# Auction buying foundations

Learn how an auction sale works, what the buyer's premium adds to the hammer price and how to bid and pay safely, so you can read an auction listing and ask the right questions.

- Level: Foundations
- Length: 40 minutes
- Exam questions: 10, pass mark 80%, up to 3 attempts
- Certificate: valid for 12 months

## What you will learn

- Name the four types of auction entity on this directory and the five bidding formats.
- Tell the hammer price from the total you pay.
- Add the buyer's premium, tax and shipping to a hammer price to find the real total.
- Name the common auction fraud patterns and the payment methods to avoid.

## Lessons

1. [How an auction sale works](https://auctionfinder.fyi/academy/auction-buying-foundations/how-an-auction-sale-works.md) (12 minutes)
2. [The buyer's premium and the real total](https://auctionfinder.fyi/academy/auction-buying-foundations/the-buyers-premium-and-the-real-total.md) (14 minutes)
3. [Bid and pay safely](https://auctionfinder.fyi/academy/auction-buying-foundations/bid-and-pay-safely.md) (14 minutes)

## Questions

### Do I need to have bid at an auction before I take this course?

No. The course starts at the beginning. It is for people who want to buy at auction and want to know what to check first.

### Does the course tell me which auction house to use?

No. It teaches you how to read and compare published terms. A listing on this site is not a recommendation, and the house's own conditions of sale are the contract.

### What does the certificate show?

It is a certificate of completion from this site. It records that you passed the exam. It is not a licence, an accreditation or a professional qualification.

Also on the [web page](https://auctionfinder.fyi/academy/auction-buying-foundations).

> Beware of auction fraud and shill bidding: never wire money or pay by gift card to a seller you cannot verify, and walk away when a price is run up by a bidder who never buys.