85B-4 License Required
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85B-4 License Required

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Questions and Answers

What happens when the Commission pays a sum to the judgment creditor?

  • The judgment creditor retains all rights to the payment.
  • The Commission is subrogated to the rights of the judgment creditor. (correct)
  • The judgment creditor is required to return the payment.
  • The payment is considered a loan to the judgment creditor.

    • What constitutes a waiver of rights under this Chapter?

  • Receiving a partial payment from the Commission.
  • Failure to comply with any provisions of this Chapter. (correct)
  • Submitting additional documentation after a refusal.
  • Timely filing an application for payment from the Fund.

    • Which of the following individuals is not eligible to recover from the Fund?

  • A judgment creditor who has a pending claim.
  • A person who suffered a loss in a joint business venture with a licensee. (correct)
  • A licensee acting as an auctioneer. (correct)
  • An apprentice auctioneer with commission loss. (correct)

    • Does the repayment of obligations to the Fund affect disciplinary actions against a licensee?

    <p>No, it does not limit the Commission's authority.</p> Signup and view all the answers

    What must the judgment creditor do after receiving payment from the Commission?

    <p>Assign their rights to the Commission to the extent of the payment.</p> Signup and view all the answers

    How long is a license valid after being issued?

    <p>From the date issued until the following June 30</p> Signup and view all the answers

    What is the maximum number of times an apprentice auctioneer license can be renewed?

    <p>Three times</p> Signup and view all the answers

    What is the continuing education requirement before renewing an auctioneer license?

    <p>Six hours of Commission-approved continuing education courses</p> Signup and view all the answers

    Under what circumstances can the Commission waive the continuing education requirements?

    <p>Financial difficulties and other appropriate circumstances</p> Signup and view all the answers

    What is required for a person to be issued an auctioneer or apprentice auctioneer license?

    <p>Making a contribution to the Fund as required by law</p> Signup and view all the answers

    What must an auction firm do to be licensed, even if no owner acts as an auctioneer?

    <p>Make the required contribution to the Fund and pay proper fees</p> Signup and view all the answers

    Which of the following is NOT a component that the Commission may establish rules for?

    <p>The examination format for new applicants</p> Signup and view all the answers

    How long before the expiration of a license is the renewal without examination applicable?

    <p>24 months</p> Signup and view all the answers

    What is the maximum amount of funds that the Commission can utilize for specific purposes without further approval?

    <p>$200,000</p> Signup and view all the answers

    Which of the following is NOT a purpose for which the Fund may be used?

    <p>To provide direct financial assistance to aggrieved persons</p> Signup and view all the answers

    What is the timeframe for filing written notice of a lawsuit against a licensee after its commencement?

    <p>60 days</p> Signup and view all the answers

    What must an aggrieved person do to be eligible for compensation from the Fund?

    <p>File a lawsuit against the auctioneer and provide notice to the Commission</p> Signup and view all the answers

    If an aggrieved person's claim is below what amount, can they file notice within a longer timeframe?

    <p>$2,500</p> Signup and view all the answers

    Which of the following statements about the State Treasurer's discretion regarding disbursement of the Fund is true?

    <p>The State Treasurer may choose the disbursement method at their discretion.</p> Signup and view all the answers

    What is a requirement for the Fund's investment by the State Treasurer?

    <p>Maintain sufficient liquidity for claim satisfaction</p> Signup and view all the answers

    Which of these activities can the Commission sponsor to advance the auctioneer profession?

    <p>Educational projects and research</p> Signup and view all the answers

    What must the aggrieved person show to be eligible for recovery from the Fund?

    <p>They must have obtained a final judgment against the licensee.</p> Signup and view all the answers

    Which of the following is NOT a requirement for the aggrieved person when filing an application with the Commission?

    <p>The applicant must be a licensed auctioneer.</p> Signup and view all the answers

    What is the consequence if the execution on the judgment is returned unsatisfied?

    <p>The aggrieved person can file for recovery within one year.</p> Signup and view all the answers

    Which of the following statements is true regarding the aggrieved person's eligibility for recovery?

    <p>The aggrieved person cannot be the spouse of the judgment debtor.</p> Signup and view all the answers

    What must the aggrieved person include with their application to the Commission?

    <p>An affidavit of service to demonstrate notification of the judgment debtor.</p> Signup and view all the answers

    What is required regarding the notice of the lawsuit?

    <p>Notice must comply with the specifications of G.S. 85B-4.2.</p> Signup and view all the answers

    For how long after judicial proceedings can an application be filed?

    <p>One year after the proceedings including appeals.</p> Signup and view all the answers

    What type of judgment must the aggrieved person have obtained?

    <p>A judgment described under G.S. 85B-4.2.</p> Signup and view all the answers

    What is the burden of proof for an applicant when the judgment obtained is by default, stipulation, or consent?

    <p>The applicant must prove the cause of action for conversion or fraudulent conduct.</p> Signup and view all the answers

    Which of the following is NOT a condition for the Commission to order payment from the Fund without a judicial determination?

    <p>The total loss claimed is more than $2,500.</p> Signup and view all the answers

    How does the Commission decide on applications for payment from the Fund?

    <p>By majority decision of the Commission members.</p> Signup and view all the answers

    Under what circumstance can a claim based on the application of an aggrieved person be compromised?

    <p>If the majority of the Commission approves the compromise.</p> Signup and view all the answers

    What happens if a claimant files a complaint more than one year after the alleged wrongful act?

    <p>The claim will be automatically dismissed.</p> Signup and view all the answers

    What is one of the limitations for payment from the Fund under § 85B-4.5?

    <p>The total loss must be $2,500 or less.</p> Signup and view all the answers

    What is the nature of the presumption created by a judgment against a licensee?

    <p>It establishes a rebuttable presumption of conversion or fraudulent conduct.</p> Signup and view all the answers

    What type of claims may the Commission allow to be paid without requiring a prior judicial determination?

    <p>Claims with clearly ascertainable losses.</p> Signup and view all the answers

    Study Notes

    Auctioneer Licenses

    • Auction licenses are valid from July 1 or the date issued, whichever is later, to the following June 30
    • Licenses can be renewed annually, except for apprentice auctioneer licenses which can only be renewed three times
    • The Commission may require licensees to complete up to six hours of continuing education courses annually
    • The Commission can set different continuing education requirements for different types of licensees, including no requirements
    • The Commission has the ability to waive continuing education requirements in cases of hardship, disability, or illness
    • The Commission can adopt rules regarding continuing education courses, including content, curriculum, approval criteria, instruction methods, credit computation, credit carryover, and waiver procedures

    Auctioneer License Fund

    • Every auctioneer and apprentice auctioneer must contribute to the Auctioneer License Fund before obtaining a license
    • Auction firms must also contribute to the Fund, even if no owner or officer is an auctioneer
    • The Fund can be invested by the Treasurer in interest-bearing accounts, and the interest accrued is added to the Fund
    • The Fund can be used to promote education and research in the auctioneer profession, underwrite educational programs for licensees, and support educational projects to advance the auctioneer profession in North Carolina
    • The Commission can use any funds in excess of $200,000 for these purposes

    Compensation from the Fund

    • An aggrieved person who suffers a monetary loss due to the conversion of funds or property, or other fraudulent conduct by a licensee may be eligible for compensation from the Fund
    • Key conditions for eligibility include: Filing a lawsuit against the licensee, obtaining a final judgment against the licensee, not being engaged in any act requiring an auctioneer license, and execution on the judgment being returned unsatisfied
    • The applicant must file a verified application with the Commission within one year of the termination of legal proceedings
    • The Commission will conduct a hearing and the applicant must show that they meet all requirements, have made reasonable searches for assets of the judgment debtor, and prove the cause of action if the judgment was by default, stipulation, or consent

    Small Claims

    • The Commission can order payment from the Fund without requiring a prior judicial determination for claims under $2,500 if the loss is readily ascertainable, compensable under the Chapter, and a complaint was filed within one year of the wrongful act

    Order for Payment

    • The Commission must hold a hearing on applications for payment from the Fund
    • If the Commission finds that the claim should be paid, an order will be issued requiring payment from the Fund in accordance with the limitations in the article

    Limitations and Waivers

    • The Commission will be subrogated to the rights of the judgment creditor after making a payment from the Fund
    • The Commission is not bound by any compromise or stipulation of the judgment debtor
    • Failure to comply with the Chapter constitutes a waiver of rights
    • Auctioneers cannot claim compensation from the Fund for loss of commissions from transactions where they acted as auctioneer, apprentice auctioneer, or auction firm, or for losses from joint business ventures with licensees

    Disciplinary Action

    • The Commission maintains the authority to take disciplinary action against licensees under this Chapter
    • The repayment of all obligations to the Fund by a licensee does not negate or modify the effect of any other disciplinary proceedings

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    Related Documents

    85B-4 Licenses Required PDF

    Description

    This quiz covers the regulations surrounding auctioneer licenses, including validity, renewal processes, and continuing education requirements. It also discusses contributions to the Auctioneer License Fund. Test your knowledge on these essential topics for aspiring auctioneers!

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