Are You an Auction Pro?
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Questions and Answers

Which of the following is the definition of a buyer's premium in auctions?

  • The advertised percentage of the high bid or flat fee added on to the high bid to determine the total price to be paid by the buyer (correct)
  • The fee added on to the high bid to determine the total price to be paid by the seller
  • The advertised percentage of the high bid or flat fee added on to the seller's profit
  • The percentage of the high bid or flat fee added on to the seller's profit

    • What is the purpose of a reserve auction?

  • To disclose the reserve amount to bidders
  • To guarantee that the seller will receive at least a certain amount of money (correct)
  • To sell the property to the highest bidder
  • To allow the seller to bid personally or through an agent

    • What is the difference between a reserve auction and an absolute auction?

  • In a reserve auction, the seller may disclose the reserve amount to bidders, while in an absolute auction, the property is sold to the highest bidder without any reserve price (correct)
  • In a reserve auction, there is not a minimum or reserve price that must be met to complete the auction sale, while in an absolute auction, the seller may bid personally or through an agent
  • In a reserve auction, the seller may not bid personally or through an agent, while in an absolute auction, the property is sold to the highest bidder
  • In a reserve auction, the property is sold to the highest bidder, while in an absolute auction, a price has been set between the seller and auctioneer that must be met to complete the sale

    • What is the settlement statement that the auctioneer must provide to the seller or consignor?

    <p>A description of all goods sold</p> Signup and view all the answers

    What is an auctioneer's fiduciary duty to the seller?

    <p>To act in the best interest of the seller</p> Signup and view all the answers

    What is required of auctioneers in terms of creating and retaining records?

    <p>Auctioneers are required to create and retain both consignment and sales records</p> Signup and view all the answers

    What is the purpose of this brochure created by the NC Auctioneer Licensing Board?

    <p>To provide consumer information regarding auctioneering in North Carolina</p> Signup and view all the answers

    What is a buyer's premium in auctions?

    <p>A fee added on to the high bid to determine the total price to be paid by the buyer</p> Signup and view all the answers

    What is a reserve auction?

    <p>An auction where a price has been set between the seller and auctioneer that must be met to complete the sale</p> Signup and view all the answers

    What is an absolute auction?

    <p>An auction where the property is sold to the highest bidder without a minimum or reserve price that must be met to complete the sale</p> Signup and view all the answers

    What is the auctioneer's fiduciary duty to the seller?

    <p>To act in the best interest of the seller while engaging legally, ethically, and in good faith with all parties</p> Signup and view all the answers

    What is required of auctioneers in terms of creating and retaining records?

    <p>Auctioneers are required to create and retain consignment records and sales records</p> Signup and view all the answers

    What is the purpose of the settlement statement that the auctioneer must provide to the seller or consignor?

    <p>To include a description of all goods sold, the selling price of the goods sold, the net proceeds due to the seller or consignor, the name and address of the person receiving the disbursement, and the amount of the disbursement</p> Signup and view all the answers

    What is the purpose of the brochure created by the NC Auctioneer Licensing Board?

    <p>To provide a general guide for consumer information regarding auctioneering in North Carolina</p> Signup and view all the answers

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