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VirginiaDMVSalespersonstestquestions answered The"ProcessingFee"is Achargebyadealerforprocessingatransaction.Ifasalespersonisfoundguiltyofviolatingoneormoreoftheprovisionsofthe VirginiaDealerLaws,theMotorVehicleDealerBoardmay,afterfollowingthe
prescribedprocedures:
1.Assessacivilpenaltyfineonthesalespersonofupto$1,000perviolation 2.Refusetorenewthesalesperson'slicense 3.Revoke/Suspendthesalesperson'slicense TheseStatementsarecorrect.
1.Adealermustmakeacopyofthewrittenwarrantyavailableforthecustomer toreadpriortothesale.
2.Adealercansellavehicle"AsIs"orwithoutawarrantyinVirginia TheFTC'sUsedCarRuleallowsvehicletobesold"AsIs" AndtheservicecontractboxonthebuyersGuideischecked Ifyoudonotrenewyousalesperson'slicensebytheexpirationdate Youcannotoperateuntilanewlicenseisobtained HowlongareyourequiredtomaintainproofthataVirginiaSafetyInspectionwas performedpriortosaleatretail?5Years UnderFederalLaw,thecustomermustreceiveacopyoftheodometer disclosurestatement.Thisdisclosurecanbe 1.Bygivingacopyofthesecurereassignment 1 / 2
2.powerofattorneyifthetitleisnotavailable 3.bygivingacopyoftheconformingtitle Temporarytransportplatemaybeissuedfor 5days ViolationoftheIRSCashReportingRulecanresultinthefollowingpersonal
penaltiestothesalespersons:
1.Aseverefine 2.Acriminalfelonycharge 3.Jailtime,ifconvicted WhatmustbeincludedontheBuyer'sGuide?Purchaser'ssignature
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Onthebuyersorder,thelineitem,"BalanceDueatSettlement"isused Withbothcashandfinance
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Fulldisclosureofcredittermsmustbemade beforeasaleisfinalized
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Financechargesmustbestatedin AnnualPercentageRate
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WhichofthefollowingisrequiredtobedisclosedundertheRegulationZ(Truth inLending)oftheConsumerCreditProtectionAct?
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