PA AUCTIONEER EXAM 2024 ACTUAL EXAM 120 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) |, Exams of Nursing

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PA AUCTIONEER EXAM 2024 ACTUAL EXAM 120 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) | LATEST EDITION | ALREADY GRADED A+ 1. what is the most important tool of the auctioneer? --- correct answer ---product knowledge 2. what is the trademark of the auctioneer? --- correct answer - --chant 3. who is accountable and accepts ultimate responsibility of at the auction? --- correct answer ---the auctioneer 4. when selling personal property at auction, when does the legal title pass? --- correct answer ---fall of the hammer 5. how do you handle a tie bid that occurs at hammer's fall? --- correct answer ---at the discretion of the auctioneer 6. how are disputes handled? --- correct answer ---1.recognize 2. make a decision 3. act on it 4. move on 7. what is the importance of the opening talk? --- correct answer ---take control- terms and conditions 8. what items must be covered in the opening talk before bidding begins? --- correct answer ---terms and conditions of the sale 9. what should an auctioneer not do while selling on the block? --- correct answer ---criticize, condemn and complain 10. what is the best personal property chant? --- correct answer ---few filler words 18. Two criteria that determine the value of an antique --- correct answer ---condition, age 19. define personal property --- correct answer ---chittle, tangible, moveable 20. what is the best way to charge for an appraisal? --- correct answer ---by the hour or flat rate 21. what was the first american school of early painting? -- - correct answer ---Hudson River Valley Schools 22. what were the subjects of the earliest oil paintings? --- correct answer ---landscapes from the Hudson 23. 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... 24. what and where is the oldest auction house in america? --- correct answer ---Philadelphia (Freemans) 25. US customs classifies an antique as how old? --- correct answer ---100 years of age at the time of importation 26. 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. 27. how are oriental carpets named? --- correct answer --- city, region or tribe which created them, knots per square inch 28. what does patina mean? --- correct answer ---age worn finish, sheen produced by age, wear and polishing 29. Hummel is famous for what product? --- correct answer ---porcelain figurines 30. what is the most recent form of collectable glass? --- correct answer ---pressed glass 31. how are most furniture styles named? --- correct answer ---Named for a prominent designer at a particular time period 32. what is furniture called when it is between two famous time periods? --- correct answer ---Transitional 43. How much weight is a troy ounce? --- correct answer --- 31.1 ounces 44. How is gold weighed? HOW? --- correct answer ---Gold is typically measure in a troy ounce, then converted to grams and pennyweight 45. 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 46. Where should you take valuable jewelry for authentication and valuation? --- correct answer --- Gemologist 47. What is the collector and dealer of coins called? --- correct answer ---Numismatist 48. What is the collector and dealer of clocks.watched called? --- correct answer ---Horologist 49. What is the collector and dealer of stamps called? --- correct answer ---Philatelist 50. What does D.U.S.T. mean? --- correct answer ---Real estate's four elements of value: demand, utility, scarcity and transferability 51. 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 52. what does intestate mean? --- correct answer ---die without a will 53. what does testate mean? --- correct answer ---die with a will 54. what does escheat mean? --- correct answer ---when a person dies and all their belongings go to the state/government 55. what is involuntary alienation? --- correct answer --- force to title transfer 56. what is a fee simple estate? Name the forms --- correct answer ---highest form of ownership, most complete form of ownership; Absolute 66. list the three physical characteristics of land --- correct answer ---immovable, cannot destroy, unique 67. what is the definition of value --- correct answer --- present worth of a future benefit 68. name the three classes of depreciation --- correct answer ---physical, functional, economic 69. What is an appraisal? --- correct answer ---an opinion 70. Cost principle --- correct answer ---the actual amount paid or received is the amount recorded in the accounting books 71. objectivity principle --- correct answer ---each transaction is described by a business document that proves the transition did occur 72. realization principle --- correct answer ---revenue from business transactions is recorded at the time the goods or services are sold 73. full disclosure principle --- correct answer ---financial statements should contain all information necessary for a reader to understand a business financial condition 74. business entity concept --- correct answer ---a business' financial information is recored and reported separately from a owner's financial information 75. continuing concern concept --- correct answer --- financial statements are prepared with the expectation that a business will remain in operation indefinitely 76. time period concept --- correct answer ---changes in financial information are reported for a specific period of time in the form of financial statements 77. 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)