State of Colorado Motor Vehicle Dealer Board Mastery Examination with Absolute Solution

State of Colorado Motor Vehicle Dealer Board Mastery Examination with Absolute Solution The Motor Vehicle Dealer Board has among its members - Board is comprised of three (3) motor vehicle dealers, three (3) used motor vehicle dealers, and three (3) public members The Motor Vehicle Dealer Board is authorized and empowered to a. issue or deny buyer agent licenses b. issue or deny manufacturer representative licenses c. issue or deny motor vehicle dealer and salesperson licenses d. all of the above - C. the administration, enforcement, issuance, and denial of licenses to motor vehicle dealers, motor vehicle salespersons, used motor vehicle dealers, wholesale motor vehicle auction dealers, and wholesalers The executive director is hereby charged with the administration, enforcement, and issuance or denial of the licensing of buyer agents, distributors, manufacturer representatives, and motor vehicle manufacturers. The Motor Vehicle Dealer Board is authorized and empowered to: a. investigate any suspected or alleged violation by any motor vehicle salesperson b. investigate any suspected or alleged violation by any motor vehicle dealer c. order an administrative hearing be held if it believes there is probable cause that a violation occurred d. all of the above - D. (f) (I) To investigate through the executive director, on its own motion or upon the written and signed complaint of any person, any suspected or alleged violation by any motor vehicle dealer, motor vehicle salesperson, used motor vehicle dealer, wholesale motor vehicle auction dealer, or wholesaler licensee of any of the terms and provisions of this part 1 or of any rule or regulation promulgated by the board under the authority conferred upon it in this section. The board shall order an investigation of all written and signed complaints, shall have the authority to issue subpoenas and to delegate the authority to issue subpoenas to the executive director, and the executive director shall make an investigation of all such complaints transmitted by the board pursuant to section 12-6-105. if the board determines that there is probable cause to believe a violation of this article has occurred, it may order that an administrative hearing be held pursuant to section 24-4-105, C.R.S. Dealers may be administratively fined by the Dealer Board up to what amount for each separate offense? - (m) (I) (A) If a hearing is held before an administrative law judge or a hearing officer designated by the board from within the board's membership, after due notice and a hearing by such judge or hearing officer pursuant to section 24-4-105, C.R.S., to review the findings of law and fact and the fairness of any fine imposed and to uphold such fine, to impose an administrative fine upon its own initiative, which shall not exceed ten thousand dollars for each separate offense New and used motor vehicle dealers, wholesalers and wholesale auction dealers are required to have a surety bond in the amount of $ - $50,000 for Dealer/Wholesaler Motor vehicle salespersons are required to have a surety bond in the amount of $ - Surety Bond with FULL LEGAL NAME in the amount of $15,000. A photocopy may be submitted. Selling ___ or more vehicles or offering for sale more than ___ vehicles at the same address or telephone number in any one calendar year, shall be prima facie evidence that a person is engaged in the business of selling motor vehicles. - The sale or lease of three or more new or new and used motor vehicles or the offering for sale or lease of more than three new or new and used motor vehicles at the same address or telephone number in any one calendar year shall be prima facie evidence that a person is engaged in the business of selling or leasing new or new and used motor vehicles. The definition of a used motor vehicle dealer includes which of the following? - (17) "Used motor vehicle dealer" means any person who, for commission or with intent to make a profit or gain of money or other thing of value, sells, exchanges, leases, or offers an interest in used motor vehicles, or attempts to negotiate a sale, exchange, or lease of used and new motor vehicles or who is engaged wholly or in part in the business of selling used motor vehicles, whether or not such motor vehicles are owned by such person. Wholesalers may: a. make a profit or gain selling to dealers and wholesalers b. employ a motor vehicle salesperson c. conduct business in their own personal name d. hold both a wholesale license and a motor vehicle salesperson license at the same time - A. Regulation 12-6-102 (18) No person may hold both a wholesaler license and a motor vehicle salesperson license at the same time. A wholesaler may not employ a motor vehicle salesperson. For discussion of profit or gain, see Regulation 12-6-102 (13). Wholesalers shall use a name other than their personal name on all business documents for the purchase and sale of motor vehicles to differentiate between a wholesaler and a Regulation 12-6-104 (3)(a) Which of the following is not a requirement for motor vehicle dealers, used motor vehicle dealers, or wholesalers? a. report to the Dealer Board any transfer of 10% or more of ownership to one individual b. submit to the Dealer Board a written notice when a licensee changes the trade name of the business c. report to the Dealer Board when a licensee changes the site or location of the principal place of business d. submit to the Dealer Board a copy of a valid Colorado ID - D? No licensee shall change the name or trade name of the business without submitting written notice to the Board, not less than ten days prior to the change. Any transfer of ten percent or more of the capital stock of any corporation holding a license under the provisions of this article shall be reported to the administrator not less than ten days prior to such transfer. Secure Verifiable Identification — A photocopy of an appropriate identification such as a Colorado Driver License for the applicant (unless the applicant is a corporation or LLC ) 44-20-119. Notice of change of address or status. (1) The board, through the executive director, shall not issue a motor vehicle dealer's license or used motor vehicle dealer's license to any applicant therefor who has no principal place of business as is defined in this part 1. Should the motor vehicle dealer or used motor vehicle dealer change the site or location of the dealer's principal place of business, the dealer shall immediately upon making the change so notify the board in writing, Three of the following are characteristics of an off-premise permit. Which one is not? a. the permit could be used for a permanent second location b. the permit cannot exceed six days except for the National Western Stock Show, the Colorado State Fair and the Denver Auto Show, which shall not exceed 20 days c. the permit shall be available for inspection at the sale d. consecutive permits for the same location are not allowed - A. Up to six calendar days from start to finish is allowed for an off-premise permit, except as provided below; Up to twenty calendar days from start to finish is allowed for an off-premise permit for the National Western Stock Show, the Colorado State Fair, the Greeley Stampede, or the Denver Auto Show. Once permit is approved, the approved permit must be posted for inspection at the sale location. Consecutive permits for the same location are not allowed. All motor vehicle dealers and used motor vehicle dealers must be open - a. a minimum of 12 hours per week