TEXAS AUCTIONEER LICENSE EXAM ACTUAL
EXAM COMPLETE 200 QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
ALREADY GRADED A+
True of False. An oral contract for a used
jetski with a price of $750 is enforceable in a
court. - ....ANSWER >>>>False. For items
more than $500 a contract must be in writing
to be enforceable.
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
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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.
True or False. A contract is rendered invalid if
it's exact commencement is not noted. -
....ANSWER >>>>False. An agreement
sufficient to constitute a contract for sale may
be found even though the
moment of its making is undetermined.
True of False. When a lot is sold with other
lots owned by the same seller, all lots are
considered one "sale". - ....ANSWER
>>>>False. Each lot is a different "sale".
When is the sale complete at auction? -
....ANSWER >>>>when the auctioneer so
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announces by the fall of the hammer or in
other customary manner.
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.
True or False. All auctions are with reserve
unless otherwise stated. - ....ANSWER
>>>>True.
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.
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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.
What happens if an auctioneer receives a bid
on the seller's behalf or from the seller and
he does not give notice to other bidders? -
....ANSWER >>>>The bidder can quit the
auction or buy the item at the last bid price.
What constitutes a "sufficient" financing
statement? - ....ANSWER >>>>Must include:
The name of the debtor. The name of the
secured party. The property being used as
security (collateral).
If a financial statement covers "to be
extracted" goods (timber) or fixtures that are
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