TX Auctioneer License Exam-#2-Questions with Correct Answers/ Verified
0 view 0 purchase
Course
TX Auctioneer License
Institution
TX Auctioneer License
When is a sale complete? - when the auctioneer declares the item sold and sale complete (drop
of the hammer)
Discuss when bidding may be reopened - if a bid is made at the same moment the gavel goes
down, at his discretion, the auctioneer can either declare the sale completed or he can reopen th...
TX Auctioneer License Exam-#2-Questions with Correct
Answers/ Verified
When is a sale complete? - ✔✔when the auctioneer declares the item sold and sale complete (drop
of the hammer)
Discuss when bidding may be reopened - ✔✔if a bid is made at the same moment the gavel goes
down, at his discretion, the auctioneer can either declare the sale completed or he can reopen the
bidding.
Explain who the auctioneer represents and why - ✔✔-the auctioneer's focus should always be on
the seller. The auctioneer acts as the seller's agent during the appraisal process, preparing and
executing the advertising campaign, while answering questions about the seller's property and
during the sale itself
-the auctioneer also has a responsibility to the buyer. When the auctioneer accepts a bid and closes
the sale, the buyer is, in effect, appointing the auctioneer as their agent.
Discuss when a buyer can withdraw their bid - ✔✔a buyer can withdraw their bid at any time before
the auctioneer declares the item sold and the sale complete. At this point, it is the decision of the
auctioneer whether to reopen the bidding or to withdraw the item from the sale
Discuss when an auctioneer may and may not withdraw an item from the sale - ✔✔In a reserve
auction, the auctioneer may withdraw the item being offered for sale at any time before or after the
bidding begins as long as he announces the decision before he declares the item has been sold and
the sale complete.
In an auction without reserve, the auctioneer may only withdraw an item if there is no bid made
within a prescribed amount of time
Define puffing - ✔✔a term used to describe a person representing the seller whose only reason for
attending the auction is to inflate the price of the item being offered for sale (puffers or by-bidders)
Discuss absentee bids - ✔✔a buyer unable to attend the auction in person can use this format.
-the bid lists the lot number, which must match the auction catalogue, a brief description of the item
or items and the highest price they are willing to pay for each item.
, Discuss the auctioneer's responsibilities concerning bids - ✔✔-it is the auctioneer's responsibility to
determine who made the winning bid
-the auctioneer's decision is final
-acceptance or rejection of all bids is determined by the rules of the auction company as well as any
special considerations concerning a particular sale
Discuss the buyer's responsibilities concerning bids - ✔✔no matter what type of bids are used, the
buyer must know and understand the parameters and requirements prior to the sale
Define Tie Bid - ✔✔occurs when two or more buyers offer the identical price for the same item. This
can happen when telephone, online and absentee bids are accepted.
Define Late Bid - ✔✔occurs after the bidding has been closed
Define Telephone Bid - ✔✔made via an open telephone line during the auction. A specific phone line
is typically dedicated to receive these bids
Define Online Bid - ✔✔made via the internet during the auction. A special link is established to
receive these bids
Define Absentee Bid - ✔✔a written offer made prior to the auction
Discuss the reasons for opening announcements - ✔✔these discuss the requirements of the
particular sale. It is recommended that these announcements be recorded to provide a permanent
record of what was said and eliminates the possibility of questions about the rules of the auction
company and the requirements of this particular sale once the auction is over
Define the term "as is" - ✔✔when an item is sold without any guarantee as to condition, usefulness
or, in some cases, contents. It is the buyer's responsibility to determine the condition of the item
Define Auction Listing Agreement - ✔✔a contract between the seller and the auctioneer. This legal
document authorizes the auctioneer to sell the property for the seller and spells out the specific
terms of the agreement
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MikeHarris. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
