Exam (elaborations)
Texas Auctioneer License-Part 1 Questions and Answers
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Texas Auctioneer License-Part 1 Questions and Answers
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Texas Auctioneer License-Part 1Questions and Answers
"Knowingly" means... - ANSWER-means actual awareness, at the time of the act or
practice complained of, of the falsity, deception, or unfairness of the act or practice
giving rise to the consumer's claim
A person may sell vehicles without a license as long as he sells no more than
_________ per year. - ANSWER-4
A person selling an "antique" vehicle that is ________years or older does not need a
license. - ANSWER-25
A retailer selling a manufactured home at auction must notify the TEXAS
DEPARTMENT OF HOUSING AND COMMUNITY AFFAIRS within how many days of
the sale? - ANSWER-30 days
A seller of used mattresses can sell to consumers as long as he sprays it with a can of
disinfectant spray. - ANSWER-False. Read TITLE 25. HEALTH SERVICES
PART 1. DEPARTMENT OF STATE HEALTH SERVICES
CHAPTER 205. PRODUCT SAFETY
SUBCHAPTER A. BEDDING RULES; It cannot be a spray but must be a liquid and
must be an "approved" method of disinfection.
Business law defines a "person"as _________________________________________.
- ANSWER-an individual, partnership, corporation, association, or other group, however
organized
Can alcoholic beverages be auctioned? - ANSWER-Yes, with a temporary permit for up
to 5 days as long as it is a fundraiser/benefit auction and located off his business
premises. The beverages must be donated and cannot be solicited by the auctioneer.
No taxes can be owed on the beverages.
Can an auctioneer withdraw an item in a reserve auction? - ANSWER-Yes.
Can an auctioneer withdraw an item in an absolute auction? - ANSWER-Generally No;
unless there is no bid in a reasonable time period.
Chattel is defined as_________________________________________. - ANSWER-
Anything that is not real property. Personal property.
Define "wholesaler." - ANSWER-a person who sells for the purpose of resale and not
directly to a consuming purchaser
, Does a manufactured home retailer need to have a real estate license? - ANSWER-No.
Does a seller reclaiming his own property at auction need to pay sales tax? - ANSWER-
No.
Does an auctioneer need a federal firearms license? - ANSWER-Yes AND No; if estate
sale then no, consignment sale then yes
Economic damages is... - ANSWER-compensatory damages for pecuniary loss,
including costs of repair and replacement.
Filers who file sales tax on time are given a _________(%) discount. - ANSWER-.5%
How long must a retailer keep sale tax records. - ANSWER-4 years
If a bid comes in while the hammer is falling, what can happen next? - ANSWER-The
auctioneer can reopen the bidding or he can declare the item sold for the bid under
which the hammer was falling.
If a contract is found to have a deficiency like a blank that was not filled in, is it rendered
invalid? - ANSWER-No. A writing is not insufficient because it omits
or incorrectly states a term agreed upon but the contract is not enforceable under this
paragraph
beyond the quantity of goods shown in such writing.
If a financial statement covers "to be extracted" goods (timber) or fixtures that are
attached to real property, what must it include to be "sufficient"? - ANSWER-1. Notice
that it will be filed in the public record. 2. Indicates that it covers this type of collateral 3.
A description of the real property to which the collateral is related. 4. If the debtor does
not have an interest in the real property, the name of the person(s) that has an interest.
If an auctioneer or seller is only auctioning tax exempt property must he have a sales
permit? - ANSWER-No, he can apply for a waiver.
If an auctioneer sales a firearm away from their business location, how do they transfer
to buyer? - ANSWER-It must be returned to their business location before transferring.
If there is a breach of personal information or "sensitive" information, a business must
notify the harmed persons when? - ANSWER-immediately; unless it would impede a
criminal investigation
In a recent estate auction, Bill changed his mind after he bid on a 1955 Chevy Pickup.
What happens if he retracts his bid before the auction ends? - ANSWER-The auctioneer
can start the bidding again and no prior bid is revived.
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