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8 Questions

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85B-1 Definations

Created by

@SalutaryCalcium

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Questions and Answers

What does an 'Absolute Auction' entail?

The property is sold without reserve and without a minimum bid. (correct)

The auction allows for private negotiations before bidding starts.

The sale includes competing bids from the owner or agent of the owner.

The item is sold to the highest bidder with a minimum bid requirement.

Which of the following best defines an 'Auctioneer'?

A licensed individual responsible for conducting auctions. (correct)

An individual acting on behalf of the property owner but not conducting the auction.

Any person selling goods directly at a retail store.

A person who solely provides financial support for an auction.

In the context of auctions, who is considered the 'Owner'?

An employee of the auctioneer managing the bidding process.

Any individual present in the audience during the auction.

Any person affiliated with the auction firm organizing the auction.

The general partner in a partnership that owns the auctioned property. (correct)

What is the main difference between an 'Auction Firm' and an individual auctioneer?

An Auction Firm is not required to be licensed, unlike individual auctioneers. Signup and view all the answers

What does the term 'Estate Sale' refer to?

Sale at auction of property owned by a specified individual. Signup and view all the answers

Which of the following statements is true about 'Auctioneering'?

It includes managing and advertising auctions. Signup and view all the answers

Who qualifies as an 'Owner' in the case of a corporation?

An employee acting on behalf of the corporation. Signup and view all the answers

What does the term 'Fund' refer to in this context?

The Auctioneer Recovery Fund. Signup and view all the answers

Study Notes

Auction Definitions

Auction: A sale of goods or real estate conducted by an auctioneer, involving a series of bids from the audience and acceptance of the highest bid.
Auctioneer: A person who conducts auctions, including apprentices, subject to specific standards for apprentices.
Owner: The legal owner of the property being sold.
Absolute Auction: Sale of property where the highest bid wins regardless of a minimum bid and without competing bids from the owner.
Estate Sale: Sale of real or personal property of a specific person, typically for liquidation purposes.
Auction Firm: A business entity that conducts or arranges auctions and may use its facilities for auctions.
Fund: Refers to the Auctioneer Recovery Fund.
Auctioneering/Conduct of Auction: Includes calling bids and any related activities.

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Description

Test your knowledge of key auction terms and their meanings in this quiz. Understand concepts like auctioneer, absolute auction, and estate sale. Perfect for anyone interested in the auction industry or real estate.