TEXAS AUCTIONEER LICENSEPART 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS

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TEXAS AUCTIONEER LICENSEPART 1 ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS Does an auctioneer need a federal firearms license? - Answer -Yes AND No; if estate sale then no, consignment sale then yes If an auctioneer sales a firearm away from their business location, how do they transfer to buyer? - Answer -It must be returned to their business location before transferring. Who determines the auctioneers fee in federal bankruptcy court? - Answer -The court sets the fee. Who must obtain a firearms license? - Answer -Persons in the business of importing, manufacturing, or dealing in firearms, or importing or manufacturing ammunition What is an antique? - Answer -Any work of art, piece of furniture, decorative object, or the like, created or produced in a former period, or, according to U.S. customs laws, 100 years before date of purchase. What is "provenance"? - Answer -Place or source of origin; the history of ownership. What does "termination" of a contract mean? - Answer -when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. What does "cancellation" of a contract mean? - Answer -occurs when either party puts an end to the contract for Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com breach by the other and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or any unperformed balance. True of False. An oral contract for a used jetski with a price of $750 is enforceable in a court. - Answer -False. For items more than $500 a contract must be in writing to be enforceable. If a contract is found to have a deficiency like a blank that was not filled in, is it rendered invalid? - Answer -No. A writing is not insufficient because it omits or incorrectly states a term agreed upon but the contract is not enforceable under this paragraph beyond the quantity of goods shown in such writing. True or False. A contract is rendered invalid if it's exact commencement is not noted. - Answer -False. An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined. True of False. When a lot is sold with other lots owned by the same seller, all lots are considered one "sale". - Answer -False. Each lot is a different "sale". When is the sale complete at auction? - Answer -when the auctioneer so announces by the fall of the hammer or in other customary manner. If a bid comes in while the hammer is falling, what can happen next? - Answer -The auctioneer can reopen the bidding or he can declare the item sold for the bid under which the hammer was falling. True or False. All auctions are with reserve unless otherwise stated. - Answer -True. Can an auctioneer withdraw an item in a reserve auction? - Answer -Yes. Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com