DMV Dealer License Test Exam Set

DMV Dealer License Test Exam Set Questions With Revised

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

• / 2