ARKANSAS AUCTIONEER EXAM COMPLETE QUESTIONS AND ANSWERS 2023/2024 | RATED A+
True/False: The Arkansas Auctioneers Licensing Board is appointed by vote of
... [Show More] the Arkansas General Assembly - Answer>>>False - The governor shall appoint the members of the Board
All auctioneer licenses expire: - Answer>>>June 30th
True/False: The Arkansas Auctioneers Licensing Board has the final decision in the suspension or revocation of an auctioneer's license. - Answer>>>False - The Auctioneers License Act indicates the "Board shall be subject to the Arkansas Administrative Procedure Act"
Auctioneer - Answer>>>An auctioneer is any person who offers, negotiates, or attempts to negotiate a listing contract, sale, purchase, or exchange of goods, chattels, merchandise, real or personal property, or of any other commodity which may lawfully be kept or offered for sale by or at public auction, or who sells the same at auction.
Bona Fide - Answer>>>The term bona fide means that a person or agency is acting in good faith, without dishonesty, fraud, or deceit. In relation to an auction, the term is normally used to refer to a bona fide purchaser.
Bulk Sale - Answer>>>A bulk sale is any transfer that is in bulk and not in the ordinary course of the transferor's business, or a major part of the materials, supplies, merchandise, or other inventory of any business subject to the Bulk Sale Law.
Consignee - Answer>>>The consignee is a person or agent to whom something, usually goods, is entrusted by others for a purpose. The auctioneer is referred to as the consignee for such goods to be sold at auction. He or she is the person in whose care goods are placed for sale.
Consignor - Answer>>>The consignor is the person or entity that consgins goods to an auctioneer. In an auction, the consignor is usually the seller.
Contract - Answer>>>A voluntary, legally enforceable agreement between two or more people.
Liens - Answer>>>Liens are adverse claims against property which may occur when the property has been used as collateral for a debt by the property owner or when a legal interest is created upon non-payment of a debt such as taxes or contractors bills. [Show Less]