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

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PA AUCTIONEER EXAM 2024 ACTUAL EXAM 120 QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS) | LATEST EDITION | ALREADY GRADED A+ what is the most important tool of the auctioneer? -------CORRECT ANSWER-------------product knowledge what is the trademark of the auctioneer? -------CORRECT ANSWER---------- ---chant who is accountable and accepts ultimate responsibility of at the auction? --- ----CORRECT ANSWER-------------the auctioneer when selling personal property at auction, when does the legal title pass? -- -----CORRECT ANSWER-------------fall of the hammer how do you handle a tie bid that occurs at hammer's fall? -------CORRECT ANSWER-------------at the discretion of the auctioneer how are disputes handled? -------CORRECT ANSWER------------- 1.recognize 2. make a decision 3. act on it 4. move on what is the importance of the opening talk? -------CORRECT ANSWER------ -------take control- terms and conditions what items must be covered in the opening talk before bidding begins? ----- --CORRECT ANSWER-------------terms and conditions of the sale what should an auctioneer not do while selling on the block? ------- CORRECT ANSWER-------------criticize, condemn and complain what is the best personal property chant? -------CORRECT ANSWER-------- -----few filler words what is trotting? -------CORRECT ANSWER-------------price enhancing technique used by an auctioneer who has no bid or few and lower bids then wanted. Auctioneer pretends that they have other bids to stimulate the bidding by legitimate bidders- It is illegal what is a shill? -------CORRECT ANSWER-------------a price enhancing technique, used by an auctioneer to inflate the bids whereby and individual is placed in the audience to run up the bids to a predetermined amount usually set by the auctioneer- It is illegal and unethical what is puffing? -------CORRECT ANSWER-------------a price enhancing technique that may originate with a person employed by the seller to raise the selling price by facilitating bids- Illegal, contract is then void or voidable Hummel is famous for what product? -------CORRECT ANSWER------------- porcelain figurines what is the most recent form of collectable glass? -------CORRECT ANSWER-------------pressed glass how are most furniture styles named? -------CORRECT ANSWER------------- Named for a prominent designer at a particular time period what is furniture called when it is between two famous time periods? ------- CORRECT ANSWER-------------Transitional what is the period of furniture with a cabriole leg? -------CORRECT ANSWER-------------Queen Anne period in America, known also as the "cabriole leg" period what is the period of furniture with a ball and claw foot? -------CORRECT ANSWER-------------Chippendale what period of furniture is famous for inlay? -------CORRECT ANSWER------ -------Hepplewhete, an inlay means a chisel or puzzle Correctly list the chronological ages of Chippendale, Empire, Hepplewhite, Queen Anne, Duncan Phyfe, Eastlake, Victorian. -------CORRECT ANSWER-------------1. Queen Anne, 2. Chippendale, 3. Hepplewhite (Federal), 4. Duncan Phyfe, 5. Empire, 6. Victorian, 7. Eastlake What is Pennsylvania House? -------CORRECT ANSWER-------------High- end, fine furniture Advertising collectibles were manufactured and given as what? ------- CORRECT ANSWER-------------Premiums (promotional items, tokens, proof of purchase or prizes) Were "premiums" sold? -------CORRECT ANSWER-------------No, they were given away with purchases of other items How pure is silver? -------CORRECT ANSWER-------------99.9% or .999 this is fine silver, too soft for jewlery making How pure is "sterling" silver? -------CORRECT ANSWER-------------92.5% 0r .925 What is .900 silver? -------CORRECT ANSWER-------------Coin silver How much weight is a troy ounce? -------CORRECT ANSWER------------- 31.1 ounces How is gold weighed? HOW? -------CORRECT ANSWER-------------Gold is typically measure in a troy ounce, then converted to grams and pennyweight 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 Where should you take valuable jewelry for authentication and valuation? -- -----CORRECT ANSWER-------------Gemologist What is the collector and dealer of coins called? -------CORRECT ANSWER-------------Numismatist What is the collector and dealer of clocks.watched called? -------CORRECT ANSWER-------------Horologist What is the collector and dealer of stamps called? -------CORRECT ANSWER-------------Philatelist What does D.U.S.T. mean? -------CORRECT ANSWER-------------Real estate's four elements of value: demand, utility, scarcity and transferability 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 what is the definition of value -------CORRECT ANSWER-------------present worth of a future benefit name the three classes of depreciation -------CORRECT ANSWER------------ -physical, functional, economic What is an appraisal? -------CORRECT ANSWER-------------an opinion Cost principle -------CORRECT ANSWER-------------the actual amount paid or received is the amount recorded in the accounting books objectivity principle -------CORRECT ANSWER-------------each transaction is described by a business document that proves the transition did occur realization principle -------CORRECT ANSWER-------------revenue from business transactions is recorded at the time the goods or services are sold full disclosure principle -------CORRECT ANSWER-------------financial statements should contain all information necessary for a reader to understand a business financial condition business entity concept -------CORRECT ANSWER-------------a business' financial information is recored and reported separately from a owner's financial information continuing concern concept -------CORRECT ANSWER-------------financial statements are prepared with the expectation that a business will remain in operation indefinitely time period concept -------CORRECT ANSWER-------------changes in financial information are reported for a specific period of time in the form of financial statements 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) which of the following items may be handed to the buyer at auction? handguns rifles automatic rifles none of the above ------CORRECT ANSWER-------------none of the above in business the term finance refers to: I. the raising of funds II. the prudent use of funds I only II only I and II neither I or II ------CORRECT ANSWER-------------I and II a distinguishable characteristic in identifying a period of furniture would be: wood mixtures types of legs prominence of maker condition ------CORRECT ANSWER-------------type of legs the carved ball and claw foot might signify which period of furniture? hepplewhite sharaton chippendale none of the above ------CORRECT ANSWER-------------chippendale an auction in which a farmer sells his young stock is called: production sale herd reduction sale dispersal sale consignment auction ------CORRECT ANSWER-------------production sale under the UCC a contract modification is permitted if: ------CORRECT ANSWER-------------It does not materially change the contract, it is not prohibited in the contract, reasonable substitutions are available hepplewhite has the characteristics of cabriole leg tapered leg saber leg bat wing hardware ------CORRECT ANSWER-------------tapered leg Pennsylvania house is a type of 1 / 3 1. Which of the following may be handed to a buyer at an auction? Rifles 2. In business, the term "finance" refers to: Both 3. Which of the following is a distinguishable character- istic when identifying a period of furniture 4. A carved ball and claw foot might signify what period of furniture? 5. An auction at which a farmer sells his young stock is called what 6. Under the UCC, a contract modification is permitted if... 7. A characteristic of Hepplewhite is which of the follow- ing Type of leg Chippendale Production sale All of the above Tapered leg 8. Pennsylvania house is a type of what? Furniture 9. The most recent type of glassware is which of the following pressed glass 10. A good chant should have few filler words 11. About how many inches are in a meter 39 12. How many square feet are in an acre? 43,560 13. The income approach to value is based on future possibilities 14. how many square feet in a square yard 9 15. Real estate appraisals commonly use All of the above 16. A method that achieves accelerated depreciation Declining balance and Sum of the years digits 2 / 3 17. accelerated depreciation increases depreci- ation in the earlier years 18. One of the most common methods of depreciation is what? 19. In a fiduciary relationship, the control of business conduct is by: Straight Line the principal 20. When parties to a contract assume some undertaking, an agreement it is referred to as 21. Under the UCC contracts must be in writing if they: require more than one year to per- form and are for the sale for and are the sale of goods for $500 or more 22. silver is measured in what? troy ounces 23. What is a Hummel? figurine 24. An auctioneer should seek advice on valuable jewelry from who? a gemologist 25. "Bears Signature" indicates It may be the artist's 26. According to the UCC, at a sale at auction All three are true 27. It is not considered illegal to: fast knock 28. Buyers in a ring attempt to: reduce bidding competition 29. A ring can be confronted by setting a reserve price 3 / 3 30. A barn measuring 20 feet x 35 feet contains how many square feet 700