General Review Questions

This is a self-grading exam. Answers are entered by clicking the button corresponding to your selection. The examination is scored by clicking 'Grade Test' at the bottom of the form. Correct answers and explanations are found at the bottom of the page. There are 50 questions in this bank.

© 1997 - 2007 Florida Auctioneer Academy

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or go to Question Bank General Law UCC Math 4 part Main Test

Question # 1 (True/False) If an appraisal is available, it must be displayed at the auction.

Question # 2 (True/False) Chapter 7 bankruptcy is a liquidation of a debtor's assets.

Question # 3 (True/False) An auctioneer who has not followed legal procedures may be held partially responsible for a crime involving firearms sold at auction.

Question # 4 (True/False) Appraisal fees are regulated by a state agency.

Question # 5 (True/False) An absentee bidder is one who submits in advance a bid that is the top price he or she will pay for the property.

Question # 6 (True/False) The auctioneer's fiduciary relationship is usually with the seller.

Question # 7 (True/False) Ghost bidding, by bidding, topping or puffing to inflate the bidding at an auction are unethical but legal.

Question # 8 (True/False) A real estate broker who sells only real estate at auction is exempt from requirements for auctioneer licensing.

Question # 9 (True/False) At an auto auction, a yellow light means defects are announced.

Question # 10 (True/False) An animal may be purebred but not registered.

Question # 11 (True/False) The executor of an estate administers the disposition of property under the terms of a will.

Question # 12 (True/False) Licenses to appraise personal property are issued by the Department of Business and Professional Regulation.

Question # 13 (True/False) Types of business structures include partnerships, sole proprietorships and corporations.

Question # 14 (True/False) In order for a contract to be binding, the signatures of two witnesses are required.

Question # 15 (True/False) A chapter 11 bankruptcy is debtor in possession who has filed for reorganization.

Question # 16 (True/False) Other terms for absentee bid are book bid, order bid, advanced bid or left bid.

Question # 17 (True/False) The auctioneer at a bankruptcy sale is usually the appraiser.

Question # 18 (True/False) A production sale reduces the size of a herd of cattle by selling younger stock.

Question # 19 (True/False) Livestock tests and vaccinations must be made within 30 days prior to the sale.

Question # 20 (True/False) A person who dies intestate is one who has prepared a valid will.

Question # 21 (True/False) The occasional sale, trade or transfer of firearms between individuals is covered under federal law.

Question # 22 (True/False) Misrepresentation is a form of fraud even if it occurs unintentionally.

Question # 23 (True/False) The hammer price is the amount bid before buyer premium or other charges are added.

Question # 24 (True/False) The most important item on a final settlement sheet is the signature of the seller.

Question # 25 (True/False) A Dutch auction is one in which the bid ascends in predetermined increments.

Question # 26 (True/False) To auction real estate in Florida, the auctioneer must have a real estate license and an auctioneer's license.

Question # 27 (True/False) Tack refers to items such as saddles, bridles, harnesses, etc.

Question # 28 (True/False) In livestock sales a complete dispersal always means selling all the cattle and the real estate.

Question # 29 (True/False) A livestock sale manager usually makes up the sale catalog of pedigrees and arranges the advertising for a cattle auction.

Question # 30 (True/False) A yacht license is required for the sale of a boat over 32' in length.

Question # 31 (True/False) Occasional sales of mobile homes are exempt from licensing requirements.

Question # 32 (True/False) A bid rigging agreement among competitors which affects interstate commerce is a violation of the Sherman Act.

Question # 33 (True/False) The terms "antique" and "collectible" mean the same thing.

Question # 34 (True/False) The term "estate auction" always refers to the sale of property of a deceased person or persons.

Question # 35 (True/False) A decrease in value is referred to as "appreciation".

Question # 36 (True/False) Buyers at a bankruptcy must pay for items purchased subject to court confirmation of the total sale.

Question # 37 (True/False) An antique is any article which is over 50 years old.

Question # 38 (True/False) The property of several sellers or only one seller may be sold at a consignment auction.

Question # 39 (True/False) An acre of land consists of 43,560 square feet and is always square or rectangular in shape.

Question # 40 (True/False) A bill of sale is a conveyance of title to personal property.

Question # 41 (True/False) There is no legal requirement in Florida for an auctioneer to disclose the possible presence of lead paint on items included in an auction of personal property.

Question # 42 (True/False) A chapter 12 bankruptcy is usually open only to farmers or farm businesses.

Question # 43 (True/False) By law, hidden defects in a sale item must be pointed out by the auctioneer before asking for bids.

Question # 44 (True/False) The auctioneer or auction business is responsible for the collection of sales tax at an auction.

Question # 45 (True/False) An encumbrance is a claim or lien on property.

Question # 46 (True/False) Ringmen who discuss terms of sale with customers at a real estate auction do not need a real estate license if the auctioneer holds both real estate and auctioneer licenses.

Question # 47 (True/False) The term "as is" means there is no guarantee.

Question # 48 (True/False) A fiduciary is a relationship of trust and confidence between an agent and a principal.

Question # 49 (True/False) Abandoned property legally may be disposed of by the finder after a 30 day waiting period.

Question # 50 (True/False) Personal property appraisal fees are established by elected officials of the major appraisal associations.

© 1997 - 1999 Florida Auctioneer Academy, Inc.

Go back to Test instruction page
or go to Question Bank General Law UCC Math 4 part Main Test

Correct Answers

1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21 , 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32 , 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46 , 47 , 48 , 49 , 50

Question # 1 (True/False) If an appraisal is available, it must be displayed at the auction.

Answer: False