INDIANA AUCTIONEER LICENSURE EXAM LATEST

INDIANA AUCTIONEER LICENSURE EXAM LATEST

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DETAILED ANSWERS|ALREADY GRADED A

Which of the following would be considered a seasonal item when appraising personal property? Choose the letter.

• Household items
• Farm Machinery
• Horses - ANSWER- B

You are appraising a piece of personal property. Which of the following is not factored into the appraisal? Choose the letter.

• Condition of the item
• Age of the item
• Availability of like items
• Amount of repair work needed - ANSWER- D

In preparing a farm equipment option, it is necessary to do all of the

following except:

• Line up machinery in rows
• Place like machinery together 1 / 2

• Put all accessories with their accompanying piece of equipment -

ANSWER- B

What is the "worst" season to sell farm equipment? - ANSWER- Summer

Cars sold "AS IS" at automobile auction have what color light turned on? - ANSWER- Red

What should your first step be when opening the sale? - ANSWER- Call the bidders together

When representing an absentee bidder, it is acceptable to start the bid where? - ANSWER- At half of the maximum absentee bid

Opening statements should be: - ANSWER- Given with assertiveness to

establish who is in control

Once a ringman has made the auctioneer aware of the location of a

bidder, he should: - ANSWER- Let the auctioneer watch that bidder and

look for other bidders

Gifts of real estate by a will are called: - ANSWER- a devise

When estate sales lack funds to pay all debts, who gets paid first? - ANSWER- Probate courts and administrators

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