Are You Ready to Stay Ahead in the Auction Industry?
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Questions and Answers

Where will the 4-hour in-person continuing education programs take place?

  • Asheville, Charlotte, and Raleigh
  • Wilmington, Fayetteville, and Greensboro
  • Albemarle, Conover, and Williamston (correct)
  • Durham, Winston-Salem, and Greenville

How many 2-hour CE courses will be available via Zoom?

  • 4
  • 10
  • 8
  • 6 (correct)

Who is conducting the free CE opportunities for NCALB?

  • The North Carolina Auction Firm Association
  • The North Carolina Auctioneers Association (correct)
  • The North Carolina Department of Revenue
  • The North Carolina Board of Auctioneers

Are Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years exempt from Continuing Education requirements?

<p>Yes (A)</p> Signup and view all the answers

Does the CE exemption apply to Auction Firm Designated Persons?

<p>No, Auction Firm Designated Persons are not exempt (C)</p> Signup and view all the answers

Can licensed Auctioneers or Auction Firm Designated Persons experiencing a hardship request a CE waiver for the next license renewal period?

<p>Yes, but they need to provide a valid reason for their request (B)</p> Signup and view all the answers

What should be a concern when engaging in auctioneering activity on behalf of an unlicensed auction firm?

<p>The legality of the auctioneering activity (D)</p> Signup and view all the answers

What should auctioneers do if they encounter something suspicious?

<p>Report it to the NCALB office (C)</p> Signup and view all the answers

Can the NCALB staff provide legal advice?

<p>No (C)</p> Signup and view all the answers

What is the phone number to call the NCALB office with questions?

<p>(919) 567-2844 (B)</p> Signup and view all the answers

Who is eligible to attend the free continuing education courses funded by NCALB?

<p>Licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms (C)</p> Signup and view all the answers

What is the name of the organization conducting the free continuing education opportunities for NCALB?

<p>Auctioneers Association of North Carolina (B)</p> Signup and view all the answers

How many 4-hour in-person programs will be conducted by NCALB in March and April?

<p>Four (A)</p> Signup and view all the answers

Are Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years required to take continuing education courses?

<p>No, they are exempt from continuing education requirements (C)</p> Signup and view all the answers

Are Auction Firm Designated Persons exempt from continuing education requirements?

<p>Yes, they are exempt (A)</p> Signup and view all the answers

Can licensed Auctioneers or Auction Firm Designated Persons experiencing a hardship request a waiver for continuing education requirements?

<p>Yes, they can request a waiver, and it is considered by the Board on a case-by-case basis (B)</p> Signup and view all the answers

What should an Auctioneer do if they receive a suspicious solicitation for auction assistance?

<p>Investigate it cautiously (C)</p> Signup and view all the answers

What is the immediate red flag when a recruiter tells auctioneers that they will 'pay you to use your license' for advertisements?

<p>The recruiter is not licensed in North Carolina (A)</p> Signup and view all the answers

Is it a violation to engage in auctioneering activity on behalf of an unlicensed auction firm in North Carolina?

<p>Yes, it is a violation (B)</p> Signup and view all the answers

What should licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms do to ensure they follow North Carolina's laws and rules regarding auctioneering?

<p>Be careful and always follow the laws and rules (B)</p> Signup and view all the answers

What should an Auctioneer do if they encounter something suspicious?

<p>Investigate it cautiously and report it to the Board if necessary (B)</p> Signup and view all the answers

What is the phone number of the NCALB office for questions and inquiries?

<p>(919) 567-2844 (C)</p> Signup and view all the answers

NCALB is offering free continuing education courses for licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms to attend

<p>True (A)</p> Signup and view all the answers

The in-person continuing education programs will only take place in Albemarle, Conover, and Williamston

<p>False (B)</p> Signup and view all the answers

One of the CE courses will be available online via Zoom

<p>True (A)</p> Signup and view all the answers

All of the CE courses will be conducted in-person

<p>False (B)</p> Signup and view all the answers

The Auctioneers Association of North Carolina is conducting the free CE opportunities for NCALB

<p>True (A)</p> Signup and view all the answers

Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years are exempt from Continuing Education requirements

<p>True (A)</p> Signup and view all the answers

The CE exemption also applies to Auction Firm Designated Persons

<p>False (B)</p> Signup and view all the answers

Any licensed Auctioneer or Auction Firm Designated Person experiencing a hardship may submit a verbal request to the Board for a CE waiver

<p>False (B)</p> Signup and view all the answers

It is a violation to engage in auctioneering activity on behalf of an unlicensed auction firm

<p>True (A)</p> Signup and view all the answers

NCALB staff can provide legal advice to licensees

<p>False (B)</p> Signup and view all the answers

Licensees are encouraged to call the NCALB office with questions if they encounter something suspicious

<p>True (A)</p> Signup and view all the answers

Licensees are not responsible for their own license

<p>False (B)</p> Signup and view all the answers

NCALB is offering free continuing education courses for licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms to attend.

<p>True (A)</p> Signup and view all the answers

The CE sponsor conducting these free CE opportunities for NCALB is the National Auctioneers Association.

<p>False (B)</p> Signup and view all the answers

The CE courses will only be available in-person in Albemarle, Conover, and Williamston.

<p>False (B)</p> Signup and view all the answers

Auctioneers who are at least 65 years old and have been continuously licensed in North Carolina for at least the previous five years are exempt from Continuing Education requirements for annual license renewal purposes.

<p>True (A)</p> Signup and view all the answers

The CE exemption applies to all Auction Firm Designated Persons.

<p>False (B)</p> Signup and view all the answers

Any licensed Auctioneer or Auction Firm Designated Person experiencing a hardship may submit a verbal request to the Board for a CE waiver for the next license renewal period.

<p>False (B)</p> Signup and view all the answers

It is a violation to engage in auctioneering activity on behalf of an unlicensed auction firm.

<p>True (A)</p> Signup and view all the answers

NCALB encourages licensees to be cautious when receiving invitations to provide auction assistance.

<p>True (A)</p> Signup and view all the answers

NCALB staff can provide legal advice to licensees who call with questions.

<p>False (B)</p> Signup and view all the answers

Licensees are responsible for ensuring they follow North Carolina’s laws and rules regarding auctioneering.

<p>True (A)</p> Signup and view all the answers

If licensees encounter something suspicious, they are encouraged to contact the NCALB office.

<p>True (A)</p> Signup and view all the answers

The NCALB alert for January 2023 primarily discusses the availability of continuing education opportunities.

<p>True (A)</p> Signup and view all the answers

Which of the following best defines an absolute auction?

<p>An auction where the property is sold to the highest bidder without limitations or reserve prices (A)</p> Signup and view all the answers

What is the purpose of an acceleration clause in a mortgage or lease?

<p>To state that the entire balance is due upon default of a payment (D)</p> Signup and view all the answers

What is the definition of a life estate?

<p>An estate held during the lifetime of a certain person (C)</p> Signup and view all the answers

What is the definition of bid rigging?

<p>The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise (C)</p> Signup and view all the answers

What is the purpose of a buyer's premium?

<p>An additional fee added to the high bid to determine the total contract price (B)</p> Signup and view all the answers

What is the definition of a deed?

<p>A written document that transfers land or hereditaments from a grantor to a grantee (A)</p> Signup and view all the answers

What is the definition of a reserve auction?

<p>An auction in which the seller reserves the right to accept or decline any or all bids (D)</p> Signup and view all the answers

What is the definition of an absentee bid?

<p>Allows a bidder to participate in an auction without physically being present (B)</p> Signup and view all the answers

What is the definition of bid assistants?

<p>Individuals who help the auctioneer by spotting bidders and providing information (C)</p> Signup and view all the answers

What is the definition of a tax sale?

<p>A public sale of property at auction by governmental authority due to non-payment of taxes by the owner (D)</p> Signup and view all the answers

What is the definition of an appraisal?

<p>An estimate of the value, quantity, or quality of a property (D)</p> Signup and view all the answers

What is the definition of a trustee's sale?

<p>A sale at auction by a trustee (D)</p> Signup and view all the answers

What is the definition of AS-IS in an auction?

<p>Selling a property without warranties as to its condition or fitness for a particular use (B)</p> Signup and view all the answers

What is an absentee bid in an auction?

<p>A bid placed by someone who is not physically present at the auction (C)</p> Signup and view all the answers

What is an absolute auction in an auction?

<p>An auction where property is sold to the highest bidder without limitations or reserve prices (A)</p> Signup and view all the answers

What is an appraisal in an auction?

<p>An estimate of the value, quantity, or quality of a property (B)</p> Signup and view all the answers

What is a buyer's premium in an auction?

<p>An additional fee added to the high bid to determine the total contract price (C)</p> Signup and view all the answers

What is the definition of bid rigging in an auction?

<p>The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise (B)</p> Signup and view all the answers

What is a life estate in an auction?

<p>An estate held during the lifetime of a certain person (D)</p> Signup and view all the answers

What is the definition of a real estate auction?

<p>An auction where real property is sold to the highest bidder (A)</p> Signup and view all the answers

What is a reserve auction in a real estate auction?

<p>An auction where the seller reserves the right to accept or decline any or all bids (B)</p> Signup and view all the answers

What is a tax sale in a real estate auction?

<p>A public sale of property at auction by governmental authority due to non-payment of taxes by the owner (A)</p> Signup and view all the answers

What is a trustee's sale in a real estate auction?

<p>A sale at auction by a trustee (A)</p> Signup and view all the answers

What is an upset price or reserve price in a real estate auction?

<p>The minimum acceptable price set by the seller in a reserve auction (B)</p> Signup and view all the answers

What is an AS-IS sale?

<p>A sale without warranties as to its condition or fitness for a particular use (B)</p> Signup and view all the answers

What is an absentee bid?

<p>A bid made by someone who is not physically present at the auction (A)</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 reserve prices (B)</p> Signup and view all the answers

What is an acceleration clause in a mortgage or lease?

<p>A clause that states that the entire balance is due upon default of a payment (C)</p> Signup and view all the answers

What is an appraisal?

<p>A written estimate of the value, quantity, or quality of a property (C)</p> Signup and view all the answers

What is a buyer's premium?

<p>A fee added to the high bid to determine the total contract price (C)</p> Signup and view all the answers

What are bid assistants?

<p>People who spot bidders and provide information to the auctioneer (D)</p> Signup and view all the answers

What is bid rigging?

<p>The unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise (B)</p> Signup and view all the answers

What is a deed?

<p>A legal document that transfers land or hereditaments from a grantor to a grantee (A)</p> Signup and view all the answers

What is a life estate?

<p>An estate held during the lifetime of a certain person (A)</p> Signup and view all the answers

What is a market value?

<p>The highest price in a competitive and open market (D)</p> Signup and view all the answers

What is a reserve auction?

<p>An auction where the seller reserves the right to accept or decline any or all bids (A)</p> Signup and view all the answers

Study Notes

Auction Terminology: Vocabulary and Definitions

  • AS-IS refers to selling a property without warranties as to its condition or fitness for a particular use, and buyers are responsible for examining the property.

  • An absentee bid allows a bidder to participate in an auction without physically being present.

  • An absolute auction is one where property is sold to the highest bidder without limitations or reserve prices.

  • An acceleration clause in a mortgage or lease states that the entire balance is due upon default of a payment.

  • An appraisal is an estimate of the value, quantity, or quality of a property.

  • A buyer's premium is an additional fee added to the high bid to determine the total contract price.

  • Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.

  • Bid rigging is the unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise.

  • A deed is a written document that transfers land or hereditaments from a grantor to a grantee.

  • A life estate is an estate held during the lifetime of a certain person.

  • A market value is the highest price in a competitive and open market.

  • A listing agreement authorizes an auctioneer to conduct an auction and sets out the agreement's terms and the parties' rights and responsibilities.Real Estate Auction Terminology

  • Real estate auction is a process of selling a property to the highest bidder in an open and competitive market.

  • The market value of a property is the highest price a buyer would pay and the lowest price a seller would accept.

  • A bidder acknowledgement form is executed by the high bidder confirming the bid price and the property's description.

  • Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.

  • Option is the right to purchase or lease a property at a certain price for a designated period.

  • Principal note is the promissory note secured by the mortgage or trust deed.

  • A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.

  • Subdivision is a tract of land divided into lots suitable for homebuilding purposes.

  • Tax sale is a public sale of property at auction by governmental authority due to non-payment of taxes by the owner.

  • Trustee's sale is a sale at auction by a trustee.

  • Upset price or reserve price is the minimum acceptable price set by the seller in a reserve auction.

  • Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.

Auction Terminology: Vocabulary and Definitions

  • AS-IS refers to selling a property without warranties as to its condition or fitness for a particular use, and buyers are responsible for examining the property.

  • An absentee bid allows a bidder to participate in an auction without physically being present.

  • An absolute auction is one where property is sold to the highest bidder without limitations or reserve prices.

  • An acceleration clause in a mortgage or lease states that the entire balance is due upon default of a payment.

  • An appraisal is an estimate of the value, quantity, or quality of a property.

  • A buyer's premium is an additional fee added to the high bid to determine the total contract price.

  • Bid assistants, also known as ringmen or bid spotters, help the auctioneer by spotting bidders and providing information.

  • Bid rigging is the unlawful practice of two or more people agreeing not to bid against each other to deflate the value of merchandise.

  • A deed is a written document that transfers land or hereditaments from a grantor to a grantee.

  • A life estate is an estate held during the lifetime of a certain person.

  • A market value is the highest price in a competitive and open market.

  • A listing agreement authorizes an auctioneer to conduct an auction and sets out the agreement's terms and the parties' rights and responsibilities.Real Estate Auction Terminology

  • Real estate auction is a process of selling a property to the highest bidder in an open and competitive market.

  • The market value of a property is the highest price a buyer would pay and the lowest price a seller would accept.

  • A bidder acknowledgement form is executed by the high bidder confirming the bid price and the property's description.

  • Mortgage is a conditional transfer of real property as security for the payment of a debt or obligation.

  • Option is the right to purchase or lease a property at a certain price for a designated period.

  • Principal note is the promissory note secured by the mortgage or trust deed.

  • A reserve auction is an auction in which the seller reserves the right to accept or decline any or all bids.

  • Subdivision is a tract of land divided into lots suitable for homebuilding purposes.

  • Tax sale is a public sale of property at auction by governmental authority due to non-payment of taxes by the owner.

  • Trustee's sale is a sale at auction by a trustee.

  • Upset price or reserve price is the minimum acceptable price set by the seller in a reserve auction.

  • Withdrawal is the failure to reach the reserve price or insufficient bidding in a reserve auction.

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January 2023 NCALB Alert PDF
Real Estate Vocabulary & Definitions PDF

Description

"Get Ahead of the Game: Free Continuing Education Courses for NC Auctioneers and Designated Persons!" Stay up-to-date with the latest industry trends and regulations with NCALB's funded 4-hour programs. Attend in-person sessions in Albemarle, Conover, and Williamston in March and April. Don't miss out on this opportunity to enhance your skills and stay competitive in the market. Open to licensed NC Auctioneers and Designated Persons of licensed NC Auction Firms.

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