State of Colorado Sales License Test Exam Questions With Expert Verified Solutions

State of Colorado Sales License Test Exam Questions With Expert Verified Solutions Three of the following types of motor vehicles are exempt from the truth in mileage act. - ANSWER ~Vehicles 10 years old or older~Vehicles having a gross empty weight more than 10,000 lbs~Vehicles not self propelled (Trailers) The definition of a used motor vehicle dealer or used dealer includes which of the following? - ANSWER a person who attempts to negotiate a sale or lease of a used motor vehicle or powersports vehicle with the intent to make a profit or gain The Motor Vehicle Board is authorized and empowered to: - ANSWER All Of The Above ~Amend and repeal rules, regulations and previsions When advertising a specific number of motor vehicles, that same number of vehicles must be invoiced to the dealer - ANSWER TRUE bait and switch is - ANSWER ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product Selling, Leasing, Trade-In, with option to purchase, offering or negotiating and exchange of interest in 3+ vehicles in any 1 year is prima facie evidence that a person is engaged in the business of selling or leasing motor vehicles - ANSWER TRUE By obtaining an off-premise permit, dealers may sell motor vehicles at another location on Sunday - ANSWER FALSE - NO Sale of vehicle should be done on Sundays Which of the following statements is true regarding dealer demo plates? - ANSWER a demo drive cannot exceed 7 days Colorado Lemon Law includes: - ANSWER defects that substantially impair the market value of the vehicle Motor vehicle insurance is required: - ANSWER for all registered vehicles intended for use on colorado roads Which is true regarding in-transit plates? - ANSWER in-transit plates may be used to transport vehicles from point of purchase to point of storage or from point of storage to point of sale Licensed dealers may sell which of the following on Sundays? - ANSWER The selling of boat trailers and snowmobile are exempt Which of the following steps are required to properly and legally repossess a motor vehicle? - ANSWER effect a lien creating a security interest, Allow the required payment to default (become at least 10 days late), send or hand deliver a "right to cure" letter to the debtor and allow the debtor 20 days to cure An advertisement may include - ANSWER licensed name with the word DEALER which of the following is a used vehicle? - ANSWER any vehicle that has been previously bought a demo vehicle with 1500 miles Which of the following are deceptive trade practices? - ANSWER All of the above Bait and switch How many temp permits may a dealer issue for each roadworthy vehicle sold? - ANSWER 1 An extension can only be issued but the DMV Depot plates may be used during normal business hours to transport a motor vehicle - ANSWER all of the above All plates Three of the following are required when a dealer is advertising a lease of a motor vehicle with a payment amount - ANSWER ~Amount or percentage of the down payment ~terms of repayment (car payment date) ~Annual percentage rate (interest rate of the loan) which is NOT required when advertising a lease? - ANSWER disclosing the cost of lease vs purchasing Prominently and conspicuously display the ________? - ANSWER FTC Buyer's Guide A temp registration permit may be issued: - ANSWER -for 60 days in a B2C sale-for 7 days in a B2B sale Motor Vehicle salesmen are required to have a surety bond in the amount of $30k - ANSWER False, $15,000