IN Auctioneer study plan

IN Auctioneer · Give each week a clear focus.

8 weeks · About 7 hours per week

Week 1

Indiana Auction Law and Administrative Rules

Map IC 25-6.1 into a one-page outline covering license classes, eligibility, application, and renewal.
Recite from memory the administrative-rule requirements for license display, record retention, and notification of changes.
Differentiate the roles of the licensing agency and the commission in investigations and disciplinary actions.
Complete 50 practice questions on licensing and discipline, and log every miss with the governing rule citation.

One-page statutory outline plus a 50-question Domain 1 quiz scored at 80% or higher, with a written error log.

Week 2

Build a penalty matrix that matches each violation type to its statutory consequence and hearing process.
Compute commission, buyer's premium, and net-to-seller for 20 lots using flat, percentage, and tiered fee structures.
Reconcile a sample trust ledger so beginning balance plus receipts minus disbursements equals the ending balance.
List the fields every sale record must contain and state how long each record must be retained.

Completed penalty matrix and 20 math problems reconciled to the answer key with zero unexplained variances.

Week 3

Prepare a full settlement statement for a 25-lot auction including premiums, sales tax, expenses, and seller net.
Calculate sales tax on taxable versus exempt lots and document the basis for each exemption claimed.
Audit a deliberately flawed settlement sheet and identify every arithmetic and sequencing error.
Build a closing checklist that ties bidder numbers to invoices, payments, and disbursements.

A 25-lot mock settlement packet that matches the answer key line by line, plus a corrected flawed settlement sheet.

Week 4

Draft a listing agreement checklist covering commission, reserve, withdrawal rights, and expense allocation.
Distinguish agency relationships and fiduciary duties, then apply them to six seller and buyer scenarios.
Explain how offer, acceptance, consideration, and statute-of-frauds issues arise in an auction contract.
Identify disclosure obligations when the auctioneer or a family member has an ownership interest in the goods.

Annotated listing agreement and a 25-question contracts and agency quiz scored at 80% or higher.

Week 5

Apply professional ethics standards to 12 written scenarios and justify each decision in two sentences.
List prohibited conduct and state the discipline each category of misconduct can trigger.
Outline procedures for handling buyer deposits and seller proceeds to avoid commingling and conversion.
Deliver a five-minute recorded script that discloses conflicts, reserves, and buyer's premium clearly.

Twelve scenario answers scored against a written rubric, with at least 10 fully correct.

Week 6

Draft a print and online advertisement for a simulated auction that includes every required disclosure.
Build a sale-day timeline from setup through settlement and assign responsibility for each step.
Compare absolute, reserve, and minimum-bid procedures, and select the right method for three seller scenarios.
Design a bidder registration and buyer's premium disclosure flow that prevents disputes at checkout.

Complete ad package and sale-day checklist scoring at least 18 of 20 on a compliance checklist.

Week 7

Re-drill every missed item from weeks 1 through 6 and cite the rule or formula that resolves it.
Complete two timed 20-minute math sets covering premiums, tax, commissions, and net proceeds.
Rewrite the statutory outline from memory and compare it against the week 1 version.
Take a full-length 100-question cumulative mock under exam timing conditions.

Full-length 100-question mock scored at 80% or higher, with a prioritized list of remaining weak areas.

Week 8

Run two timed 100-question mocks covering all five domains and review every error the same day.
Recite licensing, recordkeeping, and settlement formulas from a one-page sheet without notes.
Practice 30 rapid-fire calculation items to build speed on premium, tax, and net-to-seller math.
Finalize an exam-day plan covering timing per question, flag-and-return strategy, and calculator use.

Two timed mocks scored at 85% or higher plus a finalized one-page formula and rule sheet.

Week 2: Score 80% or higher on the Domain 1 quiz and submit a penalty matrix with every violation mapped to a consequence.

Week 4: Score 75% or higher on a 50-question cumulative mock covering Domains 1, 3, and 5.

Week 6: Score 78% or higher on a 60-question mixed mock across all domains, and pass the ad compliance checklist at 18 of 20.

Week 8: Score 85% or higher on two separate timed 100-question mocks taken at least 48 hours apart.