In Indiana it is the Indiana Auctioneer Commission that administers auctioneer licensing. Pursuant to Indiana law, an examination applicant must first complete 80 hours of auction instruction from a pre-course provider. The exam takes place every odd month at the Indiana Government Center South. It begins at 8:30 a.m. and ends at 12:30 p.m. After obtaining a license, one must still complete 16 hours of continuing education from an approval provider in order to renew the license. The TOC is as follow: CONTENTS UPDATE 3 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 STATE SPECIFIC 4 AT THE NATIONAL LEVEL 5 THE AUCTION BUSINESS 15 BASIC DEFINITIONS 15 THE OVERALL BUSINESS ENTITY REQUIREMENTS 17 INSURANCE 19 BASIC MATH AND ACCOUNTING 19 THE ACCRUAL PRINCIPLE 21 THE HISTORICAL COST PRINCIPLE 22 THE CONSISTENCY PRINCIPLE 22 THE PRUDENCE PRINCIPLE 22 THE MATERIALITY PRINCIPLE 22 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 23 THE SEPARATE LEGAL ENTITY CONCEPT 25 THE CONSERVATIVE PRINCIPLE 25 THE GOING CONCERN CONCEPT 25 THE ACCOUNTING EQUATION 26 BOOKKEEPING METHODS 26 THE BOOKKEEPING CYCLE 27 DEBITS AND CREDITS 28 RECORDING AND POSTING TRANSACTIONS 30 GENERAL LEDGER VS GENERAL JOURNAL 32 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 33 TRIAL BALANCE AND THE CORRECTION OF ERRORS 34 BANK RECONCILIATION 35 CLOSING JOURNAL ENTRIES 38 SOURCE DOCUMENTS 38 THE TRUST/ESCROW ACCOUNT 39 RECORD KEEPING 41 BUSINESS CONTRACT LEGAL ELEMENTS 44 SOURCE OF LAW 45 THE STATUTE OF FRAUD 46 CONTRACT TYPES 48 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 49 CONSIDERATION 52 DISCHARGING OR INVALIDATING A CONTRACT 54 BREACH OF CONTRACT 57 POSSIBLE DEFENSES 59 DAMAGE RECOVERY 60 MEASURING DAMAGES 61 THE EXPECTATION MEASURE 61 RELIANCE INTEREST 62 RESTITUTION 63 LIMITATIONS 63 SATISFACTION CLAUSE 64 AGENCY RELATIONSHIP 64 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 66 THE AUCTION CONTRACTS 69 CONTRACT LAW POINTS TO NOTE 71 ADR 76 FRAUDS 78 MISREPRESENTATION 80 SOME IMPORTANT TERMS OF THE UCC 86 OVERVIEW 86 SOME IMPORTANT PROVISIONS OF ARTICLE 1 97 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 99 AUCTION SALE AND BULK TRANSFER 106 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 110 CLASSIFICATIONS OF REAL PROPERTY 110 CERTIFICATE OF OCCUPANCY 112 TYPES OF DEED 112 TYPICAL TERMS OF THE DEED 114 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 115 MORTGAGE AND LOANS AND THE DEED OF TRUST 118 EXECUTION, ACKNOWLEDGMENTS AND FILING 122 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 122 ZONING 124 EGRESS AND FIRE CODES 126 INVESTMENT PROPERTY AND PROPERTY CYCLE 126 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 127 PROPERTY TAXES 129

In FL, the Board of Auctioneers is responsible for licensing and regulating auctioneers. On the other hand, the Bureau of Education and Testing is responsible for examination development, administration, review and grading. The examination has 5) questions covering 7 subject matter areas. The time allotted is exactly one hour. The book TOC is as follow: CONTENTS UPDATE 2 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 AT THE STATE LEVEL 4 AT THE NATIONAL LEVEL 5 THE AUCTION BUSINESS 16 BASIC DEFINITIONS 16 THE OVERALL BUSINESS ENTITY REQUIREMENTS 18 INSURANCE AND BOND 20 BASIC MATH AND ACCOUNTING 21 THE ACCRUAL PRINCIPLE 23 THE HISTORICAL COST PRINCIPLE 24 THE CONSISTENCY PRINCIPLE 24 THE PRUDENCE PRINCIPLE 24 THE MATERIALITY PRINCIPLE 25 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 25 THE SEPARATE LEGAL ENTITY CONCEPT 27 THE CONSERVATIVE PRINCIPLE 27 THE GOING CONCERN CONCEPT 28 THE ACCOUNTING EQUATION 28 BOOKKEEPING METHODS 29 THE BOOKKEEPING CYCLE 29 DEBITS AND CREDITS 30 RECORDING AND POSTING TRANSACTIONS 32 GENERAL LEDGER VS GENERAL JOURNAL 34 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 35 TRIAL BALANCE AND THE CORRECTION OF ERRORS 36 BANK RECONCILIATION 37 CLOSING JOURNAL ENTRIES 40 SOURCE DOCUMENTS 41 THE TRUST/ESCROW ACCOUNT 41 RECORD KEEPING 43 BUSINESS CONTRACT LEGAL ELEMENTS 48 SOURCE OF LAW 49 THE STATUTE OF FRAUD 50 CONTRACT TYPES 52 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 53 CONSIDERATION 56 DISCHARGING OR INVALIDATING A CONTRACT 58 BREACH OF CONTRACT 61 POSSIBLE DEFENSES 63 DAMAGE RECOVERY 64 MEASURING DAMAGES 65 THE EXPECTATION MEASURE 65 RELIANCE INTEREST 66 RESTITUTION 67 LIMITATIONS 67 SATISFACTION CLAUSE 68 AGENCY RELATIONSHIP 68 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 70 THE AUCTION CONTRACTS 73 CONTRACT LAW POINTS TO NOTE 75 ADR 80 FRAUDS 82 MISREPRESENTATION 84 SOME IMPORTANT TERMS OF THE UCC 89 OVERVIEW 89 SOME IMPORTANT PROVISIONS OF ARTICLE 1 100 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 102 AUCTION SALE AND BULK TRANSFER 109 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 113 CLASSIFICATIONS OF REAL PROPERTY 113 CERTIFICATE OF OCCUPANCY 115 TYPES OF DEED 115 TYPICAL TERMS OF THE DEED 117 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 118 MORTGAGE AND LOANS AND THE DEED OF TRUST 121 EXECUTION, ACKNOWLEDGMENTS AND FILING 125 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 125 ZONING 127 EGRESS AND FIRE CODES 129 INVESTMENT PROPERTY AND PROPERTY CYCLE 129 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 130 PROPERTY TAXES 132

In PA it is the State Board of Auctioneer Examiners that administers auctioneer licensing. The Auctioneer Exam is conducted on a regular basis throughout the year and can be scheduled as needed via PCS. Below shows the TOC of the book: CONTENTS UPDATE 3 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 STATE SPECIFIC 4 NATIONAL LEVEL 6 THE AUCTION BUSINESS 16 BASIC DEFINITIONS 16 THE OVERALL BUSINESS ENTITY REQUIREMENTS 17 INSURANCE 19 BASIC MATH AND ACCOUNTING 20 THE ACCRUAL PRINCIPLE 22 THE HISTORICAL COST PRINCIPLE 22 THE CONSISTENCY PRINCIPLE 23 THE PRUDENCE PRINCIPLE 23 THE MATERIALITY PRINCIPLE 23 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 24 THE SEPARATE LEGAL ENTITY CONCEPT 25 THE CONSERVATIVE PRINCIPLE 26 THE GOING CONCERN CONCEPT 26 THE ACCOUNTING EQUATION 26 BOOKKEEPING METHODS 27 THE BOOKKEEPING CYCLE 28 DEBITS AND CREDITS 29 RECORDING AND POSTING TRANSACTIONS 31 GENERAL LEDGER VS GENERAL JOURNAL 33 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 34 TRIAL BALANCE AND THE CORRECTION OF ERRORS 35 BANK RECONCILIATION 36 CLOSING JOURNAL ENTRIES 38 SOURCE DOCUMENTS 39 THE TRUST/ESCROW ACCOUNT 40 RECORD KEEPING 42 BUSINESS CONTRACT LEGAL ELEMENTS 45 SOURCE OF LAW 46 THE STATUTE OF FRAUD 47 CONTRACT TYPES 49 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 50 CONSIDERATION 53 DISCHARGING OR INVALIDATING A CONTRACT 55 BREACH OF CONTRACT 58 POSSIBLE DEFENSES 60 DAMAGE RECOVERY 61 MEASURING DAMAGES 62 THE EXPECTATION MEASURE 62 RELIANCE INTEREST 63 RESTITUTION 64 LIMITATIONS 64 SATISFACTION CLAUSE 65 AGENCY RELATIONSHIP 65 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 67 THE AUCTION CONTRACTS 70 CONTRACT LAW POINTS TO NOTE 72 ADR 77 FRAUDS 79 MISREPRESENTATION 81 SOME IMPORTANT TERMS OF THE UCC 86 OVERVIEW 86 SOME IMPORTANT PROVISIONS OF ARTICLE 1 97 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 99 AUCTION SALE AND BULK TRANSFER 106 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 110 CLASSIFICATIONS OF REAL PROPERTY 110 CERTIFICATE OF OCCUPANCY 112 TYPES OF DEED 112 TYPICAL TERMS OF THE DEED 114 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 115 MORTGAGE AND LOANS AND THE DEED OF TRUST 118 EXECUTION, ACKNOWLEDGMENTS AND FILING 122 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 122 ZONING 124 EGRESS AND FIRE CODES 126 INVESTMENT PROPERTY AND PROPERTY CYCLE 126 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 127

In Indiana it is the Indiana Auctioneer Commission that administers auctioneer licensing. Pursuant to Indiana law, an examination applicant must first complete 80 hours of auction instruction from a pre-course provider. The exam takes place every odd month at the Indiana Government Center South. It begins at 8:30 a.m. and ends at 12:30 p.m. After obtaining a license, one must still complete 16 hours of continuing education from an approval provider in order to renew the license. We give you knowledge information relevant to the exam specification. To be able to succeed in the real exam, you'll need to apply your earned knowledge to the question scenarios. Many of the exam questions are written to be less straight forward. They tend to be framed within the context of short scenarios. An advice: Do NOT rely on a single source for exam preparation. To secure exam success, always use multiple sources and read as much as possible!

In Michigan, it is the Bureau of Commercial Services, Licensing Division of the Department of Licensing and Regulatory Affairs that registers auctioneers based on Article 29 of the Occupational Code, 1980 PA 299, as amended. Under Article 29, an auctioneer is explicitly defined as one who is, for compensation, engaged in the business of auction, which involves the sale or offer for sale, by bidding, of real or personal property at a public or private location. Article 29 further provides for the creation of the Michigan Board of Auctioneers and lists requirements as to the use of the title "Registered Auctioneer". The book TOC is as follow: CONTENTS UPDATE 2 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 AT THE STATE LEVEL 4 AT THE NATIONAL LEVEL 5 THE AUCTION BUSINESS 16 BASIC DEFINITIONS 16 THE OVERALL BUSINESS ENTITY REQUIREMENTS 18 INSURANCE AND BOND 20 BASIC MATH AND ACCOUNTING 21 THE ACCRUAL PRINCIPLE 23 THE HISTORICAL COST PRINCIPLE 24 THE CONSISTENCY PRINCIPLE 24 THE PRUDENCE PRINCIPLE 24 THE MATERIALITY PRINCIPLE 25 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 25 THE SEPARATE LEGAL ENTITY CONCEPT 27 THE CONSERVATIVE PRINCIPLE 27 THE GOING CONCERN CONCEPT 28 THE ACCOUNTING EQUATION 28 BOOKKEEPING METHODS 29 THE BOOKKEEPING CYCLE 29 DEBITS AND CREDITS 30 RECORDING AND POSTING TRANSACTIONS 32 GENERAL LEDGER VS GENERAL JOURNAL 34 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 35 TRIAL BALANCE AND THE CORRECTION OF ERRORS 36 BANK RECONCILIATION 37 CLOSING JOURNAL ENTRIES 40 SOURCE DOCUMENTS 41 THE TRUST/ESCROW ACCOUNT 41 RECORD KEEPING 43 BUSINESS CONTRACT LEGAL ELEMENTS 48 SOURCE OF LAW 49 THE STATUTE OF FRAUD 50 CONTRACT TYPES 52 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 53 CONSIDERATION 56 DISCHARGING OR INVALIDATING A CONTRACT 58 BREACH OF CONTRACT 61 POSSIBLE DEFENSES 63 DAMAGE RECOVERY 64 MEASURING DAMAGES 65 THE EXPECTATION MEASURE 65 RELIANCE INTEREST 66 RESTITUTION 67 LIMITATIONS 67 SATISFACTION CLAUSE 68 AGENCY RELATIONSHIP 68 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 70 THE AUCTION CONTRACTS 73 CONTRACT LAW POINTS TO NOTE 75 ADR 80 FRAUDS 82 MISREPRESENTATION 84 SOME IMPORTANT TERMS OF THE UCC 89 OVERVIEW 89 SOME IMPORTANT PROVISIONS OF ARTICLE 1 100 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 102 AUCTION SALE AND BULK TRANSFER 109 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 113 CLASSIFICATIONS OF REAL PROPERTY 113 CERTIFICATE OF OCCUPANCY 115 TYPES OF DEED 115 TYPICAL TERMS OF THE DEED 117 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 118 MORTGAGE AND LOANS AND THE DEED OF TRUST 121 EXECUTION, ACKNOWLEDGMENTS AND FILING 125 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 125 ZONING 127 EGRESS AND FIRE CODES 129 INVESTMENT PROPERTY AND PROPERTY CYCLE 129 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 130 PROPERTY TAXES 132

In Illinois it is the Division of Professional Regulation DPR and the Auction Advisory Board that administer auctioneer licensing. according to the Auction License Act [225 ILCS 407/5-10] an auction license is necessary if a person or entity who, for another, for a fee, compensation, commission, or any other valuable consideration at auction or with the intention or expectation of receiving valuable consideration by the means of or process of an auction or sale at auction or providing an auction service, offers, negotiates, or attempts to negotiate an auction contract, sale, purchase, or exchange of goods, chattels, merchandise, personal property, real property, or any commodity that may be lawfully kept or offered for sale by or at auction. An auctioneer may be self-sponsored or may be sponsored by another licensed auctioneer or auction firm. However, he/she must be at least 18 year of age, have attained a high school diploma or equivalent, and have personally passed an examination in order to earn the license. The TOC is as follow: CONTENTS UPDATE 2 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 AT THE STATE LEVEL 4 AT THE NATIONAL LEVEL 5 THE AUCTION BUSINESS 15 BASIC DEFINITIONS 15 THE OVERALL BUSINESS ENTITY REQUIREMENTS 17 INSURANCE 19 BASIC MATH AND ACCOUNTING 19 THE ACCRUAL PRINCIPLE 21 THE HISTORICAL COST PRINCIPLE 22 THE CONSISTENCY PRINCIPLE 22 THE PRUDENCE PRINCIPLE 22 THE MATERIALITY PRINCIPLE 23 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 23 THE SEPARATE LEGAL ENTITY CONCEPT 25 THE CONSERVATIVE PRINCIPLE 25 THE GOING CONCERN CONCEPT 26 THE ACCOUNTING EQUATION 26 BOOKKEEPING METHODS 27 THE BOOKKEEPING CYCLE 27 DEBITS AND CREDITS 28 RECORDING AND POSTING TRANSACTIONS 30 GENERAL LEDGER VS GENERAL JOURNAL 32 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 33 TRIAL BALANCE AND THE CORRECTION OF ERRORS 34 BANK RECONCILIATION 35 CLOSING JOURNAL ENTRIES 38 SOURCE DOCUMENTS 39 THE TRUST/ESCROW ACCOUNT 39 RECORD KEEPING 41 BUSINESS CONTRACT LEGAL ELEMENTS 45 SOURCE OF LAW 46 THE STATUTE OF FRAUD 47 CONTRACT TYPES 49 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 50 CONSIDERATION 53 DISCHARGING OR INVALIDATING A CONTRACT 55 BREACH OF CONTRACT 58 POSSIBLE DEFENSES 60 DAMAGE RECOVERY 61 MEASURING DAMAGES 62 THE EXPECTATION MEASURE 62 RELIANCE INTEREST 63 RESTITUTION 64 LIMITATIONS 64 SATISFACTION CLAUSE 65 AGENCY RELATIONSHIP 65 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 67 THE AUCTION CONTRACTS 70 CONTRACT LAW POINTS TO NOTE 72 ADR 77 FRAUDS 79 MISREPRESENTATION 81 SOME IMPORTANT TERMS OF THE UCC 86 OVERVIEW 86 SOME IMPORTANT PROVISIONS OF ARTICLE 1 97 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 99 AUCTION SALE AND BULK TRANSFER 106 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 110 CLASSIFICATIONS OF REAL PROPERTY 110 CERTIFICATE OF OCCUPANCY 112 TYPES OF DEED 112 TYPICAL TERMS OF THE DEED 114 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 115 MORTGAGE AND LOANS AND THE DEED OF TRUST 118 EXECUTION, ACKNOWLEDGMENTS AND FILING 122 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 122 ZONING 124 EGRESS AND FIRE CODES 126 INVESTMENT PROPERTY AND PROPERTY CYCLE 126 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 127 PROPERTY TAXES 129

Book updated February 2021. In Indiana it is the Indiana Auctioneer Commission that administers auctioneer licensing. Pursuant to Indiana law, an examination applicant must first complete 80 hours of auction instruction from a pre-course provider. The exam takes place every odd month at the Indiana Government Center South. It begins at 8:30 a.m. and ends at 12:30 p.m. After obtaining a license, one must still complete 16 hours of continuing education from an approval provider in order to renew the license.We give you knowledge information relevant to the exam specification. To be able to succeed in the real exam, you'll need to apply your earned knowledge to the question scenarios. Many of the exam questions are written to be less straight forward. They tend to be framed within the context of short scenarios. An advice: Do NOT rely on a single source for exam preparation. To secure exam success, always use multiple sources and read as much as possible!