TEXAS AUCTIONEER LICENSE EXAM ACTUAL EXAM COMPLETE 200 QUESTIONS WITH DETAILED VERIFIED A, Exams of Nursing

Download TEXAS AUCTIONEER LICENSE EXAM ACTUAL EXAM COMPLETE 200 QUESTIONS WITH DETAILED VERIFIED A and more Exams Nursing in PDF only on Docsity!

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

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

• 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

• name and contact information of seller and buyer
• lot number and brief description of item(s) involved in the transaction
• sale price of the item(s)
• exact amount of the initial deposit
• deposit slip attached
• running balance as funds are disbursed to creditors
• copies of invoices paid from funds in account attached
• notes concerning any transactions made Discuss the interest earned on trust accounts - CORRECT ANSWER >>>>-all interest earned on the money in a trust account is owed and payable to the client after any services charges and fees required by the financial institution and any taxes owed to the federal, state, and local government are deducted
• any interest earned is automatically deposited into the trust account and is not available to the client, the trustee or anyone else until the funds are distributed. Discuss the Bureau of Alcohol, Tobacco, Firearms and Explosives - CORRECT ANSWER >>>>(commonly referred to as the ATF) is an agency of the federal

List some legal obligations of the buyer - CORRECT ANSWER >>>>-the buyer should be of legal age to purchase the item

• they should be old enough to legally sign and accept a properly executed bill of sale
• they should pay promptly with cash, check, credit card, wire transfer or letter of credit and if applicable, agree to have the funds placed in escrow
• they should collect the purchased item(s) at the appointed time and make arrangements to remove the item from the sale location as required Give a reason why a title search may be necessary - CORRECT ANSWER >>>>if there is a question about who owns the property and if that person has the right and authority to sell the property and transfer ownership Define a Contract - CORRECT ANSWER >>>>a legally binding promise that explains what each party agrees to do, to provide or to act on in exchange for adequate consideration
• a contract may be a written document or a verbal agreement and a handshake. Both versions are

recognized and enforced by the stats' legal systems and the federal judiciary Define Adequate Consideration - CORRECT ANSWER

the benefit(s) the person can reasonably expect to receive if they agree to the contract Define Bulk Sales Agreement - CORRECT ANSWER a legal contract that specifies what stock or inventory is being transferred, where the items are stored and how long the buyer has to remove the -the buyer should be of legal age to purchase the item - they should be old enough to legally sign and accept a properly executed bill of sale - they should pay promptly with cash, check, credit card, wire transfer or letter of credit and if applicable, agree to have the funds placed in escrow - they should collect the purchased item(s) at the appointed time and make arrangements to remove the item from the sale location as required Give a reason why a title search may be necessary - CORRECT ANSWER >>>>if there is a question about who owns the property and if that person has the right and authority to sell the property and transfer ownership Define a Contract - CORRECT ANSWER >>>>a legally binding promise that explains what each party agrees to do, to provide or to act on in exchange for adequate consideration - a contract may be a written document or a verbal agreement and a handshake. Both versions are recognized and enforced by the stats' legal systems and the federal judiciary Define Adequate Consideration - CORRECT ANSWER >>>>the benefit(s) the person can reasonably expect to receive if they agree to the contract Define Bulk Sales Agreement - CORRECT ANSWER >>>>a legal contract that specifies what stock or inventory is being transferred, where the items are stored and how long the buyer has to remove the items from their current location. Define the Sales Auction Agreement - CORRECT ANSWER >>>>a contract that binds the client and the auctioneer to specific provisions concerning the auction Define the Bill of Sale - CORRECT ANSWER >>>>a contract that promises the buyer certain conditions have been or will be met. The auctioneer may use pre- printed documents but blank spaces still need to be filled in correctly

What is a non-profit charitable organization? - CORRECT ANSWER >>>>an organization that devotes all its activities to addressing the relief of poverty, disease, pain and suffering of indigent and/or low- income people. The organization cannot charge clients fees for any service provided What is a non-profit educational group or government entity? - CORRECT ANSWER >>>>an organization that engages solely in instruction in the arts, sciences and vocations. The group must have a published curriculum and a faculty of qualified instructors must use common teaching methods. What is a non-profit religious organization? - CORRECT ANSWER >>>>a group of people who meet regularly to conduct worship services according to the tenets of their religion. They must be able to provide proof of an established congregation who attend scheduled meetings. Discuss resale certificates - CORRECT ANSWER

granted to a person or business that purchases items to be resold to third party. The holder of a resale certificate is required to present a copy of the

certificate at the time of payment for merchandise purchased for resale. It is the auctioneer's responsibility to make sure the correct sales tax is collected or a valid resale certificate is presented. Define Sales Tax - CORRECT ANSWER >>>>a levy placed on the retail price of merchandise or services to the public. The business or person collecting sales tax must apply for and receive a sales tax permit from the state prior to charging and collecting sales tax. Discuss the sales tax exemption requirements for religious, educational and charitable groups and organizations classified as 501(c) organizations - CORRECT ANSWER >>>>These groups and organizations classified by the IRS as 501(c) are exempt from sales tax as long as the goods are made by members of the group or are donated to the organization. Donated items cannot be sold to the original donor The organization and each affiliated chapter are able to conduct two (2) sales a year. Each sale can only be one (1) day long. If a sale runs more than twenty-four

What steps should you take to ensure flyers, direct mail, and brochures are ready for advertising? - CORRECT ANSWER >>>>Well written words Attractive format Mail to potential buyers What information can be used in advertising? - CORRECT ANSWER >>>>Pictures are effective Location and date of sale What will be sold What methods of payment that would be acceptable Check with counties and cities some have strict ordinances on size and location How can a website be helpful? - CORRECT ANSWER

Providers buyers with accurate information, phone numbers, and emails Facts about the company Pictures of previous sales Buyers reviewing the business Discuss the importance of advertising to the success of an auction - CORRECT ANSWER >>>>Can make or break a sale Respect the target audience, don't talk down to them

Develop a reputation for factual advertising Make sure the message is clear and concise Discuss follow up procedures and their importance - CORRECT ANSWER >>>>Track response of media used Keep track of how often ads are being sent out Ask the buyer at the auction how they heard about the sale List some questions to ask when hiring an appraiser - CORRECT ANSWER >>>>Are you licensed or certified to practice in Texas? How long have you been practicing? How familiar are you with the market for these items? Discuss newspaper and billboard advertising - CORRECT ANSWER >>>>Catch reader's attention in 3 seconds, make sure the message stands out Pictures are effective Should know; who, what, when, where Should have contact information List some types of auctions that don't require a licensed auctioneer - CORRECT ANSWER >>>>1 annual sale by and/or for a civic group

Blue Book or Multi-listing service (MLS) List some ways an auctioneer can enhance their visibility in the community - CORRECT ANSWER

Join social, volunteer, and professional organizations, serve on the board of directors Give talks and presentations at schools, churches, and business groups Need to network to develop a list of buyers and sellers Contact people at least every 6 months (Christmas card, newsletter) What are some things you should discuss between the seller and auctioneer - CORRECT ANSWER >>>>A seller needs to understand the steps in the auction process Explain all services offered and fees quoted before the seller accepts any service Talk about an advertising plan to interest buyers Explain what personnel are needed for the sale Go over miscellaneous expenses Discuss the reasons to ask an expert for his opinion - CORRECT ANSWER >>>>It is good business practice to have a list of experts since no one can know everything about all the items being sold

Appraisers add value to the transaction because they are knowledgeable Discuss the importance of an auctioneer's reputation - CORRECT ANSWER >>>>Respect the competition and never talk negatively about a competitor If conducting the first sale with minimal problems and complications, you will build a successful business and build a solid reputation What should be in an auctioneer contract - CORRECT ANSWER >>>>Name of the state and county in which the auction will be held Date the contract was entered into and signed Acknowledgment the seller agrees to employ the auctioneer Date and time the sale will be held Description of property offered for sale A list of people who will be paid for their participation Any other terms and conditions as needed Define an expert and how to locate one - CORRECT ANSWER >>>>A person with a high degree of knowledge about a particular subject. Comes from formal education or experience

Discuss the auctioneer's Code of Conduct with the seller and the buyer - CORRECT ANSWER

Obligations to the seller The contract prepared with a description of items, date of sale, advertising plan/budget, distribution of proceeds completed in a timely manner, reserve price not disclosed without prior permission of the seller Obligations to the buyer Adequate time to inspect offered items, understanding of sale items, payment options clearly stated and honored at the sale Discuss the information that should be given to potential clients - CORRECT ANSWER >>>>The seller needs to understand the entire process from the appraisal of the item for sale before the auction, which should include all marketing materials Fees and what services they represent should be clearly stated and explained so there are no misunderstandings later. Explain what an appraisal is and how to determine the value of an item - CORRECT ANSWER >>>>An appraisal

means to inspect, evaluate and place monetary value on an item Should consider: Overall condition of the property- Does it need repairs Last date of routine maintenance Determine age and authenticity of item Is there a viable market at this time for the item being offered? Discuss the initial discussion between the seller and auctioneer. List the details - CORRECT ANSWER

How quickly must the item be sold? Why does the item need to be sold now? Has the client tried selling the item using other methods? If so, what methods List some items that can be offered at auctions - CORRECT ANSWER >>>>Antiqes Paintings/Sculptures Stamps, coins, books Real Property (Homes / Land) Food, beer, wine, liquor Livestock Farm Equipment