1. The definition an auction sale is A) Sale by public outcry to the highest bidder B) Buyers write down bids C) Sellers advertise a price and buyers make offers 2. True or false An auction marketing plan needs to be confirmed with the seller prior to any marketing 3. The main types of marketing plans include A) Open House inspections B) Internet marketing C) Signboard D) Local newspaper advertising E) All of the above 4. Marketing is successfully monitored by A) Having written set procedures and systems that everyone works with B) Chatting with buyers to see how they heard about the propertyC) Responding to emails 5. True or False Offers received prior to an auction are not required to be presented to the vendor. Only bids made on the day need be presented. 6. The following must occur prior to the day of the auction. A) Confirming of venue B) Inspection of property by the auctioneerC) Reserve price is confirmed D) Contract is available E) All of the above 7. On the auction day, the agency should ensure A) That the vendor leaves for the day B) There are refreshments available for the bidders C) That the terms and conditions of the sale are displayed 8. The reserve price is the price that A) Below which the vendor will not sell B) A guide for the auctioneer as to where he can start the bidding C) The buyers have been told is the maximum needed to pay for the property 9. The property is passed in if A) No bids are received B) The reserve price is not reached9. The property is passed in if A) No bids are received B) The reserve price is not reached C) Both A and B 10. If the reserve price is reached during bidding, the property is sold. What happens then? A) The auctioneer announces the property is sold to the highest bidder B) The purchaser executes the contract for sale and pays the required deposit C) Both A and B You have been approached by the owner of a property that is on a large parcel of land suitable for development into medium density housing. An auction is the ideal method of sale and the vendor agrees. You are required to prepare a detailed auction marketing plan. The marketing plan should include: a) Advertising and promotional strategies b) Auction day procedures c) How you plan to contact buyers and d) Communication with the seller Part a) can include brochures, displays, media etc. Samples should be included Your manager is very happy that you have managed to obtain such a desirable property but is concerned that you have followed the necessary state or territory legislation. Outline fully your stateʼs legislation as it relates to: a) Auction documentation i) authority ii) contracts iii) terms of the auction sale b) consumer protection c) occupational health and safety d) privacy