PA Auctioneer Exam Questions With 100% Correct Answers 2024, Exams of Advanced Education

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PA Auctioneer Exam Questions With

100% Correct Answers 2024

what is the most important tool of the auctioneer? - Correct Answer-product knowledge what is the trademark of the auctioneer? - Correct Answer-chant who is accountable and accepts ultimate responsibility of at the auction? - Correct Answer-the auctioneer when selling personal property at auction, when does the legal title pass? - Correct Answer-fall of the hammer how do you handle a tie bid that occurs at hammer's fall? - Correct Answer-at the discretion of the auctioneer how are disputes handled? - Correct Answer-1.recognize 2. make a decision 3. act on it

4. move on what is the importance of the opening talk? - Correct Answer-take control- terms and conditions what items must be covered in the opening talk before bidding begins? - Correct Answer-terms and conditions of the sale what should an auctioneer not do while selling on the block? - Correct Answer-criticize, condemn and complain what is the best personal property chant? - Correct Answer-few filler words what is trotting? - Correct Answer-price enhancing technique used by an auctioneer who has no bid or few and lower bids then wanted. Auctioneer pretends that they have other bids to stimulate the bidding by legitimate bidders- It is illegal what is a shill? - Correct Answer-a price enhancing technique, used by an auctioneer to inflate the bids whereby and individual is placed in the audience to run up the bids to a predetermined amount usually set by the auctioneer- It is illegal and unethical what is puffing? - Correct Answer-a price enhancing technique that may originate with a person employed by the seller to raise the selling price by facilitating bids- Illegal, contract is then void or voidable

what is a fast knock? - Correct Answer-a technique used to stimulate excitement amongst bidders, auctioneer asked for a low opening bid and "knocks it down" to the 1st bidder he or she recognizes- Legal what is salting? - Correct Answer-moving one item from one box to yours, stealing- illegal how do you and what is the best way to break a pool or syndicate? - Correct Answer-set reserves Should you use a fast knock at the beginning of an auction to stimulate bidding by the audience? - Correct Answer-You may Two criteria that determine the value of an antique - Correct Answer-condition, age define personal property - Correct Answer-chittle, tangible, moveable what is the best way to charge for an appraisal? - Correct Answer-by the hour or flat rate what was the first american school of early painting? - Correct Answer-Hudson River Valley Schools what were the subjects of the earliest oil paintings? - Correct Answer-landscapes from the Hudson if a painting were advertised as "bears signature", what is the meaning? - Correct Answer-in an experts opinion, it might or may be the work of... what and where is the oldest auction house in america? - Correct Answer-Philadelphia (Freemans) US customs classifies an antique as how old? - Correct Answer-100 years of age at the time of importation who was Wallace Nutting? What is he most noted for? - Correct Answer-US minister, photographer, antiquarian, artist and furniture maker. Most noted for his landscape photos of New England. He helped spur the Colonial Revival Style. how are oriental carpets named? - Correct Answer-city, region or tribe which created them, knots per square inch what does patina mean? - Correct Answer-age worn finish, sheen produced by age, wear and polishing Hummel is famous for what product? - Correct Answer-porcelain figurines

what is the most recent form of collectable glass? - Correct Answer-pressed glass how are most furniture styles named? - Correct Answer-Named for a prominent designer at a particular time period what is furniture called when it is between two famous time periods? - Correct Answer- Transitional what is the period of furniture with a cabriole leg? - Correct Answer-Queen Anne period in America, known also as the "cabriole leg" period what is the period of furniture with a ball and claw foot? - Correct Answer-Chippendale what period of furniture is famous for inlay? - Correct Answer-Hepplewhete, an inlay means a chisel or puzzle Correctly list the chronological ages of Chippendale, Empire, Hepplewhite, Queen Anne, Duncan Phyfe, Eastlake, Victorian. - Correct Answer-1. Queen Anne, 2. Chippendale, 3. Hepplewhite (Federal), 4. Duncan Phyfe, 5. Empire, 6. Victorian, 7. Eastlake What is Pennsylvania House? - Correct Answer-High-end, fine furniture Advertising collectibles were manufactured and given as what? - Correct Answer- Premiums (promotional items, tokens, proof of purchase or prizes) Were "premiums" sold? - Correct Answer-No, they were given away with purchases of other items How pure is silver? - Correct Answer-99.9% or .999 this is fine silver, too soft for jewlery making How pure is "sterling" silver? - Correct Answer-92.5% 0r. What is .900 silver? - Correct Answer-Coin silver How much weight is a troy ounce? - Correct Answer-31.1 ounces How is gold weighed? HOW? - Correct Answer-Gold is typically measure in a troy ounce, then converted to grams and pennyweight What is karat? What is Carat? - Correct Answer-Karat- a measure of purity when referring to gold, carat- is a unit of weight, used to describe diamonds and other gemstones

Where should you take valuable jewelry for authentication and valuation? - Correct Answer-Gemologist What is the collector and dealer of coins called? - Correct Answer-Numismatist What is the collector and dealer of clocks.watched called? - Correct Answer-Horologist What is the collector and dealer of stamps called? - Correct Answer-Philatelist What does D.U.S.T. mean? - Correct Answer-Real estate's four elements of value: demand, utility, scarcity and transferability What is a tax lien? What is an encumbrance? What are enabling acts? - Correct Answer-Chase on a piece of property, a tax lien burden, state acts that are set what does intestate mean? - Correct Answer-die without a will what does testate mean? - Correct Answer-die with a will what does escheat mean? - Correct Answer-when a person dies and all their belongings go to the state/government what is involuntary alienation? - Correct Answer-force to title transfer what is a fee simple estate? Name the forms - Correct Answer-highest form of ownership, most complete form of ownership; Absolute When a person dies testate, when does legal title to personal and real property take place? - Correct Answer-time after death is a will always valid? - Correct Answer-yes, unless it is challenged what are the legal requirements of a will? - Correct Answer-sound mind, 16 years of age, proper wording, no influence, witnesses, what are enablements? - Correct Answer-growing crops e.g. corn what is an easement? how is an easement created? terminated? - Correct Answer-right of privilege, written agreement, abandoned/no purpose what are riparian rights? - Correct Answer-water rights list the four components of an "arm's length transaction" - Correct Answer-no undo influence, duress, exposed, aware, unusual

Name four methods of title transfer - Correct Answer-voluntary alienation, involuntary alienation, by will, by decent what do the five lights at car auctions mean - Correct Answer-red- "as is", green- some buyer protection as to its condition, yellow- certain conditions announced prior to sale, blue- title absent list the three physical characteristics of land - Correct Answer-immovable, cannot destroy, unique what is the definition of value - Correct Answer-present worth of a future benefit name the three classes of depreciation - Correct Answer-physical, functional, economic What is an appraisal? - Correct Answer-an opinion Cost principle - Correct Answer-the actual amount paid or received is the amount recorded in the accounting books objectivity principle - Correct Answer-each transaction is described by a business document that proves the transition did occur realization principle - Correct Answer-revenue from business transactions is recorded at the time the goods or services are sold full disclosure principle - Correct Answer-financial statements should contain all information necessary for a reader to understand a business financial condition business entity concept - Correct Answer-a business' financial information is recored and reported separately from a owner's financial information continuing concern concept - Correct Answer-financial statements are prepared with the expectation that a business will remain in operation indefinitely time period concept - Correct Answer-changes in financial information are reported for a specific period of time in the form of financial statements Balance Sheet - Correct Answer-the statement of a financial condition, is the business sick or healthy? assets=liabilities+owners equity A= L + O (accounting equation)