DEALER LICENSE EXAM SCRIPT UPDATED
COMPLETE QUESTIONS AND ANSWERS
EXPERT REVIEWED
●● A contract cancellation display at each sales office and cubicle must
have minimum dimensions of ________?
Answer: 8"x10"
●● If a costumer purchases a vehicle for $5,000 and decides to purchase
a contract cancellation option, the dealer may charge the customer up to
_________?
Answer: $75
●● If a costumer purchases a vehicle for $10,000 and decides to
purchase a contract cancellation option, the dealer may charge the
customer up to _________?
Answer: $150
●● If a costumer purchases a vehicle for $30,000 and decides to
purchase a contract cancellation option, the dealer may charge the
customer up to _________?
Answer: $250
, ●● If a costumer purchases a vehicle for $30,000-39,000 and decides to
purchase a contract cancellation option, the dealer may charge the
customer up to _________?
Answer: !% of the selling price
●● If a costumer purchases a vehicle for $40,001 how much can the
dealer charge the customer to purchase a contract cancellation option
_________?
Answer: $0
●● What is Reg Z ______?
Answer: Law that states all terms and costs of financing must be
disclosed to the buyer(s)
●● What must be furnished to the buyer after a sale?
Answer: Conditional Sales Contract
●● What is the maximum deposit an auto broker may accept from a
customer _______?
Answer: 2.5% of the selling price
●● What is consignment _______?
COMPLETE QUESTIONS AND ANSWERS
EXPERT REVIEWED
●● A contract cancellation display at each sales office and cubicle must
have minimum dimensions of ________?
Answer: 8"x10"
●● If a costumer purchases a vehicle for $5,000 and decides to purchase
a contract cancellation option, the dealer may charge the customer up to
_________?
Answer: $75
●● If a costumer purchases a vehicle for $10,000 and decides to
purchase a contract cancellation option, the dealer may charge the
customer up to _________?
Answer: $150
●● If a costumer purchases a vehicle for $30,000 and decides to
purchase a contract cancellation option, the dealer may charge the
customer up to _________?
Answer: $250
, ●● If a costumer purchases a vehicle for $30,000-39,000 and decides to
purchase a contract cancellation option, the dealer may charge the
customer up to _________?
Answer: !% of the selling price
●● If a costumer purchases a vehicle for $40,001 how much can the
dealer charge the customer to purchase a contract cancellation option
_________?
Answer: $0
●● What is Reg Z ______?
Answer: Law that states all terms and costs of financing must be
disclosed to the buyer(s)
●● What must be furnished to the buyer after a sale?
Answer: Conditional Sales Contract
●● What is the maximum deposit an auto broker may accept from a
customer _______?
Answer: 2.5% of the selling price
●● What is consignment _______?
