TEXAS AUCTIONEER LICENSE EXAM ACTUAL EXAM COMPLETE 200
QUESTIONS WITH DETAILED VERIFIED ANSWERS (100% CORRECT
ANSWERS) ALREADY GRADED A+
Fiduciary Responsibilities - CORRECT ANSWER
>>>>include:
-keeping the money in a safe place
-maintaining an accurate record of the funds and any
interest earned
-when appropriate, disbursal of the funds as
mandated by law
Trust Account - CORRECT ANSWER >>>>a legal and
financial agreement to hold, manage, and be
accountable for someone else's money
Properly Payable - CORRECT ANSWER >>>>the
instrument or form presented for payment in a normal
course of business must be honored as outlined in the
terms of the trust account
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Notice of Dishonor - CORRECT ANSWER >>>>the
written explanation the financial institution is required
by law to give the requester if the financial institution
is refusing for any reason to honor the request for
payment
Discuss discriminatory lending activities as described
in the Consumer Credit Protection Act - CORRECT
ANSWER >>>>-A person cannot be denied credit or
discriminated against in any part of a credit
transaction based on his or her race, color, religion,
national origin, sex, marital status or age
-A person cannot be discriminated against if some or
all of his or her income comes from any kind of public
assistance program
-An applicant cannot be denied credit because he or
she insisted upon claiming his or her rights under this
law
What are the records required for a public livestock
auction market? - CORRECT ANSWER >>>>-the name,
address and picture ID of the seller and the buyer
-proof of all tests taken and the results of each one
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-certificates of veterinary inspections and any other
required permits and health certificates
-the unique identifier used as the federally required
ID, i.e. ear tags, brands, etc
-Purebred papers and any other pertinent registration
certification
Discuss what it means to purchase an item on credit? -
CORRECT ANSWER >>>>purchasing items on credit
enables the borrower to take possession of the item at
the time of purchase by agreeing to make payments
over a specific period of time
Under the Consumer Credit Protection Act and in
accordance with the regulations of the Board, it is not
considered discrimination to: - CORRECT ANSWER
>>>>-ask about a person's marital status when the
creditor is trying to determine his rights and remedies
as applicable to a particular approval of credit
-verify the applicant's age in order to determine if he
or she is of legal age to enter into a binding contracts
-ask an elderly person his or her age as long as the
elderly person is not given a positive or negative value
in any empirically derived credit rating system
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-request if any of an applicant's income is provided by
a public assistance program as long as the inquiry is
made in order to determine the person's income level,
the probability the income will continue and to learn
about their credit history
Define a Public Livestock Auction Market - CORRECT
ANSWER >>>>a permanent facility that sells livestock
to the public on a regularly scheduled day or days
every week.
Discuss trust account record retention by the
auctioneer - CORRECT ANSWER >>>>the auctioneer
should keep a copy of:
-the bill of sale and any other written agreements
-the deposit slip from the initial deposit to the account
and all subsequent transactions
-copies of all invoices
-copies of statements sent to the client and any other
paperwork associated with the sale
What is the minimum information that should be
shown included in an auctioneer's trust account
records? - CORRECT ANSWER >>>>-Date funds
received and trust account established
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