100+ Free IL Auctioneer Practice Questions

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Under Illinois law, if a buyer at auction discovers that the purchased item has a lien against it that was not disclosed, what remedy may be available?

No remedy; buyer beware applies at all auctions

The auctioneer is personally responsible for all liens

The buyer may seek rescission of the sale and/or damages for breach of the warranty of title

The buyer must accept the item and pay off the lien

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ArticleFree Auctioneer Practice Test by State 2026: 2,100+ Questions24 min read

2026 Statistics

Key Facts: IL Auctioneer Exam

50 Q

Scored Questions

PSI / IDFPR

70%

Passing Score

IDFPR

1 hr

Time Limit

PSI

100 Q

Practice Questions

OpenExamPrep

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 test your IL Auctioneer exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ 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 Article 10 of the Illinois Auction License Act, which of the following is required for licensure as an auctioneer?

A.A four-year college degree in business

B.Completion of at least 80 hours of approved auction education or equivalent experience

C.Passing only the practical auction skills test

D.Payment of a $5,000 bond only

Explanation: Article 10 of the Illinois Auction License Act sets forth the education and experience requirements for licensure. Candidates must complete approved education hours or demonstrate equivalent qualifying experience, pass the licensing examination, and meet other eligibility criteria including being of good moral character and paying applicable fees.

7What does Article 15 of the Illinois Auction License Act primarily address?

A.Definitions of auction terms

B.Grounds for discipline and violations

C.Licensing fee schedules

D.Continuing education requirements

Explanation: Article 15 of the Illinois Auction License Act primarily addresses grounds for discipline, prohibited acts, and violations. It outlines the conduct that can result in disciplinary action against a licensed auctioneer, including fraud, misrepresentation, commingling funds, and other violations. Understanding Article 15 is crucial for maintaining an active license in good standing.

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: Illinois law requires that auction proceeds received by the auctioneer on behalf of the seller be deposited into a separate escrow or trust account. Commingling auction proceeds with the auctioneer's personal or business operating funds is a violation of the Auction License Act and grounds for disciplinary action under Article 15.

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 is a ground for disciplinary action under Article 15 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.

Assessment

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

Time Limit

1 hour

Passing Score

70%

Exam Fee

Varies (PSI / Illinois IDFPR)

IL Auctioneer Exam Content Outline

74%

IL Auction License Act & Administrative Rules

Illinois Auction License Act (225 ILCS 407) Articles 5 (definitions), 10 (licensure), 15 (discipline/violations), 20 (IDFPR powers), 30 (penalties), and IDFPR administrative rules including trust accounts, record-keeping, 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

How to Pass 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 fee: Varies

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

IL Auctioneer Study Tips from Top Performers

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 15, 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, complete approved education or equivalent experience, pass the PSI-administered licensing exam with a 70% score, pass a background check, and apply through IDFPR. The license must be renewed every 2 years with continuing education.

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). PSI offers computer-based testing at testing centers throughout Illinois and via remote proctoring options.