Georgia Auctioneer LICENSURE Examination ExamFOCUS Study Notes and Review Questions 2012
Author: ExamREVIEW
Publisher:
Published: 2012-08-30
Total Pages: 134
ISBN-13: 9781479179602
DOWNLOAD EBOOKIn GA, the Georgia Auctioneers Commission has the authority to regulate the issuance of licenses, to revoke or suspend licenses issued and to censure licenses for any violation of the law. Any person desiring to act as an auctioneer must first meet the requirements of the law and rules and be licensed with the Commission. Applicants for auctioneer license must be at least 18 years of age, must have a high school diploma from an accredited high school or GED certificate, and must have graduated from an approved auctioneer school. The GA Auctioneer Laws & Rules Exam is administered by PSI. The TOC of this book is as follow: CONTENTS UPDATE 2 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 16 INSURANCE 18 BASIC MATH AND ACCOUNTING 19 THE ACCRUAL PRINCIPLE 21 THE HISTORICAL COST PRINCIPLE 21 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 24 THE CONSERVATIVE PRINCIPLE 25 THE GOING CONCERN CONCEPT 25 THE ACCOUNTING EQUATION 25 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 37 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 85 OVERVIEW 85 SOME IMPORTANT PROVISIONS OF ARTICLE 1 96 SOME IMPORTANT PROVISIONS OF ARTICLE 2 AND 2A 98 AUCTION SALE AND BULK TRANSFER 105 BASIC KNOWLEDGE ON REAL ESTATE PROPERTY TRANSACTION 109 CLASSIFICATIONS OF REAL PROPERTY 109 CERTIFICATE OF OCCUPANCY 111 TYPES OF DEED 111 TYPICAL TERMS OF THE DEED 113 TYPICAL ELEMENTS OF A REAL ESTATE SALE AGREEMENT 114 MORTGAGE AND LOANS AND THE DEED OF TRUST 117 EXECUTION, ACKNOWLEDGMENTS AND FILING 121 QUIET TITLE ISSUES, LIENS, ADVERSE POSSESSION, EASEMENT AND ENCROACHMENT 121 ZONING 123 EGRESS AND FIRE CODES 125 INVESTMENT PROPERTY AND PROPERTY CYCLE 125 PROPERTY APPRAISAL, CMA AND OTHER APPROACHES 126 PROPERTY TAXES 128