
It can have an extremely negative impact on the individual license of that auctioneer
Can an auction firm operate without a designated person in good standing?
No
What is the best course of action for an individually licensed auctioneer serving as the designated person for an auction firm that they do not own or otherwise control?
To be directly involved in the day-to-day activities of the auction firm
What is the role of an auctioneer who is not a designated person in an auction firm?
To call bids for a licensed auction firm without being a designated person
Why can serving as a designated person for an auction firm that an auctioneer does not own or control be a tricky situation?
Because the auctioneer may not be directly involved in the day-to-day activities of the auction firm
What is a designated person in the context of an auction firm?
An auctioneer approved by the North Carolina Auctioneer Licensing Board to transact business under the auction firm license
What happens to the status of an auction firm license if it does not have at least one designated person in good standing?
It is changed to invalid
Can any licensed auctioneer perform the responsibilities of a designated person for an auction firm?
No, only designated person(s) have the authority to transact business under the firm license
What are the specific responsibilities of a designated person for an auction firm?
All of the above
Can an apprentice auctioneer call bids for a licensed auction firm without being a designated person?
Yes, as long as they are supervised by the sponsor auctioneer
Are individuals with a currently valid real estate broker license exempt from the auction firm examination?
Yes, if their authority to transact business under the auction firm license is only related to real estate sales at auction
Can an auctioneer call bids for a licensed auction firm without being a designated person?
Yes, as long as they are licensed under G.S. 85B
What is the minimum number of Board approved designated persons that all licensed auction firms must have?
One
Is it important for a designated person of an auction firm to have close supervision and ongoing contact with the auction firm?
Yes, to avoid major problems for the individual auctioneer and the auction firm
Can an individually licensed auctioneer serve as the designated person for an auction firm without being directly involved in its day-to-day activities?
No, because only the designated person can perform certain activities for the auction firm
What can happen to the individual license of an auctioneer serving as a designated person if there is a problem with the auction firm?
It is changed to invalid
Are non-auctioneer designated persons exempt from the responsibilities of a designated person for an auction firm?
No, they have the same responsibilities as auctioneer designated persons
What is a designated person in the context of auction firms?
An individual who is responsible for the day-to-day management and operation of an auction firm
What happens to the status of an auction firm license if it does not have at least one designated person in good standing?
The auction firm license will be changed to invalid
Which of the following activities can only be performed by a designated person of an auction firm?
Calling bids for the auction firm
What is the role of an individually licensed auctioneer serving as a designated person for an auction firm?
To be directly involved in the day-to-day activities of the auction firm
Can any auctioneer licensed under G.S. 85B call bids for a licensed auction firm without being a designated person?
Yes
Can an apprentice auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Are individuals with a currently valid real estate broker license exempt from the auction firm examination?
They are exempt from certain parts of the examination
Can an auction firm operate without a designated person in good standing?
No, it is a requirement for all licensed auction firms
Are non-auctioneer designated persons exempt from the responsibilities of a designated person for an auction firm?
No, they have the same responsibilities as auctioneer designated persons
What can happen to the individual license of an auctioneer serving as a designated person if there is a problem with the auction firm?
The individual license may be suspended or revoked
What is the best course of action for an individually licensed auctioneer serving as the designated person for an auction firm that they do not own or otherwise control?
To be directly involved in the day-to-day activities of the auction firm
What is a designated person in the context of an auction firm?
An individually licensed auctioneer serving as the point of contact for an auction firm
What happens if a licensed auction firm does not have at least one designated person in good standing?
The auction firm license is changed to invalid
Who has the authority to transact business under an auction firm license?
Only designated person(s) for an auction firm
What is the responsibility of a designated person in relation to an auction firm's auction sale location?
To be on the premises while the auction sale is conducted
Who is exempt from the auction firm examination if their authority to transact business under the auction firm license is only related to real estate sales at auction?
Individuals with a currently valid real estate broker license
Can any apprentice auctioneer call bids for a licensed auction firm without being a designated person?
Yes
Can any licensed auctioneer call bids for a licensed auction firm without being a designated person?
Yes
What is the best course of action for an individually licensed auctioneer serving as the designated person for an auction firm that they do not own or otherwise control?
To be directly involved in the auction firm's day-to-day activities
Are non-auctioneer designated persons exempt from the responsibilities of a designated person for an auction firm?
No
What can happen to the individual license of an auctioneer serving as a designated person if there is a problem with the auction firm?
It can be revoked
Can an auction firm operate without a designated person in good standing?
No
Is it important for a designated person of an auction firm to have close supervision and ongoing contact with the auction firm?
Yes
Test your knowledge on the role of a Designated Person in the auction industry with this informative quiz! Learn about the potential pitfalls and responsibilities of serving as a Designated Person for an auction firm and gain a deeper understanding of Section .0606 of the North Carolina Auctioneer Licensing Board's rules and regulations. Perfect for auctioneers and industry professionals looking to enhance their expertise.
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