VirginiaDMVSalespersonstestquestions

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

3MULTIPLECHOICEOPTIONS

Onthebuyersorder,thelineitem,"BalanceDueatSettlement"isused Withbothcashandfinance

3MULTIPLECHOICEOPTIONS

Fulldisclosureofcredittermsmustbemade beforeasaleisfinalized

2MULTIPLECHOICEOPTIONS

Financechargesmustbestatedin AnnualPercentageRate

2MULTIPLECHOICEOPTIONS

WhichofthefollowingisrequiredtobedisclosedundertheRegulationZ(Truth inLending)oftheConsumerCreditProtectionAct?

• / 2