Motor Vehicle Sales License Correct Questions & Answers(GRADED 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
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