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Key Facts: IL Auctioneer Exam

50 Q

Scored Questions

PSI / IDFPR

70%

Passing Score

IDFPR

1 hr

Time Limit

PSI

124 Q

Practice Questions

OpenExamPrep

37

Law & Rules Items

IDFPR exam outline

Illinois requires auctioneers to pass a 50-question PSI-administered exam with a 70% passing score in 1 hour. The exam heavily tests the Illinois Auction License Act (225 ILCS 407) Articles 5, 10, 15, 20, and 30, plus administrative rules (37 items), math (10 items), and other auction business topics (3 items). Pretest items may bring the total to 55 questions.

Sample IL Auctioneer Practice Questions

Try these sample questions to review concepts for the IL Auctioneer exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 124+ question experience with AI tutoring.

1Under the Illinois Auction License Act (225 ILCS 407), what is the minimum age to obtain an auctioneer license in Illinois?
A.16 years old
B.18 years old
C.21 years old
D.25 years old
Explanation: The Illinois Auction License Act requires that applicants be at least 18 years of age to obtain an auctioneer license. This is consistent with general licensing requirements in Illinois, as individuals must have reached the age of majority to enter into binding contracts and assume fiduciary responsibilities inherent in auctioneering.
2Which Illinois state agency is responsible for regulating auctioneers under the Auction License Act?
A.Illinois Secretary of State
B.Illinois Department of Financial and Professional Regulation (IDFPR)
C.Illinois Department of Commerce and Economic Opportunity
D.Illinois Attorney General's Office
Explanation: The Illinois Department of Financial and Professional Regulation (IDFPR) is the state agency responsible for administering and enforcing the Auction License Act (225 ILCS 407). IDFPR handles license applications, renewals, complaints, investigations, and disciplinary actions for auctioneers operating in Illinois.
3An auctioneer in Illinois is selling a property 'with reserve.' When may the seller withdraw the property from the auction?
A.Only before the first bid is placed
B.At any time before the auctioneer announces completion of the sale
C.Only after receiving at least three bids
D.The seller may never withdraw a property once the auction begins
Explanation: In a with-reserve auction, the seller retains the right to withdraw the property from sale at any time before the auctioneer announces completion of the sale (the fall of the hammer). This is consistent with UCC Section 2-328 and Illinois auction law. The seller is not obligated to accept any bid, and the auctioneer acts as the seller's agent in this capacity.
4Under Illinois law, what is the consequence of conducting an auction without a valid Illinois auctioneer license?
A.A verbal warning for the first offense
B.A Class A misdemeanor and possible fines
C.Automatic disqualification from future licensing
D.No penalty if the auction grosses less than $5,000
Explanation: Conducting an auction without a valid license in Illinois is a violation of the Auction License Act and can result in criminal penalties including a Class A misdemeanor, civil penalties, and fines. The IDFPR may also seek injunctive relief to prevent unlicensed practice. There is no exemption based on the size of the auction.
5Which article of the Illinois Auction License Act (225 ILCS 407) establishes the definitions used throughout the Act?
A.Article 1
B.Article 5
C.Article 10
D.Article 15
Explanation: Article 5 of the Illinois Auction License Act (225 ILCS 407) contains the definitions section, which defines key terms such as 'auction,' 'auctioneer,' 'auction firm,' 'bid,' and other terminology used throughout the Act. Understanding these definitions is essential for correctly interpreting the requirements and prohibitions in the remaining articles.
6According to Section 10-5 of the Illinois Auction License Act (225 ILCS 407), which of the following is required for licensure as an auctioneer?
A.A four-year college degree in business
B.A high school diploma or equivalent and passage of a written examination
C.Completion of at least 80 hours of pre-licensing auction education
D.Payment of a $5,000 surety bond
Explanation: Section 10-5(a) of the Illinois Auction License Act requires applicants to (1) apply with the required fee, (2) be at least 18 years of age, (3) have attained a high school diploma or equivalent (e.g., GED), and (4) pass a written examination authorized by the Department covering Illinois and federal laws, personal property contracts, auctions, real property, ethics, and other auction-business topics. Illinois does NOT require pre-licensing auction education hours, a college degree, or a surety bond; the bond and 80-hour education options are fabricated distractors.
7What does Article 15 of the Illinois Auction License Act (225 ILCS 407) primarily address?
A.Definitions of auction terms
B.Business practices, including representations, auction contracts, and supervisory duties
C.Licensing fee schedules
D.Grounds for license discipline
Explanation: Article 15 of the Illinois Auction License Act is titled 'Business Practices Provisions' and covers Section 15-5 (representations and misrepresentation prohibitions), Section 15-10 (the written auction contract and required disclosures), Section 15-15 (supervisory duties of the auction firm and managing auctioneer), and Section 15-25 (auction firm management). Grounds for discipline are in Article 20 (Section 20-15), not Article 15; definitions are in Article 5 (Section 5-10); fee schedules are set by rule under Section 10-50 and Rule 1440.170.
8Under the Illinois Auction License Act, what is an 'auction firm'?
A.Any business that sells goods at retail
B.A partnership, corporation, or LLC that engages in or offers to engage in the auction business
C.A government entity that auctions seized property
D.A real estate company that holds foreclosure sales
Explanation: Under Article 5 of the Illinois Auction License Act, an auction firm is defined as a partnership, corporation, limited liability company, or other business entity that engages in, or offers to engage in, the auction business. Auction firms must be separately licensed and must employ or contract with licensed auctioneers to conduct their sales.
9An Illinois auctioneer receives a $50,000 check from the winning bidder. Where must these funds be deposited?
A.The auctioneer's personal checking account
B.A separate escrow or trust account
C.The seller's personal account within 24 hours
D.Any interest-bearing savings account of the auctioneer's choice
Explanation: Section 20-15(13) and (15) of the Illinois Auction License Act and Rule 1440.270 require that auction proceeds received by the auctioneer on behalf of the seller be deposited into a separate escrow or trust account, distinct from any personal or ordinary business account. Commingling auction proceeds with the auctioneer's personal or business operating funds is grounds for disciplinary action under Article 20 (Section 20-15) and a basis for civil fines up to $10,000 per violation.
10Which of the following is considered 'shill bidding' under Illinois auction law?
A.A legitimate buyer placing a bid by phone
B.The auctioneer placing fictitious bids to artificially inflate the price
C.A seller setting a minimum reserve price
D.An absentee bidder submitting a written bid before the auction
Explanation: Shill bidding occurs when the auctioneer, seller, or their agents place fictitious bids to artificially inflate the price. This practice is prohibited under Illinois law and constitutes fraud. It falls within Section 20-15(1) (false or fraudulent representation), Section 20-15(9)–(12) (misleading/untruthful advertising and false promises), and Section 20-15(22) (dishonorable or unethical conduct likely to deceive, defraud, or harm the public), all of which are grounds for discipline under Article 20 of the Auction License Act. Legitimate bidding methods such as phone, absentee, and reserve prices are lawful practices.

About the IL Auctioneer Exam

The Illinois Licensed Auctioneer exam is administered by PSI on behalf of the Illinois Department of Financial and Professional Regulation (IDFPR). It consists of 50 scored multiple-choice questions (up to 55 total including pretest items) covering the Illinois Auction License Act (225 ILCS 407), administrative rules, auction math, and general auction business topics. Candidates have 1 hour to complete the exam and must score at least 70% to pass.

Exam sponsor: PSI / Illinois IDFPR. The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

50 scored multiple-choice questions (up to 55 total with pretest items)

Time Limit

1 hour

Passing Score

70%

Exam / Certification Fees

$37 PSI + $200 IDFPR application

Exam sponsor website

Reported exam pass rate: Not published. IDFPR and PSI do not publish a first-time pass rate Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

74%

IL Auction License Act & Administrative Rules

Illinois Auction License Act (225 ILCS 407) Articles 5 (general provisions/definitions), 10 (licensing provisions), 15 (business practices provisions, including written auction contracts), 20 (disciplinary provisions, penalties, and hearing procedure), 30 (administrative provisions, including the Auction Advisory Board), and IDFPR administrative rules (68 Ill. Adm. Code Part 1440) including trust accounts, recordkeeping, advertising, and continuing education

20%

Auction Math

Commission calculations, buyer's premium math, settlement statements, sales tax computations, net proceeds, graduated commissions, and basic accounting for auction transactions

6%

Other Auction Business Topics

UCC Article 2 auction provisions, agency law, auction types, bid calling procedures, and general auction business practices

Preparing for the IL Auctioneer Exam

What You Need to Know

  • Passing score: 70%
  • Assessment: 50 scored multiple-choice questions (up to 55 total with pretest items)
  • Time limit: 1 hour
  • Exam / certification fees: $37 PSI + $200 IDFPR application Official sources

Using Our Practice Resources

  • Work through all 124 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

IL Auctioneer: Suggested Study Strategy

1Focus heavily on the Illinois Auction License Act (225 ILCS 407) — 37 of 50 scored questions come from the Act and administrative rules, so know Articles 5, 10, 15, 20, and 30 thoroughly
2Master auction math including commission calculations, buyer's premium computations, settlement statements, and sales tax — these 10 questions are straightforward points if you practice
3Study the definitions in Article 5 carefully, as many questions test whether you understand key terms like 'auction,' 'auctioneer,' and 'auction firm'
4Know the grounds for discipline under Article 20, including commingling funds, fraud, shill bidding, and unlicensed practice
5Review trust account requirements and record-keeping rules under the administrative rules — these are heavily tested and commonly missed

Frequently Asked Questions

How many questions are on the Illinois auctioneer licensing exam?

The Illinois auctioneer exam has 50 scored multiple-choice questions, though you may see up to 55 total questions including unscored pretest items. You have 1 hour to complete the exam and need a score of at least 70% (35 correct out of 50 scored questions) to pass. The exam is administered by PSI.

What topics does the Illinois auctioneer exam cover?

The exam covers three main areas: the Illinois Auction License Act and administrative rules (37 items covering Articles 5, 10, 15, 20, and 30), math (10 items including commissions, buyer's premiums, and settlement calculations), and other auction business topics (3 items). The majority of questions focus on Illinois-specific law and regulations.

What are the requirements to become a licensed auctioneer in Illinois?

Illinois requires auctioneer candidates to be at least 18 years old, hold a high school diploma or recognized equivalent (GED), pass the PSI-administered licensing exam with at least a 70% score, and apply through IDFPR with the $200 application fee and a Consent to Examine and Audit Special Accounts form. Illinois does not require pre-licensing classroom hours or a surety bond. The license renews every 2 years on December 31 of even-numbered years with 12 hours of approved continuing education (first-renewal licensees are exempt).

Who administers the Illinois auctioneer exam?

The Illinois auctioneer licensing exam is administered by PSI on behalf of the Illinois Department of Financial and Professional Regulation (IDFPR). The PSI candidate handbook describes computer-based testing at PSI Test Centers in Illinois and elsewhere in the United States, by appointment only. Check candidate.psiexams.com for current scheduling and delivery options.