INDIANA AUCTIONEER LICENSURE EXAM LATEST
2023-2024 ACTUAL EXAM QUESTIONS AND CORRECT
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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