6167701
Description
Flashcards by Pier Angeli Harris, updated more than 1 year ago
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Created by Pier Angeli Harris
over 7 years ago
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| Question | Answer |
| When the odometer past 99,999 miles on a 5 digit odometer, a dealer must | Advise the buyer and mark the 262 form as "exceeds the mechanical limits" |
| A dealer may not advertise for sale or sell a used vehicle as "Certified" if | No Inspection Report, Odometer discrepancies, Lemon, Branded title, Frame Damage, As-Is |
| All dealer's must obtain a history report for vehicles for sale except: | Off-Road Vehicles, Recreational Vehicles, motorcycles |
| What is NMVTIS? | the National Motor Vehicle Title Information System |
| When does a 2-day cooling off period begin? | Signature and Delivery |
| Which would a dealer not be required to offer a contract cancellation option agreement? | When used vehicles purchase price of $40,000 or more |
| Which of the following is a correct statement of the law with regard to smog checks: | A dealer must have a smog check for every vehicle offered for sale to the public |
| Your occupational license will be automatically canceled without a hearing if: | Your sellers permit is revoked You have a bond reduction You take your make sign down and relinquish your office |
| When is a Federal Buyers Guide Required to be display? | Whenever the vehicle is being displayed for sale in the dealers display area |
| How much is the vehicle transfer fee, on a California registered vehicle | $15 dollars |
| When is a retail dealer required to maintain a vehicle display area? | At all times while licensed |
| How many hours does a dealer have to notify the advertiser, in writing that a vehicle has been sold or withdrawn? | 48 hours |
| When is it proper to reset an odometer? | Never |
| If you are an auto-broker, then you must also be licensed as a? | Dealer |
| When you are a dealer selling a car to a retail customer, when is it proper for the dealer to allow the customers to obtain a smog certificate of their own? | Never |
| If a dealer is suspected of violating the laws that regulate dealers, which of the following actions may be taken against the dealer? | Administrative hearing Possible prosecution by the District Attorney Civil Action for money damages |
| How many days after a vehicle is sold does a dealer have to pay the consignor (person you sold the car for) | 20 Days |
| What would be an exception to the no cooling off period? | In the event of fraud or where the seller agrees to cancel the sale |
| What is a conditional sales contract? | A contract where the sale is conditioned upon the buyer obtaining financing and where a lien is created |
| Which document is used to account for the total cost and terms of payments? | The coditional sales contract |
| When is it proper for a dealer to give a report of sale to another? | Never |
| What is the minimum size for a main sign for a retail dealer? | 2 square feet |
| Which of the following things must a dealer have? | Sign with the dealership name and address An office for the use of the dealer Display area for the display of cars |
| If a dealer plans on changing the location of his established place of business, when is it required to notify the DMV? | immediately |
| When is a dealer, who sells a vehicle that has a title branded SALVAGE, required to disclose the status of the title to the retail customer? | Before the sale of the vehicle |
| Which is the main body of law used to regulate dealers? | The vehicle code |
| What will happen if a dealer unknowingly buys a stolen car? | The dealer will have to return the car to the rightful owner |
| How much is the most that can be charged for a document preparation fee? | $65 or $80 depending on the process used to file paperwork |
| Before you can apply for your dealer license, you need to get a resale permit (sellers permit) from where? | The state board of equalization |
| What is required in an auto dealers advertisement for a vehicle for sale? | Make and model VIN Dealership name |
| When is it acceptable to keep excess registration fees paid by the customer? | Never |
| Which of the following persons must have a salespersons license at an auto delareship? | Salesperson Sales Manager Finance Manager |
| As of january 1, 2003 a Retail Dealer must maintain a bond in the amount of? | $50,000 dollars |
| What is the purpose of Division 12 of the vehicle code? | Regulates the manner in which vehicles are equipped for safe operation |
| How many cars can a private individual legally sell per year with an intent to profit? | None |
| Division 12 safety requirement may be waived: | Never |
| After selling a vehicle in California, How many days does a dealer have to mail the USED VEHICLE DEALER NOTICE to the DMV? | 5 Days |
| After selling a vehicle in California, how many days does a dealer have to submit the report of sale application copy, supporting documents and fees to the DMV? | 30 Days |
| What are examples of when a dealer MUST disclose vehicle history in writing? | Frame damage, Salvage title, Lemon Law buyback title, fire, flood, or odometer discrepancies. |
| Which is a DMV policy, but not an actual law? | Dealers may not use highlighter pens. |
| If you run out of report of sales where can an emergency supply be ob obtained? | Call your DMV Inspector for an emergency supply. |
| How much is the Administrative Service Fee (ASF) If a dealer fails to mail the dealer notice portion of the report of sale within 5 days OR fail to submit the title, application copy of the report of sale and supporting documents within 30 days? | $5 dollars penalty fee |
| What will happen if you fail to renew your dealer license on time and enter the 30 day grace? | You will keep the dealer license as long as you pay the renewal fee PLUS a $150 penalty (100% of initial application) plus a prorated fine for each dealer plate. |
| If you fail to submit the title, report of sale application copy and supporting documents to the DMV within 50 days after you sell a car, how much of an administrative service fee will you be charged? | $25 dollars |
| How often will you be required to take continuing dealer education? | every 2 years |
| How many questions are in the dealers test multiple choice? | 40 |
| What is a passing score? | 70% or 28 right questions |
| How much time is the test for? | :50 minutes |
| How do you make an appointment to take the test? | Contact the nearest DMV inspector |
| Get a business license from: | THE CITY |
| Get your sellers permit from: | STATE BOARD OF EQUALIZATION |
| Get a fictitious name statement from: | COUNTY RECORDER |
| For $100 dollars more you can get a brokers | ENDORSEMENT |
| Get your property use verification form signed by the | CITY PLANNING DEPARTMENT |
| Wholesale dealers need a bond in the amount of: | $10,000 dollars if they sell less than 25 cars per year. |
| The dealer license application fee is? | $175 dollars plus $1 Family support |
| Each dealer plate cost | $41 dollars plus county fees |
| Your dealer license is renew: | every year Renewal fee: $125 dollars |
| The fingerprinting is called: | LIVE SCAN fingerprinting |
| What causes an automatic cancellation of your dealers license? | Bond reductions and Bond lapses |
| The Conditional Sales Contract must include all: | Cost and Terms of payments |
| Conditional sales contract must be used when: | Sale involves FINANCING |
| Conditional sales contract COPY must be furnished to: | Buyer |
| Conditional Sales Contract must be in: | Writing |
| And include signatures of: | BUYER AND SELLER |
| Types of Conditional Sales Contract: | PRECOMPUTED SIMPLE INTEREST |
| Maximum Motor vehicle financing allowable interest rate? | 29.9% APR |
| Early payoff of loan under PRECOMPUTED interest | BAD deal for the consumer |
| An Upside down trade in means: | BUYER OWES MORE THAN CAR IS WORTH |
| Financing falls through the dealer has | 10 day recission right to cancel the contract |
| TRUTH IN LENDING | Contract not executed means the customer can not take delivery unless the contract is signed |
| TRUTH IN LENDING | You must resell a repo vehicle in a commercially reasonable manner |
| TRUTH IN LENDING max documentation prep fee: | 45 dollars |
| A break in the contract is also known as a: | BREACH |
| After the REPO, mail the customer a notice of intent to: | DISPOSE |
| REDEMPTION means: | The customer must pay balance in full |
| The customer has: | 15 days to reinstate or redeem |
| If you resell the car and make less than the customer owe you, you can sue the customer for a: | DEFICIENCY |
| The Gramm-Leach-Bliley Act is a law that protects the customers | PRIVACY |
| SALES AND USE TAX The use tax rate is the same rate as | SALES TAX |
| BOE stands for: | BOARD OF EQUALIZATION |
| What is taxable? | Price of VEHICLE + accesories/Document PREPARATION FEE |
| smog FEE paid to: | SELLER |
| You charge the tax rate of the county where the customer: | LIVES |
| The BOE: | Can audit your records at anytime |
| BOE website | www.boe.ca.gov |
| The general rule is to collect tax from: | RETAIL PUBLIC |
| You report (pay) the tax to: | BOE |
| OUT of state sales require either a bill of | LANDING or form number BT448 |
| What sign must a dealer post at his place of business? | Buyer's Right to Inspect Sign |
| How much is the current smog fee? | $50+state certificate fee |
| How much is the Administrative Service Fee (ASF) if the dealer fails to mail the dealer portion of report of sale within 5 days? | $5 dollars |
| If you hire or fire a salesperson, you must notify the DMV within: | 10 days |
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