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Questions and Answers
Which type of auction is NOT governed by the specified Chapter?
Which type of auction is NOT governed by the specified Chapter?
Which of the following is true regarding auctions conducted by owners of goods?
Which of the following is true regarding auctions conducted by owners of goods?
Which entity is explicitly exempt from the regulations of this Chapter when conducting auctions?
Which entity is explicitly exempt from the regulations of this Chapter when conducting auctions?
Which of the following types of sales requires regulations as described in this Chapter?
Which of the following types of sales requires regulations as described in this Chapter?
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Which type of auction is regulated under the provisions of a specific General Statute?
Which type of auction is regulated under the provisions of a specific General Statute?
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What is true about sales conducted for charitable or religious organizations?
What is true about sales conducted for charitable or religious organizations?
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Which sales are specified as requiring legal proceedings under the Chapter?
Which sales are specified as requiring legal proceedings under the Chapter?
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Which type of livestock auction is governed by the Packers and Stockyards Act?
Which type of livestock auction is governed by the Packers and Stockyards Act?
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Study Notes
Auctions Governed by Chapter 85B-2
- This Chapter applies to all auctions held in North Carolina, with several exceptions:
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Exempt Auctions:
- Sales by Owner: Auctions conducted by the owner of the goods or real estate, unless they regularly engage in auction sales or initially acquired the goods for resale at auction.
- Public Authority Sales: Auctions conducted by or under the direction of any public authority (e.g., government agencies).
- Court-Ordered Sales: Auctions conducted by receivers, trustees, guardians, administrators, executors, or their agents, under court orders or bankruptcy court orders.
- Legally Required Sales: Auctions mandated by law.
- Livestock Market Sales: Sales of livestock at regulated public livestock markets.
- Leaf Tobacco Sales: Sales conducted in accordance with Chapter 106 of the General Statutes.
- Automobile Sales: Auctions of automobiles under G.S. 20-77 or sales by licensed motor vehicle dealers.
- Breed-Specific Auctions: Sales of a specific breed of livestock by an auctioneer specializing in that breed, conducted under livestock association auspices, regulated by the Packers and Stockyards Act, and where the auctioneer is bonded by the U.S. Department of Agriculture.
- Charitable/Religious Sales: Sales conducted by charitable or religious organizations.
- Sales by Trustees: Sales conducted by a trustee pursuant to a power of sale in a deed of trust on real property.
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Description
Explore the intricacies of North Carolina's auction laws as outlined in Chapter 85B-2. This quiz covers various types of auctions, exceptions, and regulations that govern auction practices in the state. Test your knowledge on exempt auctions and their legal frameworks.
