AFIP Test Questions With Correct
Answers
Payment Packing - CORRECT ANSWER✔✔-1.Can't give leg
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2. UDAP claim
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3. Against the law in CA
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4. Against AFIP code of ethics
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PowerBooking - CORRECT ANSWER✔✔-1. violation of the dealer
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agreement
2. have to buy back the deal
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3. problem if the car is repossessed
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4. UDAP claim
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5. Funding sources have software to identify equipment
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6. Lose AFIP certification
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3 Elements of a Contract - CORRECT ANSWER✔✔-1. Offer
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2. Acceptance
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3. Consideration
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,Spanish Language Transactions (Buyers Guide) - CORRECT ANSWER✔✔-
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1. In the English version of the BG there is a setence in Spanish that tells
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a customer he can get a Spanish BG if he wants one.
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2. if the transaction is in the Spanish, the BG has to be in Spanish.
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3. if your pursuing the Spanish market, you should have both English
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and Spanish buyers guides on the cars.
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Buyers Guide - CORRECT ANSWER✔✔-The BG cannot be the sole source
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of warranty information
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Implied Warranty State - CORRECT ANSWER✔✔-*In an implied
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warranty state, state law will override the provisions of a service
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contract
2 Provisions on the BG - CORRECT ANSWER✔✔-1. a website to get the
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history on the vehicle | | |
2. a website about safety recalls
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Car is on the lot marked AS-IS, but the sales person throws in a 3/3
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warranty - CORRECT ANSWER✔✔-You have to redo the BG
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Complaints after the Sale on BG - CORRECT ANSWER✔✔-1. Name of
| | | | | | | | | | |
individual
2. Phone number of that individual
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, 3. Title of individual
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3rd Party Warranty Co. - CORRECT ANSWER✔✔-1. Dealer would record,
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"no dealer warranty."
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2. Check the box for "other used vehicle warranty."
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The max penalty for violating the Used Car Rule - CORRECT
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ANSWER✔✔-$43972
What is considered cash? - CORRECT ANSWER✔✔-1. cashier's check
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2. Bank draft
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3. Travelers check
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4. money order
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5. with a fact amount of less than $10k paid on a car costing more than
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$10k
6. Anything that represents cleared funds is not considered cash.
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Buy Here Pay Here Dealer - CORRECT ANSWER✔✔-total amount
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received in a 12 month period that exceeds $10k cash
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Standard for related purchase - CORRECT ANSWER✔✔-total amt
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received in a 24 hour period| | | | |
Answers
Payment Packing - CORRECT ANSWER✔✔-1.Can't give leg
| | | | | |
2. UDAP claim
| |
3. Against the law in CA
| | | | |
4. Against AFIP code of ethics
| | | | |
PowerBooking - CORRECT ANSWER✔✔-1. violation of the dealer
| | | | | | | |
agreement
2. have to buy back the deal
| | | | | |
3. problem if the car is repossessed
| | | | | |
4. UDAP claim
| |
5. Funding sources have software to identify equipment
| | | | | | |
6. Lose AFIP certification
| | |
3 Elements of a Contract - CORRECT ANSWER✔✔-1. Offer
| | | | | | | |
2. Acceptance
|
3. Consideration
|
,Spanish Language Transactions (Buyers Guide) - CORRECT ANSWER✔✔-
| | | | | | |
1. In the English version of the BG there is a setence in Spanish that tells
| | | | | | | | | | | | | | | |
a customer he can get a Spanish BG if he wants one.
| | | | | | | | | | |
2. if the transaction is in the Spanish, the BG has to be in Spanish.
| | | | | | | | | | | | | |
3. if your pursuing the Spanish market, you should have both English
| | | | | | | | | | | |
and Spanish buyers guides on the cars.
| | | | | |
Buyers Guide - CORRECT ANSWER✔✔-The BG cannot be the sole source
| | | | | | | | | |
of warranty information
| | |
Implied Warranty State - CORRECT ANSWER✔✔-*In an implied
| | | | | | | |
warranty state, state law will override the provisions of a service
| | | | | | | | | | |
contract
2 Provisions on the BG - CORRECT ANSWER✔✔-1. a website to get the
| | | | | | | | | | | | |
history on the vehicle | | |
2. a website about safety recalls
| | | | |
Car is on the lot marked AS-IS, but the sales person throws in a 3/3
| | | | | | | | | | | | | | |
warranty - CORRECT ANSWER✔✔-You have to redo the BG
| | | | | | | |
Complaints after the Sale on BG - CORRECT ANSWER✔✔-1. Name of
| | | | | | | | | | |
individual
2. Phone number of that individual
| | | | |
, 3. Title of individual
| | |
3rd Party Warranty Co. - CORRECT ANSWER✔✔-1. Dealer would record,
| | | | | | | | |
"no dealer warranty."
| | |
2. Check the box for "other used vehicle warranty."
| | | | | | | |
The max penalty for violating the Used Car Rule - CORRECT
| | | | | | | | | | |
ANSWER✔✔-$43972
What is considered cash? - CORRECT ANSWER✔✔-1. cashier's check
| | | | | | | |
2. Bank draft
| |
3. Travelers check
| |
4. money order
| |
5. with a fact amount of less than $10k paid on a car costing more than
| | | | | | | | | | | | | | | |
$10k
6. Anything that represents cleared funds is not considered cash.
| | | | | | | | |
Buy Here Pay Here Dealer - CORRECT ANSWER✔✔-total amount
| | | | | | | | |
received in a 12 month period that exceeds $10k cash
| | | | | | | | |
Standard for related purchase - CORRECT ANSWER✔✔-total amt
| | | | | | | |
received in a 24 hour period| | | | |
