Motor Vehicle Sales License Correct Questions & Answers(rated A+)

motor vehicle dealer board - ANSWER Regulated in 1945, 9 board members who are residents of state for at least 5 years 3 new car 3 used car 3 members of the public Serve three year terms. Appointed by governor The board is empowered to - ANSWER Promulgate amend and repeal rules regulations and provisions for the industry. TRUE OR FALSE: the board can issue or deny license for any motor vehicle dealer. - ANSWER True When can the board order an administrative hearing? - ANSWER When they believe there is probable cause that a violation occurred The board may impose a fine up to - ANSWER 10,000$ for each offense The auto industry division - ANSWER Acts as enforcement to the board Different types of license - ANSWER New and used, wholesaler, wholesale auction dealer, buyer agent and salesperson True or false: it is not a violation for any salesperson to sell without the proper license - ANSWER False it is a violation Surety bonds - ANSWER Protect citizens against illegal acts by licensees for example: not honoring a written agreement When should surety bonds remain in force? - ANSWER During the licensing period It is required to have bonds in the amount of - ANSWER $50,000 or 15,000 for wholesaler True or false: the dealer or salesperson can be personally liable for any proven claim or judgement in excess of the bond - ANSWER True New motor vehicle dealer - ANSWER Is a person who makes commissions to make a profit selling new or used vehicles Which is not included with a new motor vehicle dealer A.Receivers, trustees, admins B. Public officers performing duties C.employees of dealers D.wholesalers E.Persons engaged in the selling of a new fire truck F.motor vehicle auction dealers G. All of the above - ANSWER G. All of the above Used motor vehicle dealer - ANSWER Someone who sells used vehicles for profit wholesaler - ANSWER A person who sells or trades with dealers, auctions and other whole salers True or false a wholesaler can hold both a wholesale license and a motor vehicle sales license - ANSWER False