Auction Terminology Quiz
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Questions and Answers

Who is considered the 'Owner' of the property being offered for sale in the case of a corporation?

  • The shareholder with the largest stake in the corporation that owns the property being offered for sale
  • 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 provided that the corporation is registered to do business in the State (correct)
  • The CEO of the corporation that owns the property being offered for sale
  • Any employee of the corporation that owns the property being offered for sale

Which of the following is the definition of an 'Absolute Auction' according to the text?

  • An auction where the item offered is sold to the highest bidder with a reserve price set by the owner or agent of the owner of the property
  • An auction where the item offered is sold to the highest bidder without reserve, without the requirement of any minimum bid, and without competing bids of any type by the owner or agent of the owner of the property (correct)
  • An auction where the item offered is sold to the highest bidder with competing bids by the owner or agent of the owner of the property
  • An auction where the item offered is sold to the highest bidder with a minimum bid requirement set by the auctioneer

What is the definition of an 'Estate Sale' according to the text?

  • The sale of real estate by means of exchanges between an auctioneer and members of an audience
  • The liquidation by sale at auction of real or personal property of a specified person (correct)
  • The sale of goods by means of exchanges between an auctioneer and members of an audience
  • The sale of personal property by means of exchanges between an auctioneer and members of an audience

What is the definition of an 'Auctioneer' according to the text?

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

What is the definition of 'Auctioneering' according to the text?

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

Which of the following is NOT included in the definition of 'Auction Firm' according to the text?

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

Which of the following is a stricter standard specified by the Chapter for apprentice auctioneers?

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

What is the Auctioneer Recovery Fund?

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

What is the definition of an 'Absolute Auction' according to the text?

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

Who is considered the 'Owner' of the property being offered for sale in the case of a limited partnership?

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

What is the definition of 'Auctioneering' according to the text?

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

What is the definition of an 'Estate Sale' according to the text?

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

Which of the following is NOT considered 'Auctioneering' according to the text?

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

What is the definition of an 'Auction' according to the text?

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

Which of the following is NOT considered an 'Auction Firm' according to the text?

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

Who is considered the 'Owner' of the property being offered for sale in the case of a corporation?

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

Which of the following is defined as the sale of goods or real estate by means of exchanges between an auctioneer and members of an audience?

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

What does the term 'Owner' mean in the case of partnerships?

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

What is the Auctioneer Recovery Fund?

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

What is an Auction Firm?

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

What is the definition of 'Auctioneering'?

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

What is the definition of an 'Estate Sale'?

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

Who is considered the 'Owner' of the property being offered for sale in the case of a limited partnership?

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

Who is considered an 'Auctioneer'?

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

What is an 'Absolute Auction'?

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

What is the definition of an 'Auction Firm' if the owner is a licensed auctioneer?

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

What is the definition of 'Auctioneering' if it includes accepting consignments of items for sale at auction?

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

What is the definition of the term 'Fund' in this Chapter?

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

What is the Auctioneer Recovery Fund used for?

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

What is the difference between an 'Absolute Auction' and a 'Reserve Auction'?

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

Who is considered an 'Owner' in the case of a partnership?

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

What is the definition of an 'Estate Sale' according to the text?

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

What is an 'Auction Firm' according to the text?

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

What is the definition of 'Auctioneering' according to the text?

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

Who is considered an 'Owner' in the case of a corporation?

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

What is an 'Absolute Auction' according to the text?

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

What is an 'Auction' according to the text?

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

What is the role of an 'Auctioneer' according to the text?

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

Which of the following is a stricter standard specified by the Chapter for apprentice auctioneers?

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

What is NOT included in the definition of 'Auction Firm' according to the text?

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

What is the Auctioneer Recovery Fund used for?

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

Which of the following is NOT considered an 'Absolute Auction'?

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

Who is considered the 'Owner' of the property being offered for sale in the case of a limited partnership?

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

What is the definition of 'Auctioneering' according to the text?

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

Which of the following is a stricter standard specified by the Chapter for apprentice auctioneers?

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

What is the definition of an 'Estate Sale' according to the text?

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

Which of the following is NOT included in the definition of 'Auction Firm' according to the text?

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

What is the definition of an 'Auction' according to the text?

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

What is the definition of an 'Auctioneer' according to the text?

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

Which of the following is considered the 'Owner' of the property being offered for sale in the case of a corporation?

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

What is the definition of 'Absolute Auction' according to the text?

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

Which of the following is NOT considered 'Auctioneering' according to the text?

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

What is the Auctioneer Recovery Fund used for?

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

What is the difference between an 'Absolute Auction' and a 'Reserve Auction'?

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

What is an 'Estate Sale' according to the text?

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

Who is considered the 'Owner' of the property being offered for sale in the case of a partnership?

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

What is the definition of 'Auctioneering' according to the text?

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

What is the definition of an 'Auction' according to the text?

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

What is the definition of an 'Auctioneer' according to the text?

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

What is the definition of an 'Auction Firm' according to the text?

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

What is the definition of 'Owner' according to the text?

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

What is the difference between an 'Auction' and an 'Estate Sale'?

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

What is an 'Absolute Auction' according to the text?

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

What is the definition of an 'Auction Firm' according to the text?

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

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