Jun 07

Illinois Auctioneer Examination

Illinois Auctioneer LICENSURE Examination ExamFOCUS Study Notes & Review Questions 

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.

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!

 

INTELLECTUAL PROPERTIES, TRADEMARKS AND COPYRIGHTS 1
PAGE FORMATTING AND TYPEFACE 2
PREFACE FOR CANDIDATES 5
ACTS AND REGULATIONS 6
AT THE STATE LEVEL 6
AT THE NATIONAL LEVEL 8
THE AUCTION BUSINESS 19
BASIC DEFINITIONS 19
THE OVERALL BUSINESS ENTITY REQUIREMENTS 21
INSURANCE AND BOND 23
BASIC MATH AND ACCOUNTING 24
THE ACCRUAL PRINCIPLE 26
THE HISTORICAL COST PRINCIPLE 27
THE CONSISTENCY PRINCIPLE 27
THE PRUDENCE PRINCIPLE 28
THE MATERIALITY PRINCIPLE 28
THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 28
THE SEPARATE LEGAL ENTITY CONCEPT 30
THE CONSERVATIVE PRINCIPLE 30
THE GOING CONCERN CONCEPT 31
THE ACCOUNTING EQUATION 31
BOOKKEEPING METHODS 32
THE BOOKKEEPING CYCLE 32
DEBITS AND CREDITS 33
RECORDING AND POSTING TRANSACTIONS 35
GENERAL LEDGER VS GENERAL JOURNAL 37
TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 38
TRIAL BALANCE AND THE CORRECTION OF ERRORS 39
BANK RECONCILIATION 40
CLOSING JOURNAL ENTRIES 43
SOURCE DOCUMENTS 43
THE TRUST/ESCROW ACCOUNT 44
RECORD KEEPING 46
BUSINESS CONTRACT LEGAL ELEMENTS 50
SOURCE OF LAW 51
THE STATUTE OF FRAUD 52
CONTRACT TYPES 54
OFFER, ACCEPTANCE, AND INVITATION TO TREAT 55
CONSIDERATION 58
DISCHARGING OR INVALIDATING A CONTRACT 59
BREACH OF CONTRACT 63
POSSIBLE DEFENSES 65
DAMAGE RECOVERY 65
MEASURING DAMAGES 67
THE EXPECTATION MEASURE 67
RELIANCE INTEREST 68
RESTITUTION 68
LIMITATIONS 69
SATISFACTION CLAUSE 69
AGENCY RELATIONSHIP 70
AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 72
THE AUCTION CONTRACTS 75
CONTRACT LAW POINTS TO NOTE 76
ADR 82
FRAUDS 84
MISREPRESENTATION 86
SOME IMPORTANT TERMS OF THE UCC 91
OVERVIEW 91
SOME IMPORTANT PROVISIONS OF ARTICLE 1 102
SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 104
AUCTION SALE AND BULK TRANSFER 111
BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 115
CLASSIFICATIONS OF REAL PROPERTY 115
CERTIFICATE OF OCCUPANCY 117
TYPES OF DEED 117
TYPICAL TERMS OF THE DEED 119
TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 120
MORTGAGE AND LOANS AND THE DEED OF TRUST 123
EXECUTION, ACKNOWLEDGMENTS AND FILING 127
QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 127
ZONING 129
EGRESS AND FIRE CODES 131
INVESTMENT PROPERTY AND PROPERTY CYCLE 131
PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 132
PROPERTY TAXES 134
NON-JUDICIAL FORECLOSURE AND POWER OF SALE FORECLOSURE 135

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