Auction Terminology Quiz

<p>Any person who conducts or offers to conduct auctions and includes apprentice auctioneers except as stricter standards are specified by this Chapter for apprentice auctioneers</p> Signup and view all the answers

<p>In addition to the actual calling of bids, it includes contracting for auction, accepting consignments of items for sale at auction, and advertising an auction</p> Signup and view all the answers

<p>A sole proprietorship of which the owner is a licensed auctioneer</p> Signup and view all the answers

<p>Auctioning only real estate</p> Signup and view all the answers

<p>A fund set up to compensate buyers who were defrauded by auctioneers</p> Signup and view all the answers

<p>The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve</p> Signup and view all the answers

<p>A general partner in the partnership</p> Signup and view all the answers

<p>Contracting for auction, accepting consignments of items for sale at auction, and advertising an auction</p> Signup and view all the answers

<p>The liquidation by sale at auction of real or personal property of a specified person</p> Signup and view all the answers

<p>Selling items at auction</p> Signup and view all the answers

<p>The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve</p> Signup and view all the answers

<p>A corporation that owns the property being offered for sale</p> Signup and view all the answers

<p>An officer or director of the corporation</p> Signup and view all the answers

<p>Absolute Auction</p> Signup and view all the answers

<p>A general partner in a partnership</p> Signup and view all the answers

<p>A fund set up to compensate buyers for auctioneers' mistakes</p> Signup and view all the answers

<p>A firm that arranges, sponsors, manages, conducts or advertises auctions</p> Signup and view all the answers

<p>The actual calling of bids</p> Signup and view all the answers

<p>The liquidation by sale at auction of real or personal property of a specified person</p> Signup and view all the answers

<p>A general partner in the partnership</p> Signup and view all the answers

<p>Any person who conducts or offers to conduct auctions</p> Signup and view all the answers

<p>The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve</p> Signup and view all the answers

<p>A corporation</p> Signup and view all the answers

<p>Accepting consignments of items for sale at auction</p> Signup and view all the answers

<p>A fund set up to compensate auctioneers for mistakes made during auctions</p> Signup and view all the answers

<p>To reimburse clients who suffered financial loss due to the misconduct of an auctioneer</p> Signup and view all the answers

<p>In an Absolute Auction, the item is sold to the highest bidder without any restrictions, while in a Reserve Auction, there is a minimum bid requirement</p> Signup and view all the answers

<p>A general partner in a partnership that owns the property being offered for sale</p> Signup and view all the answers

<p>The liquidation by sale at auction of real or personal property of a specified person</p> Signup and view all the answers

<p>A sole proprietorship of which the owner is not a licensed auctioneer</p> Signup and view all the answers

<p>Contracting for auction, accepting consignments of items for sale at auction, and advertising an auction</p> Signup and view all the answers

<p>An officer or director of the corporation</p> Signup and view all the answers

<p>The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve</p> Signup and view all the answers

<p>The sale of goods or real estate by means of exchanges between an auctioneer and members of an audience consisting of a series of invitations for offers made by the auctioneer</p> Signup and view all the answers

<p>To conduct or offer to conduct auctions</p> Signup and view all the answers

<p>Apprentice auctioneers must complete a certain number of hours of training before conducting auctions</p> Signup and view all the answers

<p>A corporation that owns the property being offered for sale</p> Signup and view all the answers

<p>To cover losses incurred by buyers or sellers due to fraudulent activities by auctioneers</p> Signup and view all the answers

<p>A sale of real or personal property with competing bids of any type by the owner or agent of the owner</p> Signup and view all the answers

<p>A general partner in the partnership</p> Signup and view all the answers

<p>Contracting for auction, accepting consignments of items for sale at auction, and advertising an auction</p> Signup and view all the answers

<p>Apprentice auctioneers must be supervised by a licensed auctioneer while conducting auctions</p> Signup and view all the answers

<p>The liquidation by sale at auction of real or personal property of a specified person</p> Signup and view all the answers

<p>Any individual who conducts auctions without the use of an Auction Firm</p> Signup and view all the answers

<p>The sale of goods or real estate by means of exchanges between an auctioneer and members of an audience</p> Signup and view all the answers

<p>Any person who conducts or offers to conduct auctions</p> Signup and view all the answers

<p>An officer or director or employee or someone acting on behalf of the employee of a corporation that owns the property being offered for sale</p> Signup and view all the answers

<p>The sale of real or personal property without reserve</p> Signup and view all the answers

<p>The actual calling of bids only</p> Signup and view all the answers

<p>To compensate individuals who have suffered losses due to the actions of an auctioneer</p> Signup and view all the answers

<p>In an Absolute Auction, the item is sold without reserve, while in a Reserve Auction, the item is sold with a minimum bid requirement</p> Signup and view all the answers

<p>The liquidation by sale at auction of real or personal property of a specified person</p> Signup and view all the answers

<p>A general partner in a partnership that owns the property being offered for sale</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>The sale of goods or real estate by means of exchanges between an auctioneer and members of an audience</p> Signup and view all the answers

<p>Any person who conducts or offers to conduct auctions and includes apprentice auctioneers</p> Signup and view all the answers

<p>Any partnership, association, or corporation that sells either directly or through agents, real or personal property at auction</p> Signup and view all the answers

<p>The person who owns the property being offered for sale</p> Signup and view all the answers

<p>An Estate Sale is only for personal property, while an Auction can be for real or personal property</p> Signup and view all the answers

<p>The sale of real or personal property at auction in which the item offered for auction is sold to the highest bidder without reserve</p> Signup and view all the answers

<p>Any partnership, association, or corporation that sells either directly or through agents, real or personal property at auction</p> Signup and view all the answers