Car Sales Test Colorado (with complete solutions)

The License of a motor vehicle salesperson or a power sports salesperson may be denied revoked, or suspended on any of the following grounds except: correct answers Advertising a salvage vehicle while identifying the vehicle as a salvage vehicle The advertise price of a motor vehicle must include: correct answers 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 - Triggering terms. If any of the following terms is set forth in an advertisement, the advertisement shall meet the requirements of paragraph (d)(2) of this section: (i) The amount or percentage of any downpayment. (ii) The number of payments or period of repayment. (iii) The amount of any payment. (iv) The amount of any finance charge. Which of the following is a true statement regarding dealers and buyers correct answers a dealer shall clearly indicate on the customer contract when a vehicle is sold "as-is and without a garantee Which of the following is not proof of ownership of a motor vehicle for a Colorado dealer correct answers 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,