Question # 1 (Multiple Choice) If an auction is advertised as absolute

A) some expensive items may be sold with reserve if so announced at the auction
B) only one item may be sold with reserve
C) every item which receives a bid must be sold to the highest bidder
D) the seller is allowed to buy

Question # 2 (Multiple Choice) An example of a surcharge at an auction is a

A) 10% buyer premium
B) sales tax
C) discretionary tax added to sales tax
D) $100 deposit to be refunded or applied to a purchase

Question # 3 (Multiple Choice) The Florida auction law definition of an absolute auction is quoted below as

A) an auction which requires no minimum opening bid
B) an auction which requires no minimum opening bid which limits the sale other than to the highest bidder
C) an auction which requires no minimum opening bid or other conditions which limit the sale other than to the highest bidder
D) an auction at which ownership and title of the property sold must be conveyed to the high bidder without reservation or competing bids by the owner or agent of the owner

Question # 4 (Multiple Choice) In most transactions relating to an auction, the auctioneer's fiduciary is

A) primarily with the buyer
B) only with the seller
C) equally with buyer and seller
D) the seller, with an ethical obligation to consider the interest of the buyer

Question # 5 (Multiple Choice) Court ordered claims against the Auctioneer Recovery Fund will be identified and paid

A) within 15 days after June 30 and December 31, for the preceding 6 month period
B) As received, in the order in which they are submitted
C) on a monthly basis
D) Up to a limit of $200,000 against a single licensee