State of Colorado Sales License Test Exam Questions And Answers Verified 100% Correct

State of Colorado Sales License Test Exam Questions And Answers Verified 100% Correct 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 If a salesperson leaves a dealership during the licensing year and becomes employed at another dealership they must acquire a new license for the unexpired portion of their returned license from the board - ANSWER -TRUE A Motor Vehicle salesperson may work for more than 1 dealership during one year - ANSWER -TRUE All Motor Vehicle dealers and dealers must post a clear legible sign on their place of business if: - ANSWER -they will be open less than 40 hours per week A Motor vehicle salesman can be personally liable for any proven claim or judgement in excess of their surety bond - ANSWER -TRUE Licensed Motor vehicle dealers - ANSWER -must be open for business at least three (3)days per week for a continuous period of time not less than four (4) hours per day between the hours of8 a.m. and 9 p.m. The license of a new or used dealer/wholesale/auctioneer/ may be denied/suspended/revoked/fined for all the following except: - ANSWER attempting to negotiate the sale or lease of a Motor vehicle with intent to make profit or gain Federal odometer law declares it unlawful to do the following: - ANSWER operate Motor vehicle on any street with intent to defraud knowing the odometer is disconnected A dealer has how many days to facilitate delivery from the date of sale? - ANSWER -30 Days Which of the following is NOT proof of ownership for a Motor Vehicle for a CO dealer? - ANSWER -a vehicle subject to a lien on the title a dealers ad must contain the dealers licensed name and the words - ANSWER Dealer federal cash reporting requires dealers to file form 8300 with IRS within how many days of receiving $10,000 cash? - ANSWER -15 days Wholesalers may? - ANSWER -Sell to dealers and other wholesalers or Make a profit or gain selling to dealers and wholesalers The license of a Motor vehicle salesman may be revoked/suspended on the following grounds: - ANSWER -Violating any of the terms and provisions The license of a Motor vehicle salesman may be revoked/suspended on all grounds EXCEPT: - ANSWER -advertising a salvaged vehicle while identifying that vehicle as salvaged The advertised price of a Motor vehicle must include: - ANSWER -dealer handling and preparation charges Which must remain in the window of a new motor vehicle until its sold to the ultimate purchaser? - ANSWER -Moroney label A Motor vehicle dealer, wholesaler, or salesperson must give Dealer Board written notice of - ANSWER -If hours of business are going to change Motor vehicles with demo plates may be loaned to charity organizations and celebrities - ANSWER -False Which is a false statement regarding dealers and buyers - ANSWER -A dealer must offer a warranty on all motor vehicles sold in addition to possible dealer bond sanctions, if a dealer/salesperson uses bait & switch it is a class 2 misdemeanor with 12 months maximum jailtime and $1,000 fine or both - ANSWER -TRUE What is the highest fine per offense the dealer board may impose on dealers who sell vehicles less than 1500 lbs? - ANSWER -$500 The license of a Motor vehicle salesperson or PWSPT may be denied/revoked/suspended on any of the following grounds except - ANSWER improperly withholding/misappropriating/converting to ones own use any money belonging to customers or any persons received in employment as a salesperson according to Colorado law which does NOT need to be licensed as a motor vehicle dealer? - ANSWER -All of the above The Motor Vehicle Dealer Board does NOT have among its members: - ANSWER -Three employees from the dept. of revenue A buyer agent - ANSWER -is retained or hired by a consumer to assist/represent/act on behalf of such consumer in connection with the purchase of lease of a Motor vehicle Local law enforcement agencies must be notified within 4 hours after the repossession of a Motor Vehicle - ANSWER -False 1 hour The license of a new or used dealer/Wholesaler may be denied/suspended /revoked /fined for the following - ANSWER -Making a material misstatement in an application of license A customer's trade-in vehicle on a financed deal may be sold - ANSWER -Only when the financing has been approved and the contract binding has been signed Which is NOT required when advertising a closed end credit sale? - ANSWER Tax Rate Which is not a deceptive trade practice? - ANSWER -Disclosing to the purchaser in writing prior to the sale that a vehicle is a salvage