Download or read book Kentucky Auctioneer LICENSURE Examination ExamFOCUS Study Notes and Review Questions 2012 written by ExamREVIEW and published by . This book was released on 2012-08-31 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Kentucky Board of Auctioneers was created in 1962 for protecting the public through licensing and regulating auctioneers, apprentice auctioneers, auction house operators and limited livestock auctioneers. The auctioneers examinations are designed to ensure a minimum level of competence for licensees. topics are included which cover auction law, general auction practice, professional ethics, terminology, mathematics, sales tax, plus common areas and auction types that are most common today. The book TOC is as follow: CONTENTS UPDATE 3 PREFACE FOR CANDIDATES 3 ACTS AND REGULATIONS 4 AT THE STATE LEVEL 4 AT THE NATIONAL LEVEL 6 THE AUCTION BUSINESS 18 BASIC DEFINITIONS 18 THE OVERALL BUSINESS ENTITY REQUIREMENTS 20 INSURANCE AND BOND 22 BASIC MATH AND ACCOUNTING 23 THE ACCRUAL PRINCIPLE 25 THE HISTORICAL COST PRINCIPLE 26 THE CONSISTENCY PRINCIPLE 26 THE PRUDENCE PRINCIPLE 26 THE MATERIALITY PRINCIPLE 27 THE MATCHING PRINCIPLE, THE TRIAL BALANCE AND THE RELATED ADJUSTMENTS 27 THE SEPARATE LEGAL ENTITY CONCEPT 29 THE CONSERVATIVE PRINCIPLE 29 THE GOING CONCERN CONCEPT 30 THE ACCOUNTING EQUATION 30 BOOKKEEPING METHODS 31 THE BOOKKEEPING CYCLE 31 DEBITS AND CREDITS 32 RECORDING AND POSTING TRANSACTIONS 34 GENERAL LEDGER VS GENERAL JOURNAL 36 TRIAL BALANCE AND THE NEEDS/PATTERNS OF ADJUSTMENT 37 TRIAL BALANCE AND THE CORRECTION OF ERRORS 38 BANK RECONCILIATION 39 CLOSING JOURNAL ENTRIES 42 SOURCE DOCUMENTS 43 THE TRUST/ESCROW ACCOUNT 43 RECORD KEEPING 45 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 60 BREACH OF CONTRACT 63 POSSIBLE DEFENSES 65 DAMAGE RECOVERY 66 MEASURING DAMAGES 67 THE EXPECTATION MEASURE 67 RELIANCE INTEREST 68 RESTITUTION 69 LIMITATIONS 69 SATISFACTION CLAUSE 70 AGENCY RELATIONSHIP 70 AGENCY RELATIONSHIP AND ETHICS IN THE AUCTION BUSINESS 72 THE AUCTION CONTRACTS 75 CONTRACT LAW POINTS TO NOTE 77 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