DMV DEALER LICENSE TEST CONTROL LATEST

DMV DEALER LICENSE TEST CONTROL LATEST

UPDATE COMPLETE STUDY GUIDE QUESTIONS

AND ANSWERS

DMV Dealer License Test The National Motor Vehicle Title Information System requires which of the following?

• All warranty agreements be sent to DMV
• All vehicles have a Car Fax
• A red warning decal be placed on vehicles with branded titles
• Both A and B - ANSWER-c. A red warning decal be placed on vehicles with branded titles

QUESTION: When a dealer sells a vehicle that was consigned to them to sell, they must:

• Provide the seller an accounting and payment within 20 days of the sale
• Test drive it before agreeing to sell it
• Provide a warranty
• None of the above - ANSWER-a. Provide the seller an accounting and payment within 29 days

of the sale.

QUESTION: Which of the following are permitted methods for computing interest rate?

• The Pre-Computed Basis Method
• The Simple Interest Basis Method
• The Friedman Method
• Both A and B - ANSWER-d. Both A and B
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QUESTION: What is the maximum a dealer may charge a customer for a smog test? - ANSWER-

$50.00

QUESTION: What is the basic DMV transfer fee to transfer the title into the buyer's name? -

ANSWER-$15.00

QUESTION: If the buyer defaults on a Conditional Sales Contract, the dealer may, subject to

proper notification to the buyer:

• Accelerate the amount do
• Repossess vehicle
• Sell the vehicle
• All of the above - ANSWER-d. All of the above

QUESTION: Which of the following are taxable in a vehicle sales transaction?

• Document preparation fee
• $50 smog fee paid to seller/dealer
• Both A and B
• Insurance fees - ANSWER-c. Both A and B

QUESTION: Which of the following are not taxable in a vehicle sales transaction?

• Finance charges
• Insurance charges
• Smog certificate fee (paid to state)
• All of the above - ANSWER-d. All of the above
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