100+ Free IL Auctioneer Practice Questions
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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
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.
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
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
Auction Math
Commission calculations, buyer's premium math, settlement statements, sales tax computations, net proceeds, graduated commissions, and basic accounting for auction transactions
Other Auction Business Topics
UCC Article 2 auction provisions, agency law, auction types, bid calling procedures, and general auction business practices
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
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.