North Carolina Auctioneers Law And North Carolina Auctioneer Licensing Board Rules And Regulations

Author : ExamREVIEW
Publisher :
ISBN 13 : 9781479179510
Total Pages : 136 pages
Book Rating : 4.1/5 (795 download)

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Download or read book NORTH CAROLINA Auctioneer LICENSURE Examination ExamFOCUS Study Notes and Review Questions 2012 written by ExamREVIEW and published by . This book was released on 2012-08-29 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: In North Carolina it is the Auctioneer Licensing Board that administers auctioneer licensing. An "Auctioneer" is precisely defined as a person who conducts or offers to conduct auctions through activities such as calling bids, contracts for auctions, accepts consignments of items for sale at auction, advertises an auction, offers items for sale at auction, accepts payment or disburse monies for items sold at auction, or otherwise, solicits, arranges, sponsors, or manages an auction or holds themselves out as an auctioneer...etc. Auctioneer exams are given 6 times a year at the Board's office. To be eligible one must either have held a North Carolina apprentice auctioneer license for the preceding two years and accumulated sufficient knowledge and experience in the auctioneer profession or have successfully completed at least 80 hours of classroom instruction at an approved auctioneer school. CONTENTS UPDATE 3 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS AT THE NATIONAL LEVEL 5 AT THE STATE LEVEL 5 AT THE NATIONAL LEVEL 7 THE AUCTION BUSINESS 17 BASIC DEFINITIONS 17 THE OVERALL BUSINESS ENTITY REQUIREMENTS 18 INSURANCE 20 BASIC MATH AND ACCOUNTING 21 THE ACCRUAL PRINCIPLE 23 THE HISTORICAL COST PRINCIPLE 23 THE CONSISTENCY PRINCIPLE 24 THE PRUDENCE PRINCIPLE 24 THE MATERIALITY PRINCIPLE 24 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 25 THE SEPARATE LEGAL ENTITY CONCEPT 26 THE CONSERVATIVE PRINCIPLE 27 THE GOING CONCERN CONCEPT 27 THE ACCOUNTING EQUATION 27 BOOKKEEPING METHODS 28 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 39 SOURCE DOCUMENTS 40 THE TRUST/ESCROW ACCOUNT 41 RECORD KEEPING 43 BUSINESS CONTRACT LEGAL ELEMENTS 46 SOURCE OF LAW 47 THE STATUTE OF FRAUD 48 CONTRACT TYPES 50 OFFER, ACCEPTANCE, AND INVITATION TO TREAT 51 CONSIDERATION 54 DISCHARGING OR INVALIDATING A CONTRACT 56 BREACH OF CONTRACT 59 POSSIBLE DEFENSES 61 DAMAGE RECOVERY 62 MEASURING DAMAGES 63 THE EXPECTATION MEASURE 63 RELIANCE INTEREST 64 RESTITUTION 65 LIMITATIONS 65 SATISFACTION CLAUSE 66 AGENCY RELATIONSHIP 66 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 68 THE AUCTION CONTRACTS 71 CONTRACT LAW POINTS TO NOTE 73 ADR 78 FRAUDS 80 MISREPRESENTATION 82 SOME IMPORTANT TERMS OF THE UCC 87 OVERVIEW 87 SOME IMPORTANT PROVISIONS OF ARTICLE 1 98 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 100 AUCTION SALE AND BULK TRANSFER 107 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 111 CLASSIFICATIONS OF REAL PROPERTY 111 CERTIFICATE OF OCCUPANCY 113 TYPES OF DEED 113 TYPICAL TERMS OF THE DEED 115 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 116 MORTGAGE AND LOANS AND THE DEED OF TRUST 119 EXECUTION, ACKNOWLEDGMENTS AND FILING 123 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 123 ZONING 125 EGRESS AND FIRE CODES 127 INVESTMENT PROPERTY AND PROPERTY CYCLE 127 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 128 PROPERTY TAXES 130