.png){kind=logo}
Virginia DMV Salespersons Questions And Answers The "Processing Fee" is - correct answer A charge by a dealer for processing a transaction.If a salesperson is found guilty of violating one or more of the provisions of the Virginia Dealer Laws, the Motor Vehicle Dealer Board may, after
following the prescribed procedures: - correct answer 1. Assess a civil
penalty fine on the salesperson of up to $1,000 per violation
- Refuse to renew the salesperson's license
- Revoke/Suspend the salesperson's license
- A dealer can sell a vehicle "As Is" or without a warranty in Virginia
These Statements are correct. - correct answer 1. A dealer must make a copy of the written warranty available for the customer to read prior to the sale.
The FTC's Used Car Rule allows vehicle to be sold "As Is" - correct answer And the service contract box on the buyers Guide is checked If you do not renew you salesperson's license by the expiration date - correct answer You can not operate until a new license is obtained How long are you required to maintain proof that a Virginia Safety Inspection was performed prior to sale at retail? - correct answer 5 Years 1 / 2
Virginia DMV Salespersons Questions And Answers Under Federal Law, the customer must receive a copy of the odometer disclosure statement. This disclosure can be - correct answer 1. By giving a copy of the secure reassignment
- power of attorney if the title is not available
- by giving a copy of the conforming title
Temporary transport plate may be issued for - correct answer 5 days Violation of the IRS Cash Reporting Rule can result in the following
personal penalties to the salespersons: - correct answer 1. A severe
fine
- A criminal felony charge
- Jail time, if convicted
- correct answer With both cash and finance
- / 2
What must be included on the Buyer's Guide? - correct answer Purchaser's signature On the buyers order, the line item, "Balance Due at Settlement" is used
Full disclosure of credit terms must be made - correct answer before a sale is finalized
.png)