Car Dealer License Test with correct Answers
The national Motor Vehicle Title information System requires which of the
following?
a. All warranty agreements be sent to DMV
b. All vehicles have a Car Fax
c. A red warning decal be placed on vehicles with branded titles
d. Both A & B - ANSWER �...
Car Dealer License Test with correct Answers The national Motor Vehicle Title information System requires which of the following? a. All warranty agreements be sent to DMV b. All vehicles have a Car Fax c. A red warning decal be placed on vehicles with branded titles d. Both A & B - ANSWER ✔️✔️c. A red warning decal be placed on vehicles with branded titles when a dealer sells a vehicle that was consigned to them to sell, they must a. Provide the seller an accounting and payment within 20 days of the sale b. Test drive it before agreeing to sell it c. Provide a warranty d. None of the above - ANSWER ✔️✔️a. provide the seller an accounting and payment within 20 days of the sale Which of he following are permitted methods for computing interest rates a. The pre -computed Basis method b. The simple Interest basis method c. The Friedman Method d. Both A & B - ANSWER ✔️✔️d. Both A & B The maximu m a dealer may charge a customer for a smog test is: a. $8 b. $12 c. $50 d. $45 - ANSWER ✔️✔️c. $50 The basic DMV transfer fee to transfer the title into the buyer's name is a. $15 b. $12 c. $80 d. $25 - ANSWER ✔️✔️a. $15 If the buyer defaults on a conditional sales contract, the dealer may, subject to proper notification to the buyer a. Accelerate amount due b. Repossess vehicle c. Sell vehicle d. All of the above - ANSWER ✔️✔️d. All of the above Which of the following are taxable in a vehicle sales transaction? a. document preparation fee b. $50 Smog fee paid to the seller/dealer c. Both A & B
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