State of Colorado sales license test (pearls) Q & As, Exams of Business Economics

Download State of Colorado sales license test (pearls) Q & As and more Exams Business Economics in PDF only on Docsity! State of Colorado sales license test (pearls) Q & As On Sunday(s), dealers are prohibited from selling all of the following except? Answer- ( C) Powersport Vehicles The licenses of a new or used dealer, wholesale auction dealer, or whole sales may be denied, suspended, revoked or fined for the following: Answer- (D) All of the above Colorado's Lemon Law covers: Answer- (C) defects that substantially impair market vale of a vehicle Local law enforcement agencies must be notified with thin four hours after repossession of a motor vehicle occurs Answer- (B) False it's 1 hour The Buyer guide, or "as is" sticker must be? Answer- (B) Provided by another language than English if the transact is being conducted in another language than English The only items that can be added to an advertised price are Answer- (A) dealers handling and preparation charges Dealers must either be self-insured or have insurance for their vehicles Answer- (A) true Is it acceptable for a licensed dealer to place an advertisement using only the name "ABC Enterprise"?. Answer- (B) False is has to say ABC enterprise dealership A dealer has how many days to deliver or facilitate delivery of title from the date of sale? Answer- (D) 30 days According to Colorado law , motor vehicle leasing company do NOT need a motor vehicle dealers license Answer- (B) False Three of the following are required to be disclosed in an advertisement when a dealer is advertising a close-end credit sale or a motor vehicle or power sport vehicle with a down payment amount, payment amount, number of payment, period of repayment or amount of financing charge. Which one is NOT required? Answer- (C) amount of percentage of the down payment Three of the following are deceptive trade of practices. Which one of the following is Not? Answer- (D) delivering goods as promised Member of motor vehicle dealer board must Answer- (C) be a resident of the state for at least 5 years Depot plates may be used during normal business hours to transport a motor vehicle Answer- (D) all the above The license of a motor vehicle sales person or a powersport salesperson may be denied ,revoked , or suspended on any of the following EXCEPT? Answer- (A) advertising a salvage vehicle while identifying the vehicle as salvage vehicle A dealer is required to conspicuously display in there place of business the license of each sale person employed by the dealer Answer- (A)true The license of a motor Sale person or powersport sale person me be denied, revoked or suspended on any of the following ground except Answer- (B) advertising a salvage vehicle while identifying the vehicle as salvage A new motor vehicle has three of the following characteristics. Which one doesn't it have? Answer- (B) title Which of the following step are required to properly and legally repossess a motor vehicle Answer- (A) effect a lien creating a security interest A dealer is responsible for taking written actions to attempt to correct a misleading advertisement placed by a manufacturer if the advertisement contains the dealer name Answer- (B) False A sales person can change dealer ship during a license year provided that a change of employer notification form and fee is summited to the board. It is unlawful for such a sales person to act as a motor vehicle sales person of power sport sale person until a new liscenes is procured Answer- False All motor vehicle dealer and powersport dealer must post clear , legible signs on their principle place of businesses if? Answer- (B) if they will be open less than 40 hour per week The motor vehicle dealer board is authorizing and empowered to Answer- (D) all the above -amends and repeal rules, regulation and prevision If a dealer receive more than 10,000 cash in a single transaction, they must Answer- (A) file a federal form with the internal revenue with thin 15 days Three of the following are required when a dealer is advertising a lease of motor vehicles or powersport vehicle with a payment amount, which is not required Answer- -amount or percentage down payment -terms of repayment (car payment date) Annul percentage rate( interest Motor vehicle dealers, powersports dealers, used motor vehicle dealers, used powersports dealers, or wholesalers are required to report to the Dealer Board: Answer- Any change in the hours of operation of the business when the business continues full time. A dealer may issue 3 temporary permits for each roadworthy vehicle sold. Answer- True