100+ Free VA Auctioneer Practice Questions

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What is a buyer's premium at a Virginia auction?

A fee charged to the seller for advertising

An additional percentage added to the hammer price that the buyer pays as part of the purchase price

A discount given to the highest bidder

A deposit required before bidding

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

2026 Statistics

Key Facts: VA Auctioneer Exam

75 Q

Exam Questions

PSI

75%

Passing Score

VA Board

100 Q

Practice Questions

OpenExamPrep

2.5 hrs

Time Limit

PSI

Content Areas

VA Board

Virginia requires auctioneers to pass a 75-question PSI exam with a 75% passing score. The exam heavily tests the Virginia Auctioneers Act (Title 54.1, Chapter 6), Virginia Administrative Code provisions, UCC Article 2 auction rules, trust account management, and fiduciary duties unique to Virginia.

Sample VA Auctioneer Practice Questions

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

1Which Virginia statute governs the licensing and regulation of auctioneers in the Commonwealth?

A.Virginia Code Title 54.1, Chapter 6

B.Virginia Code Title 55.1, Chapter 3

C.Virginia Code Title 54.1, Chapter 6.1

D.Virginia Code Title 58.1, Chapter 6

Explanation: Virginia Code Title 54.1, Chapter 6 (§54.1-600 et seq.) is the Virginia Auctioneers Act that governs the licensing, regulation, and disciplinary procedures for auctioneers in Virginia. This statute establishes the Virginia Auctioneers Board and sets forth all requirements for licensure.

2What is the minimum age requirement to obtain an auctioneer license in Virginia?

A.16 years old

B.18 years old

C.21 years old

D.25 years old

Explanation: Virginia requires that an applicant for an auctioneer license be at least 18 years of age. This is consistent with the general legal age of majority in Virginia and ensures that licensees can enter into binding contracts and fulfill the fiduciary duties required of auctioneers.

3Which entity administers the Virginia auctioneer licensing exam?

A.Pearson VUE

B.PSI

C.Prov, Inc.

D.Virginia DPOR directly

Explanation: PSI (PSI Services LLC) administers the Virginia auctioneer licensing exam on behalf of the Virginia Auctioneers Board. PSI operates testing centers throughout Virginia and manages the scheduling, administration, and scoring of the 75-question exam.

4How many scored questions are on the Virginia auctioneer licensing exam?

A.50 questions

B.60 questions

C.75 questions

D.100 questions

Explanation: The Virginia auctioneer licensing exam consists of 75 scored multiple-choice questions. Candidates are given 2.5 hours (150 minutes) to complete the exam and must achieve a passing score of 75% to qualify for licensure.

5What passing score is required on the Virginia auctioneer exam?

A.65%

B.70%

C.75%

D.80%

Explanation: Virginia requires a passing score of 75% on the auctioneer licensing exam. With 75 scored questions, this means a candidate must correctly answer at least 57 questions (rounded up from 56.25) to pass the examination.

6The Virginia Auctioneers Board has the authority to do all of the following EXCEPT:

A.Revoke an auctioneer's license for violations

B.Impose civil penalties for regulatory infractions

C.Imprison an auctioneer for license law violations

D.Suspend a license pending an investigation

Explanation: The Virginia Auctioneers Board is a regulatory body with administrative authority. It can revoke, suspend, or refuse to renew licenses, and it can impose civil penalties and fines. However, it cannot imprison anyone; only criminal courts have the authority to impose jail sentences. Criminal violations would be referred to law enforcement.

7Under Virginia law, which of the following is required before a person can conduct auctions in the Commonwealth?

A.Membership in the National Auctioneers Association

B.A valid Virginia auctioneer license issued by the Board

C.A federal auctioneer permit from the FTC

D.Completion of a 4-year college degree in business

Explanation: Virginia law requires any person conducting auctions in the Commonwealth to hold a valid auctioneer license issued by the Virginia Auctioneers Board. Operating without a license is a violation of the Virginia Auctioneers Act and subjects the individual to penalties including fines and cease-and-desist orders.

8Which Virginia regulation requires auctioneers to maintain a separate trust or escrow account for auction proceeds?

A.18 VAC 25-21-80

B.18 VAC 25-21-100

C.18 VAC 25-21-70

D.18 VAC 25-21-120

Explanation: Virginia Administrative Code 18 VAC 25-21-70 establishes the requirement for auctioneers to maintain separate trust or escrow accounts for holding auction proceeds on behalf of clients. Commingling of personal and client funds is a serious violation that can result in license revocation.

9Under Virginia regulations, how long must an auctioneer retain records of each auction conducted?

A.1 year

B.3 years

C.5 years

D.7 years

Explanation: Virginia regulations require auctioneers to retain complete records of each auction conducted for a minimum of 5 years. These records must include contracts with sellers, advertising materials, bidder registration, settlement statements, and financial records. The Board may audit these records during the retention period.

10Virginia law exempts which of the following from the auctioneer licensing requirement?

A.A person selling personal property at a yard sale

B.A real estate agent selling property at auction

C.A charity hiring someone to auction donated items

D.A licensed auto dealer selling vehicles at auction

Explanation: Virginia exempts individuals selling their own personal property at casual sales (such as yard sales or estate sales by the owner) from the auctioneer licensing requirement. This exemption recognizes that occasional, non-commercial sales do not constitute the professional practice of auctioneering that the statute is designed to regulate.

About the VA Auctioneer Exam

The Virginia auctioneer licensing exam is administered by PSI on behalf of the Virginia Auctioneers Board under DPOR. It consists of 75 scored multiple-choice questions covering Virginia auction law (15 law + 13 regulation items), auction practices and ethics (22 items), contracts and UCC (15 items), and math and financial topics (10 items). Candidates must score 75% to pass.

Questions

75 scored questions

Time Limit

2.5 hours

Passing Score

75%

Exam Fee

Varies (PSI / Virginia Auctioneers Board)

VA Auctioneer Exam Content Outline

37%

Laws, Rules & Regulations

Virginia Auctioneers Act (Title 54.1, Chapter 6), Virginia Administrative Code (18 VAC 25-21), DPOR oversight, licensing requirements, Board authority, and disciplinary procedures — 28 items (15 law + 13 regulation)

29%

Auction Practices & Ethics

Fiduciary duties, shill bidding prohibitions, disclosure requirements, trust account management, professional conduct, conflict of interest rules, and bid-calling procedures — 22 items

20%

Contracts & UCC

UCC Article 2 auction provisions (§2-328), Statute of Frauds, offer and acceptance, express and implied warranties, warranty disclaimers, and buyer default remedies — 15 items

13%

Math & Financial

Commission calculations, settlement statements, buyer's premiums, sales tax (5.3%), trust account reconciliation, and sliding commission scales — 10 items

How to Pass the VA Auctioneer Exam

What You Need to Know

Passing score: 75%
Exam length: 75 questions
Time limit: 2.5 hours
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

VA Auctioneer Study Tips from Top Performers

1Focus on the Virginia Auctioneers Act (Title 54.1, Chapter 6) and Virginia Administrative Code (18 VAC 25-21) as the law/regulation section is the largest at 28 items

2Master UCC Article 2 §2-328 auction provisions including reserve vs. without-reserve rules and when a bid becomes a binding contract

3Practice commission and settlement calculations including buyer's premiums, sliding scales, and Virginia's 5.3% sales tax

4Study fiduciary duties: loyalty, obedience, disclosure, accounting, and confidentiality — these appear across multiple exam sections

5Review Virginia-specific trust account rules, advertising requirements (license number, auction type), and disciplinary procedures

Frequently Asked Questions

How many questions are on the Virginia auctioneer licensing exam?

The Virginia auctioneer exam consists of 75 scored multiple-choice questions. You must score at least 75% (57 correct out of 75) to pass. The exam is administered by PSI and you have 2.5 hours to complete it.

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

Virginia requires candidates to be at least 18 years old, demonstrate good moral character, pass the 75-question PSI exam with a 75% score, and apply through the Virginia Auctioneers Board under DPOR. A surety bond and trust account may also be required.

What topics does the Virginia auctioneer exam cover?

The exam covers four content areas: laws, rules, and regulations (28 items covering Virginia Auctioneers Act and Administrative Code), auction practices and ethics (22 items), contracts and UCC (15 items), and math and financial topics (10 items).

Who administers the Virginia auctioneer exam?

The Virginia auctioneer licensing exam is administered by PSI (PSI Services LLC) on behalf of the Virginia Auctioneers Board, which operates under the Department of Professional and Occupational Regulation (DPOR).