Copy of Pre-licensing – Hybrid Course Test #1

1. The following are required on auction ads:

2. The two basic target markets auctioneers need to promote to are:

3. Reproduction antiques sold at auction by private sale:

4. Antiques are items that are:

5. Appraisals performed by licensed auctioneers should be:

6. Auction house must:

7. You have an auction, the total is $23,284.75 and your commission is 7%. What is your commission?

8. How many square feet are there in one acre?

9. You run 3 newspaper ads, 2 columns wide by 6 inches deep, at a rate of $10.00 per column inch. What is the total cost for all 3 ads?

10. Ordinary estate auctions should average about:

11. Auctions are always with reserve unless what is done?

12. Wholesale auto auctions charge a fee to:

13. Auto auctions are normally regarded as:

14. The court order of creditor priority under the bankruptcy code is:

15. Any person owed money by the party filing bankruptcy is called which of the following?

16. You must always charge for a benefit auction.

17. When working with an organization preparing for a benefit auction:

18. The following are all ways to keep an auction from taking too long EXCEPT:

19. Which of the following is not a purpose for bid calling?

20. What filler words are most important to an auctioneers chant?

21. When ending the sale of an item, an auctioneer should usually:

22. Your sound system must:

23. Repeating the amount of the bid already received:

24. The easiest way to create excitement in your bid calling is

25. Clarity in an auctioneers bid calling is necessary because:

26. Best hand gesture to use when calling bids:

27. What is the most important part of bid calling?

28. What percentage of the total auction business is related to bid calling?

29. Clear bid calling is necessary for all but which of the following:

30. An auctioneer should warm up before each sale for:

31. Bid calling is the process of:

32. Auction budgets?

33. Which of the following indicators would mostly likely trigger the bulk sales law?

34. If there is a question as to whether the bulk sales law applies, after the sale is concluded, where should the monies be placed?

35. Which of the following is not a reason to choose to be a contract auctioneer?

36. Which of the following is NOT one of the basic requirements of a valid and enforceable contract?

37. A contract for an auction is which type:

38. As an auctioneer, you should?

39. Consideration is:

40. Wood destroying insects are all of the following except:

41. Asbestos can be found in all the following materials except:

42. Which of the following is true regarding underground storage tanks?

43. When listing a farm sale you find several cans of toxic liquid, what should you do?

44. All of the following are potential sources of lead contamination except:

45. The best way to convey title of real estate held in an estate:

46. Which of the following is a true statement?

47. Consistent ethical behavior is important because:

48. As an auctioneer, you are:

49. If you find that an article has been misrepresented, you should:

50. Ethics can be best defined as:

51. All of the following should be done when selling farm equipment except:

52. The Federal Firearm laws require a Federal Firearms dealer license for:

53. All of the following are types or periods of antique furniture except:

54. A licensed auctioneer doing business as Red Barn Auction house needs to own:

55. For an initial auctioneer license in Indiana, one must do all except:

56. An auctioneers license in Indiana is not needed by:

57. An unlicensed friend helps you as an auctioneer and bid calls at an estate sale in Indiana, what is true?

58. During the 80 hour Pre-licensing Course the school must conduct three 100 question exams. What is the total number of points a student must obtain before passing the course?

59. Reciprocity with your auctioneer license generally means:

60. When an auctioneer runs a consignment sale of machinery, he must:

61. The Indiana auctioneer’s commission can do all of the following except:

62. Your Indiana auctioneer license is good to bid call auctions in:

63. Insurance:

64. In regards to the proceeds of auctions which of the following would not be allowed prior to settlement?

65. A bilateral contract is:

66. Life estate refers to:

67. When an auction is completed, where should the commission portion of the proceeds be placed after settlement with the seller?

68. The statute of frauds requires:

69. Liquidate means:

70. Purebred hogs should be sold:

71. Online auctions work best for:

72. When conducting an online auction:

73. Selling items simultaneously live and online:

74. A deed is an instrument used to:

75. When a home is sold “subject to confirmation:”

76. Title insurance

77. A real estate parcel number:

78. Which one of the following types of deeds offer the greatest protection from the grantor (seller)?

79. Each township has how many sections?

80. How many square yards are their in one acre?

81. A section of land is:

82. A contingency is:

83. In selling homes at Auction, the auctioneer is responsible for the content of:

84. Which of the following is not an interest in real estate?

85. Hand signals in the communication of the auctioneer with a ring person:

86. A ring person:

87. A ring person’s primary job is:

88. When an item has been sold to a ring person’s buyer, the ring person should immediately

89. Having different terms for live and online bidders is?

90. The following are all types of auctions specifically discussed under the UCC with the exception of?

91. According to the Uniform Commercial Code regarding sale by auction, if goods are put up in lots:

92. All of the following activities are permitted at an absolute auction except:

93. Should an auctioneer disclose a reserve price to a potential bidder?

94. Per USPAP, should an auctioneer appraise and sell the same property?

95. To be USPAP compliant with a written appraisal report, an auctioneer must:

96. An auctioneer must be which of the following to complete an appraisal assignment:

97. An oral opinion of value is?

98. When appraising an item, an auctioneer should?

99. The following approaches to value would typically be used by an auctioneer, EXCEPT?

100. Which of the following is not an approach to value?