Download or read book Indiana Auctioneer LICENSURE Examination ExamFOCUS Study Notes and Review Questions 2012 written by ExamREVIEW and published by . This book was released on 2012-08-28 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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