STATE OF COLORADO MOTOR VEHICLE
DEALER BOARD COMPREHENSIVE
PRACTICE SOLUTION 2026 TEST BANK
GRADED A+
⩥ Answer- Finance Charge
Advertisement of rate of finance charge. If an advertisement states a rate
of finance charge, it
shall state the rate as an "annual percentage rate," using that term. If the
annual percentage
rate may be increased after consummation, the advertisement shall state
that fact. If an
advertisement is for credit not secured by a dwelling, the advertisement
shall not state any
other rate, except that a simple annual rate or periodic rate that is applied
to an unpaid balance
may be stated in conjunction with, but not more conspicuously than, the
annual percentage
rate. If an advertisement is for credit secured by a dwelling, the
advertisement shall not
state any other rate, except that a simple annual rate that is applied to an
unpaid balance may
,be stated in conjunction with, but not more conspicuously than, the
annual percentage rate.
Advertisement of terms that require additional disclosures -
Tri. Answer: The advertise price of a motor vehicle must include:
⩥ a dealer shall clearly indicate on the customer contract when a vehicle
is sold "as-is and without a garantee. Answer: Which of the following is
a true statement regarding dealers and buyers
⩥ Answer- A vehicle subject to lien on the title
2.0 Proof of Ownership Requirements
a. A used vehicle with a Colorado title:
2.1 All Colorado dealers or wholesalers must maintain the following
evidence of ownership for each
vehicle in their possession:
61
Auto Industry DivisionStudy Guide- Miscellaneous Statutes &
Regulations
2. Odometer disclosure if required.
A used vehicle with an out-of-state title:
Odometer disclosure if required; and,
Colorado Dealer's Out-of-State Vehicle Information Disclosure; and,
,Colorado verification of Vehicle Identification Number.
A new vehicle assigned by MCO to a dealer or wholesaler:
MCO assigned or reassigned to a franchised dealer or wholesaler; and,
Odometer disclosure if required.
MCO reassigned to the franchised dealer or wholesaler; and,
Odometer disclosure if required; and,
Verification of vehicle identification number.
1. A Colorado title assigned to the dealer, wholesaler,. Answer: Which of
the following is not proof of ownership of a motor vehicle for a
Colorado dealer
⩥ Right answer- retained or hired by a consumer for a fee or other thing
of value to assist, represent, or
act on behalf of the consumer in connection with the purchase or lease of
a motor
vehicle / powersport vehicle.
Wrong Answers----------
-intentionally enter into a financial agreement with a motor vehicle
salesperson for the buyer's agent benefit
-be employed by a dealer or salesperson
, -coerce a motor vehicle dealer into providing installment financing with
specified financial institution
Found in----------------------------------------
"Buyer agent" means any person required to be licensed pursuant to this
part 1 who is
retained or hired by a consumer for a fee or other thing of value to assist,
represent, or
act on behalf of the consumer in connection with the purchase or lease of
a motor
vehicle.. Answer: A buyers agent may:
⩥ 15,000
Motor vehicle salesperson's bond
(1)
Before any motor vehicle salesperson's license is issued by the board
through the executive
director to any applicant therefor, the applicant shall procure and file
with the board evidence
of a savings account, deposit, or certificate of deposit meeting the
requirements of section 11-
DEALER BOARD COMPREHENSIVE
PRACTICE SOLUTION 2026 TEST BANK
GRADED A+
⩥ Answer- Finance Charge
Advertisement of rate of finance charge. If an advertisement states a rate
of finance charge, it
shall state the rate as an "annual percentage rate," using that term. If the
annual percentage
rate may be increased after consummation, the advertisement shall state
that fact. If an
advertisement is for credit not secured by a dwelling, the advertisement
shall not state any
other rate, except that a simple annual rate or periodic rate that is applied
to an unpaid balance
may be stated in conjunction with, but not more conspicuously than, the
annual percentage
rate. If an advertisement is for credit secured by a dwelling, the
advertisement shall not
state any other rate, except that a simple annual rate that is applied to an
unpaid balance may
,be stated in conjunction with, but not more conspicuously than, the
annual percentage rate.
Advertisement of terms that require additional disclosures -
Tri. Answer: The advertise price of a motor vehicle must include:
⩥ a dealer shall clearly indicate on the customer contract when a vehicle
is sold "as-is and without a garantee. Answer: Which of the following is
a true statement regarding dealers and buyers
⩥ Answer- A vehicle subject to lien on the title
2.0 Proof of Ownership Requirements
a. A used vehicle with a Colorado title:
2.1 All Colorado dealers or wholesalers must maintain the following
evidence of ownership for each
vehicle in their possession:
61
Auto Industry DivisionStudy Guide- Miscellaneous Statutes &
Regulations
2. Odometer disclosure if required.
A used vehicle with an out-of-state title:
Odometer disclosure if required; and,
Colorado Dealer's Out-of-State Vehicle Information Disclosure; and,
,Colorado verification of Vehicle Identification Number.
A new vehicle assigned by MCO to a dealer or wholesaler:
MCO assigned or reassigned to a franchised dealer or wholesaler; and,
Odometer disclosure if required.
MCO reassigned to the franchised dealer or wholesaler; and,
Odometer disclosure if required; and,
Verification of vehicle identification number.
1. A Colorado title assigned to the dealer, wholesaler,. Answer: Which of
the following is not proof of ownership of a motor vehicle for a
Colorado dealer
⩥ Right answer- retained or hired by a consumer for a fee or other thing
of value to assist, represent, or
act on behalf of the consumer in connection with the purchase or lease of
a motor
vehicle / powersport vehicle.
Wrong Answers----------
-intentionally enter into a financial agreement with a motor vehicle
salesperson for the buyer's agent benefit
-be employed by a dealer or salesperson
, -coerce a motor vehicle dealer into providing installment financing with
specified financial institution
Found in----------------------------------------
"Buyer agent" means any person required to be licensed pursuant to this
part 1 who is
retained or hired by a consumer for a fee or other thing of value to assist,
represent, or
act on behalf of the consumer in connection with the purchase or lease of
a motor
vehicle.. Answer: A buyers agent may:
⩥ 15,000
Motor vehicle salesperson's bond
(1)
Before any motor vehicle salesperson's license is issued by the board
through the executive
director to any applicant therefor, the applicant shall procure and file
with the board evidence
of a savings account, deposit, or certificate of deposit meeting the
requirements of section 11-
