CAR SALES TEST COLORADO EXAM COMPLETE QUESTIONS AND ANSWERS VERIFIED ANSWERS CERTIFIED 100% GRADED A+ UPDATED 2024

CAR SALES TEST COLORADO EXAM COMPLETE QUESTIONS AND ANSWERS VERIFIED ANSWERS CERTIFIED 100% GRADED A+ UPDATED 2024 The License of a motor vehicle salesperson or a power sports salesperson may be denied revoked, or suspended on any of the following grounds except: correct answers Advertising a salvage vehicle while identifying the vehicle as a salvage vehicle The advertise price of a motor vehicle must include: correct answers Answer - Finance Charge Advertisement of rate of finance charge. If an advertisement states a rate of finance charge, it shall state the rate as an "annual percentage rate," using that term. If the annual percentage rate may be increased after consummation, the advertisement shall state that fact. If an advertisement is for credit not secured by a dwelling, the advertisement shall not state any other rate, except that a simple annual rate or periodic rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate. If an advertisement is for credit secured by a dwelling, the advertisement shall not state any other rate, except that a simple annual rate that is applied to an unpaid balance may be stated in conjunction with, but not more conspicuously than, the annual percentage rate. Advertisement of terms that require additio nal disclosures - Triggering terms. If any of the following terms is set forth in an advertisement, the advertisement shall meet the requirements of paragraph (d)(2) of this section: (i) The amount or percentage of any downpayment. (ii) The number of payme nts or period of repayment. (iii) The amount of any payment. (iv) The amount of any finance charge. Which of the following is a true statement regarding dealers and buyers correct answers a dealer shall clearly indicate on the customer contract when a vehicle is sold "as -is and without a garantee Which of the following is not proof of ownership of a mot or vehicle for a Colorado dealer correct answers Answer - A vehicle subject to lien on the title 2.0 Proof of Ownership Requirements a. A used vehicle with a Colorado title: 2.1 All Colorado dealers or wholesalers must maintain the following evidence of o wnership for each vehicle in their possession: 61 Auto Industry DivisionStudy Guide - Miscellaneous Statutes & Regulations 2. Odometer disclosure if required. A used vehicle with an out -of-state title: CAR SALES TEST COLORADO EXAM COMPLETE QUESTIONS AND ANSWERS VERIFIED ANSWERS CERTIFIED 100% GRADED A+ UPDATED 2024 Odometer disclosure if required; and, Colorado Dealer's Out-of-State Vehicle Information Disclosure; and, Colorado verification of Vehicle Identification Number. A new vehicle assigned by MCO to a dealer or wholesaler: MCO assigned or reassigned to a franchised dealer or wholesaler; and, Odometer disclosure if required. MCO reassigned to the franchised dealer or wholesaler; and, Odometer disclosure if required; and, Verification of vehicle identification number. 1. A Colorado title assigned to the dealer, wholesaler, or chain of ownership evidenced by the Color ado Dealer's Bill(s) of Sale for a Motor Vehicle; and, 1. The out -of-state title assigned to the dealer, wholesaler, or out -of-state title with proper chain of ownership; and, 3. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is franchised to sell that specific make of vehicle as indicated on the MCO. d. A new vehicle assigned or re -assigned with its MCO from an out -of-state franchised dealer or wholesaler to a franchised Colorado dealer or wholesaler: 4. No dealer or wholesaler shall hold a MCO unless that dealer or wholesaler is franchised to sell that specific make of vehicle as indicated on the MCO. e. If a title or an MCO has been surrendered by the dealer or wholesaler to a bank or financing organization or any other person as collateral under a Floor Plan agreement, the dealer or wholesaler must have in its possession evidence ac A buyers agent may: correct answers Right answer - retained or hired by a consumer for a fee or other thing of value to assist, represent, or act o n behalf of the consumer in connection with the purchase or lease of a motor vehicle / powersport vehicle. Wrong Answers ---------- -intentionally enter into a financial agreement with a motor vehicle salesperson for the buyer's agent benefit -be employed by a dealer or salesperson -coerce a motor vehicle dealer into providing installment financing with specified financial institution Found in ---------------------------------------- "Buyer agent" means any person required to be licensed pursuan t to this part 1 who is retained or hired by a consumer for a fee or other thing of value to assist, represent, or act on behalf of the consumer in connection with the purchase or lease of a motor vehicle. CAR SALES TEST COLORADO EXAM COMPLETE QUESTIONS AND ANSWERS VERIFIED ANSWERS CERTIFIED 100% GRADED A+ UPDATED 2024 Motor vehicle and power sports salesperson are re quired to have a surety bond in the amount of correct answers 15,000 Motor vehicle salesperson's bond (1) Before any motor vehicle salesperson's license is issued by the board through the executive director to any applicant therefor, the applicant shall procure and file with the board evidence of a savings account, deposit, or certificate of deposit meeting the requirements of section 11 - 35-101, C.R.S., or a good and sufficient bond in the amount of fifteen thousand dollar If there are no remaining reas signments on the back of the title the dealer can complete a Statement of Fact to reassign the title. correct answers Cannot find in study guides or online... educated guess. False? correct answers " used motor vehicle" is defined as any motor vehicle wh ich has been sold, bargained, exchanged, given away, or the title thereto transferred from the person who first took title thereto from the manufacturer or importer, dealer or agent of the manufacturer or importer, or so used as to have become what is comm only known as a "secondhand motor vehicle"." In the event of transfer on the certificate of origin, from the original franchised dealer to any other dealer or individual other than a franchised dealer of the same make of vehicle, the vehicle shall be consi dered a "used" motor vehicle, and must be titled in the new owner's name. Vehicles with more Than Fifteen Hundred (1500) miles of demonstration use shall be considered used' vehicles. Such "demonstrators" and other motor vehicles 3 Auto Industry DivisionSt udy Guide - Motor Vehicle Regulations REGULATION 12 -6-102(13) which have been used by a dealer prior to their sale shall be titled in the dealer's name and sold as "used" motor vehicles. an off premises permit: correct answers Right Answer - must be readily available for inspection at the sale motor vehicle dealer may sell motor vehicles at special sales events, shows, or other organized events, including, for example, at the National Western Stock Show, the Colorado State Fair, the Greeley Stampede, or the Denver Auto Show. In order to sell motor vehicles at a location away from the dealership, a motor vehicle dealer must apply for the appropriate off -premise permit.