DMV Dealer License Test Exam Set

DMV Dealer License Test Exam Set Questions With Revised Correct Answers

What is the basic DMV transfer fee to transfer the title into the buyer's name? - ANSWER $15.00

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

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

• Document preparation fee 1 / 2

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

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

Buy Here Pay Here (self-financing) Dealers must:

• Charge interest rates that are less than 20% above prime rate
• Offer 30 day, or 1,000 mile warranties, and put FMV notices

on their vehicles

• Send 50% of all interest charged to DMV
• Finance all vehicles sold for more than $50,000 - ANSWER
• Offer a 30 day, or 1,000 mile warranties, and put FMV

notices on their vehicles

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