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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?
- Sales at auction conducted by a public authority (correct)
- Sales at auction of specialized breeds of livestock
- Sales conducted by private individuals without an attorney
- Sales conducted by a licensed motor vehicle dealer
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?
- Only public auctions are subject to regulation under this Chapter.
- All auctions conducted by owners are exempt from the Chapter.
- Auctions are governed if the owner engages in regular auction sales. (correct)
- Sales by owners are never exempted under any circumstance.
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?
- An attorney representing a private seller
- A state representative executing a land sale
- An executor conducting an estate sale under court order (correct)
- A farmer auctioning livestock at a regulated market
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?
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?
What is true about sales conducted for charitable or religious organizations?
What is true about sales conducted for charitable or religious organizations?
Which sales are specified as requiring legal proceedings under the Chapter?
Which sales are specified as requiring legal proceedings under the Chapter?
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?
Flashcards
Auction by public authority
Auction by public authority
Sales at auction conducted by a government entity are not covered by this chapter's regulations.
Owner-led auction
Owner-led auction
Auctions run by the goods' owners are regulated when regular auction activity occurs.
Executor estate sale
Executor estate sale
An executor selling an estate under court order is exempt from the current chapter's regulations.
Livestock market sales
Livestock market sales
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Licensed dealer car sales
Licensed dealer car sales
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Charitable/religious sales
Charitable/religious sales
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Receiver/trustee sales
Receiver/trustee sales
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Specific breed livestock auction
Specific breed livestock auction
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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:
- 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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