VA MOTOR VEHICLE DEALER SALESPERSON STUDY GUIDE

Virginia law allows dealers to sell vehicles "As Is" if the following 3 items are in place: - (A) A Buyers Guide is completely filled out, signed, and dated by the buyer. (B) The dealer provides the buyer, prior to the sale, a separate written disclosure as to the effect of an "As Is" sale. (C) A disclosure is printed on the front of the buyers order. Under the Truth In Lending Act, what 3 things must be disclosed to the customer? - (A) Total number of payments. (B) Late payment penalty. (C) Annual percentage rate. In general, a completed buyers order is legally binding when: - Both parties agree on a price and sign the buyers order. Name 3 key facts about a salesperson's license. - (A) No salesperson shall be employed by more than one dealer, unless the dealerships are owned by the same person, partnership or corporation. (B) Each dealership must post a list of the salespersons who work there. (C) Salespersons must carry their license at all times and show it when asked. Temporary transport plates may be issued for how many days? - 5 days