DMV Dealer License Test Questions with Complete

DMV Dealer License Test Questions with Complete Solutions 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 Correct Answer-c. A red warning decal be placed on

vehicles with branded titles 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 Correct Answer-a. Provide the seller an accounting

and payment within 29 days of the sale.Which of the following are permitted methods for computing interest rate?

• The Pre-Computed Basis Method 1 / 2

• The Simple Interest Basis Method
• The Friedman Method
• Both A and B Correct Answer-d. Both A and B

What is the maximum a dealer may charge a customer for a smog test?Correct Answer-$50.00 What is the basic DMV transfer fee to transfer the title into the buyer's name? Correct 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 Correct Answer-d. All of the above

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 Correct Answer-c. Both A and B
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