Dealers License Exam Questions and Answers 100% Pass

Dealers License Exam Questions and
Answers 100% Pass


To obtain a dealer license, you must obtain a surety bond for what

amount? -

Answer: $50,000 & $10,000




Question: Which type of dealer is permitted to have a $10,000.00 bond?

-

Answer: Wholesale dealer selling less than 25 vehicles per year




Question: An occupational license is valid for how long? -

Answer: 2 years

,Question: A dealer's office must have/fulfill all of the following except:

-

Answer: It must be located in the county where the buyer lives




Question: Which of the following are required for dealership signs -

Answer: Each retail dealership must have a sign not less than 2 feet

square that can be read from 50 feet away




Question: All dealers must have a display area except: -

Answer: wholesale dealers




Question: The dealership display area must: -

Answer: Be for the exclusive use of the dealer for display purposes only




Question: When is a branch license required? -

, Answer: When vehicles are displayed and sold more than 1000 feet

from the main dealership office




Question: Auto Brokers must also do which of the following: -

Answer: Limit deposits to 2.5% of the purchase price, and put all

deposits in a separate trust account




Question: Auto Brokers must do which of the following: -

Answer: Write all brokered sales into the dealer's auto broker log




Question: If a dealer sells a vehicle on consignment, the dealer must do

which of the following: -

Answer: Provide the consignor (the selling owner) a written accounting

within 20 days of the sale date showing where the money went




Question: Which of the following are permitted methods for computing

interest rates? -