PA Auctioneer Exam-with 100% verified solutions- posted in 2024-2025.docx, Exams of Advanced Education

Download PA Auctioneer Exam-with 100% verified solutions- posted in 2024-2025.docx and more Exams Advanced Education in PDF only on Docsity! PA Auctioneer Exam-with 100% verified solutions- posted in 2024-2025 what is the most important tool of the auctioneer? product knowledge what is the trademark of the auctioneer? chant who is accountable and accepts ultimate responsibility of at the auction? the auctioneer when selling personal property at auction, when does the legal title pass? fall of the hammer how do you handle a tie bid that occurs at hammer's fall? at the discretion of the auctioneer how are disputes handled? 1.recognize 2. make a decision 3. act on it 4. move on what is the importance of the opening talk? take control- terms and conditions what items must be covered in the opening talk before bidding begins? terms and conditions of the sale what should an auctioneer not do while selling on the block? criticize, condemn and complain what is the best personal property chant? few filler words what is trotting? 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? 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? 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 what is a fast knock? a technique used to stimulate excitement amongst bidders, auctioneer asked for a low opening bid and "knocks it down" to the 1st bidder he or she recognizes- Legal what is salting? moving one item from one box to yours, stealing- illegal how do you and what is the best way to break a pool or syndicate? set reserves Should you use a fast knock at the beginning of an auction to stimulate bidding by the audience? You may Two criteria that determine the value of an antique condition, age define personal property chittle, tangible, moveable How pure is "sterling" silver? 92.5% 0r .925 What is .900 silver? Coin silver How much weight is a troy ounce? 31.1 ounces How is gold weighed? HOW? Gold is typically measure in a troy ounce, then converted to grams and pennyweight What is karat? What is Carat? 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? Gemologist What is the collector and dealer of coins called? Numismatist What is the collector and dealer of clocks.watched called? Horologist What is the collector and dealer of stamps called? Philatelist What does D.U.S.T. mean? 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? Chase on a piece of property, a tax lien burden, state acts that are set what does intestate mean? die without a will what does testate mean? die with a will what does escheat mean? when a person dies and all their belongings go to the state/government what is involuntary alienation? force to title transfer what is a fee simple estate? Name the forms highest form of ownership, most complete form of ownership; Absolute When a person dies testate, when does legal title to personal and real property take place? time after death is a will always valid? yes, unless it is challenged what are the legal requirements of a will? sound mind, 16 years of age, proper wording, no influence, witnesses, what are enablements? growing crops e.g. corn what is an easement? how is an easement created? terminated? right of privilege, written agreement, abandoned/no purpose what are riparian rights? water rights list the four components of an "arm's length transaction" no undo influence, duress, exposed, aware, unusual Name four methods of title transfer voluntary alienation, involuntary alienation, by will, by decent what do the five lights at car auctions mean red- "as is", green- some buyer protection as to its condition, yellow- certain conditions announced prior to sale, blue- title absent list the three physical characteristics of land immovable, cannot destroy, unique what is the definition of value present worth of a future benefit name the three classes of depreciation physical, functional, economic What is an appraisal? an opinion Cost principle the actual amount paid or received is the amount recorded in the accounting books objectivity principle each transaction is described by a business document that proves the transition did occur