100+ Free TN Auctioneer Practice Questions

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Which of the following is NOT a typical duty of an auctioneer acting as agent for a seller in Tennessee?

Providing legal advice about the seller's tax obligations

Properly advertising the auction

Obtaining the best possible price for the seller's goods

Accounting for all auction proceeds

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Key Facts: TN Auctioneer Exam

$150

Exam Fee

TN Auctioneer Commission

2 Parts

Written + Practical

TN Auctioneer Commission

5 Days

Weekly Availability

Testing Provider

TCA 62-19

Governing Statute

Tennessee Code

100 Q

Practice Questions

OpenExamPrep

Tennessee requires auctioneers to pass both a written exam and a practical exam. The written exam covers Tennessee auction law under TCA Title 62 Chapter 19, general auctioneering principles, contracts, ethics, advertising, and financial practices. The exam fee is $150, and testing is available 5 days per week through a third-party provider. The Tennessee Auctioneer Commission oversees licensing under the Department of Commerce and Insurance.

Sample TN Auctioneer Practice Questions

Try these sample questions to test your TN Auctioneer exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Tennessee law (TCA 62-19), which state agency oversees the licensing of auctioneers?

A.Tennessee Department of Revenue

B.Tennessee Auctioneer Commission under the Department of Commerce and Insurance

C.Tennessee Real Estate Commission

D.Tennessee Secretary of State

Explanation: The Tennessee Auctioneer Commission, operating under the Department of Commerce and Insurance, is the regulatory body responsible for licensing and overseeing auctioneers in the state. TCA Title 62, Chapter 19 establishes the Commission's authority over auctioneer licensing, examinations, continuing education, and disciplinary actions.

2What is the exam fee for the Tennessee auctioneer licensing examination?

A.$50

B.$100

C.$150

D.$200

Explanation: The Tennessee auctioneer licensing examination fee is $150. This fee is paid to the third-party testing provider contracted by the Tennessee Auctioneer Commission. The exam is available five days per week at approved testing locations throughout the state.

3Tennessee requires auctioneer license applicants to pass which types of examinations?

A.Written exam only

B.Practical exam only

C.Both a written and a practical (bid-calling) exam

D.An online multiple-choice exam and an essay exam

Explanation: Tennessee requires auctioneer license applicants to pass both a written examination covering Tennessee auction law and general auctioneering principles, and a practical examination testing bid-calling and auction-conducting skills. Both parts must be successfully completed before a license can be issued by the Tennessee Auctioneer Commission.

4Under TCA 62-19, what is the PRIMARY purpose of requiring auctioneers to maintain a trust account?

A.To earn interest income for the auctioneer

B.To protect auction proceeds belonging to sellers and buyers from being commingled with the auctioneer's personal funds

C.To allow the state to audit auctioneer income

D.To provide a source for paying state taxes

Explanation: Trust accounts are required to protect the funds of principals (sellers) and buyers by ensuring auction proceeds are kept separate from the auctioneer's personal or business operating funds. Commingling trust funds with personal funds is a serious violation that can result in license suspension or revocation under Tennessee law.

5Which of the following is an EXEMPT activity that does NOT require a Tennessee auctioneer license?

A.Conducting a charity auction for a 501(c)(3) nonprofit organization

B.Conducting a commercial estate sale for compensation

C.Conducting a real estate auction for a private seller

D.Conducting a livestock auction at a public sale barn for commission

Explanation: Tennessee law provides certain exemptions from auctioneer licensing requirements. Auctions conducted by or on behalf of bona fide charitable, religious, or nonprofit organizations (501(c)(3) entities) are typically exempt from the licensing requirement, provided the auctioneer is not compensated. Commercial auctions conducted for compensation generally require a valid Tennessee auctioneer license.

6What is the legal effect of the fall of the auctioneer's hammer or the announcement of 'Sold' at a Tennessee auction?

A.It creates a binding option contract

B.It completes the sale and transfers title to the highest bidder

C.It merely indicates the auctioneer's preference

D.It has no legal significance until the buyer signs a written contract

Explanation: Under the Uniform Commercial Code (UCC) as adopted in Tennessee, a sale by auction is complete when the auctioneer announces it by the fall of the hammer or in other customary manner. At that point, title transfers to the successful bidder and a binding contract is formed. The auctioneer's announcement of 'Sold' creates an enforceable agreement between the seller and buyer.

7An auctioneer in Tennessee discovers that a consigned item has a known defect. What is the auctioneer's legal obligation?

A.The auctioneer has no obligation since items are sold 'as is'

B.The auctioneer must disclose all known material defects to potential bidders

C.The auctioneer should only disclose the defect if directly asked

D.The auctioneer may conceal the defect if the seller requests it

Explanation: Tennessee auctioneers have a fiduciary duty and legal obligation to disclose all known material defects that could affect the value or desirability of an item. Failure to disclose known defects constitutes fraud and misrepresentation, which can result in civil liability and disciplinary action by the Tennessee Auctioneer Commission. An 'as is' sale does not eliminate the duty to disclose known defects.

8Under Tennessee law, what is 'shill bidding'?

A.A legitimate technique to start the bidding at an appropriate level

B.The practice of having someone bid on behalf of the seller to artificially inflate the price without disclosure

C.Bidding by an auctioneer on items they personally own

D.Any bid placed by phone or online

Explanation: Shill bidding is the illegal practice of having a person bid on behalf of the seller (or the auctioneer) to artificially inflate the price, without disclosing this arrangement to other bidders. It is a form of fraud prohibited under Tennessee law and the UCC. The practice deceives legitimate bidders into paying more than they otherwise would and can result in criminal charges and license revocation.

9A Tennessee auctioneer receives $50,000 in auction proceeds on behalf of a seller. Within what general timeframe must the auctioneer remit these funds to the seller?

A.Within 24 hours of the auction

B.Within the timeframe specified in the auction contract, typically 30 days or less

C.Within 90 days of the auction

D.There is no required timeframe

Explanation: Tennessee law requires auctioneers to remit auction proceeds to sellers within the timeframe specified in the auction contract. The contract between the auctioneer and seller should clearly state when settlement will occur. Most auction contracts specify settlement within 10 to 30 days after the auction. Unreasonable delays in remitting proceeds can constitute a violation of fiduciary duty and result in disciplinary action.

10Which of the following BEST describes an 'absolute auction' under Tennessee law?

A.An auction where the seller can reject any bid

B.An auction where the property sells to the highest bidder regardless of price, with no minimum bid or reserve

C.An auction where only pre-approved bidders may participate

D.An auction where the auctioneer sets the final selling price

Explanation: An absolute auction (also called an auction without reserve) means the property will sell to the highest bidder regardless of price. There is no minimum bid, no reserve price, and the seller cannot withdraw the item once bidding has begun. Under UCC Section 2-328, once goods are put up at an auction without reserve, the sale cannot be withdrawn unless no bid is made within a reasonable time.

About the TN Auctioneer Exam

The Tennessee auctioneer licensing exam covers Tennessee auction law (TCA Title 62, Chapter 19), general auctioneering principles, contract law, ethics, advertising rules, financial procedures, and principal-agent relationships. Tennessee requires both a written examination and a practical (oral/bid-calling) examination for licensure.

Questions

80 scored questions

Time Limit

2 hours

Passing Score

70%

Exam Fee

$150 (Third-party testing provider / Tennessee Auctioneer Commission)

TN Auctioneer Exam Content Outline

25%

Tennessee Auction Law & Regulations

TCA Title 62 Chapter 19, licensing requirements, Tennessee Auctioneer Commission rules, penalties, and exemptions

20%

General Auctioneering Principles

Auction types, bid calling, opening and closing procedures, reserve and absolute auctions, cataloging

15%

Contract & Property Law

UCC Article 2, contracts of sale, title transfer, risk of loss, consignment agreements, terms and conditions

15%

Ethics & Professional Conduct

Fiduciary duties, conflict of interest, disclosure requirements, prohibited practices, shill bidding

10%

Advertising & Marketing

Truth-in-advertising, required disclosures, prohibited claims, Tennessee-specific advertising rules

10%

Financial Practices

Trust accounts, escrow requirements, settlement procedures, commissions, tax collection, record-keeping

Principal-Agent Relationships

Agency law, fiduciary responsibilities, authority of agent, duties to principal and third parties

How to Pass the TN Auctioneer Exam

What You Need to Know

Passing score: 70%
Exam length: 80 questions
Time limit: 2 hours
Exam fee: $150

Keys to Passing

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

TN Auctioneer Study Tips from Top Performers

1Focus on TCA Title 62 Chapter 19 — the Tennessee Auctioneer License Act is the foundation of the written exam

2Learn the role and authority of the Tennessee Auctioneer Commission, including disciplinary powers and complaint procedures

3Understand trust account requirements and how auction proceeds must be handled under Tennessee law

4Study the differences between absolute auctions, reserve auctions, and minimum-bid auctions

5Review UCC Article 2 rules on sales of goods, including title transfer and risk of loss

6Practice bid-calling skills for the practical portion of the exam

Frequently Asked Questions

How many parts does the Tennessee auctioneer exam have?

Tennessee requires two parts for auctioneer licensure: a written examination covering Tennessee auction law and general auctioneering principles, and a practical examination testing bid-calling and auction-conducting skills. Both parts must be passed to qualify for licensure.

What law governs auctioneers in Tennessee?

Tennessee auctioneers are governed by the Tennessee Auctioneer License Act found in TCA Title 62, Chapter 19. This statute establishes the Tennessee Auctioneer Commission under the Department of Commerce and Insurance and sets licensing requirements, prohibited acts, trust account rules, and penalties.

How much does the Tennessee auctioneer exam cost?

The Tennessee auctioneer exam fee is $150. Testing is available 5 days per week through a third-party testing provider contracted by the Tennessee Auctioneer Commission. Additional costs include the license application fee and any required bonding.

What are the requirements for a Tennessee auctioneer license?

Tennessee requires applicants to be at least 18 years old, pass both the written and practical exams, submit a license application to the Tennessee Auctioneer Commission, pass a background check, and obtain any required surety bond. Check the Tennessee Department of Commerce and Insurance for the most current requirements.