State of Colorado Sales License Test Q & A, Exams of Nursing

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State of Colorado Sales License Test: Questions & Answers Three of the following types of motor vehicles are exempt from the truth in mileage act. - ANSWER ✔️ ~Vehicles 10 years old or older Vehicles having a gross empty weight more than 10,000 lbs~Vehicles not self propelled (Trailers) The definition of a used motor vehicle dealer or used dealer includes which of the following? - ANSWER ✔️ a person who attempts to negotiate a sale or lease of a used motor vehicle or powersports vehicle with the intent to make a profit or gain The Motor Vehicle Board is authorized and empowered to: - ANSWER ✔️ All Of The Above~Amend and repeal rules, regulations and previsions When advertising a specific number of motor vehicles, that same number of vehicles must be invoiced to the dealer - ANSWER ✔️ TRUE bait and switch is - ANSWER ✔️ ad that attracts consumers with a low-priced product, then tries to sell them a higher-priced product Selling, Leasing, Trade-In, with option to purchase, offering or negotiating and exchange of interest in 3+ vehicles in any 1 year is prima facie evidence that a person is engaged in the business of selling or leasing motor vehicles - ANSWER ✔️ TRUE By obtaining an off-premise permit, dealers may sell motor vehicles at another location on Sunday - ANSWER ✔️ FALSE - NO Sale of vehicle should be done on Sundays Which of the following statements is true regarding dealer demo plates? - ANSWER ✔️ a demo drive cannot exceed 7 days Colorado Lemon Law includes: - ANSWER ✔️ defects that substantially impair the market value of the vehicle Motor vehicle insurance is required: - ANSWER ✔️ for all registered vehicles intended for use on colorado roads Motor Vehicle salesmen are required to have a surety bond in the amount of $30k - ANSWER ✔️ False, $15,000 If a salesperson leaves a dealership during the licensing year and becomes employed at another dealership they must acquire a new license for the unexpired portion of their returned license from the board - ANSWER ✔️ TRUE A Motor Vehicle salesperson may work for more than 1 dealership during one year - ANSWER ✔️ TRUE All Motor Vehicle dealers and dealers must post a clear legible sign on their place of business if: - ANSWER ✔️ they will be open less than 40 hours per week A Motor vehicle salesman can be personally liable for any proven claim or judgement in excess of their surety bond - ANSWER ✔️ TRUE Licensed Motor vehicle dealers - ANSWER ✔️ must be open for business at least three (3)days per week for a continuous period of timenot less than four (4) hours per day between the hours of8 a.m. and 9 p.m The license of a new or used dealer/wholesale/auctioneer/ may be denied/suspended/revoked/fined for all the following except: - ANSWER ✔️ attempting to negotiate the sale or lease of a Motor vehicle with intent to make profit or gain Federal odometer law declares it unlawful to do the following: - ANSWER ✔️ operate Motor vehicle on any street with intent to defraud knowing the odometer is disconnected A dealer has how many days to facilitate delivery from the date of sale? - ANSWER ✔️ 30 Days Which of the following is NOT proof of ownership for a Motor Vehicle for a CO dealer? - ANSWER ✔️ a vehicle subject to a lien on the title a dealers ad must contain the dealers licensed name and the words - ANSWER ✔️ Dealer federal cash reporting requires dealers to file form 8300 with IRS within how many days of receiving $10,000 cash? - ANSWER ✔️ 15 days Wholesalers may? - ANSWER ✔️ Sell to dealers and other wholesalersorMake a profit or gain selling to dealers and wholesalers The license of a Motor vehicle salesman may be revoked/suspended on the following grounds: - ANSWER ✔️ Violating any of the terms and provisions The license of a Motor vehicle salesman may be revoked/suspended on all grounds EXCEPT: - ANSWER ✔️ advertising a salvaged vehicle while identifying that vehicle as salvaged The advertised price of a Motor vehicle must include: - ANSWER ✔️ dealer handling and preparation charges Which must remain in the window of a new motor vehicle until its sold to the ultimate purchaser? - ANSWER ✔️ Moroney label The license of a new or used dealer/Wholesaler may be denied/suspended /revoked /fined for the following - ANSWER ✔️ Making a material misstatement in an application of license A customer's trade-in vehicle on a financed deal may be sold - ANSWER ✔️ Only when the financing has been approved and the contract binding has been signed Which is NOT required when advertising a closed end credit sale? - ANSWER ✔️ Tax Rate Which is not a deceptive trade practice? - ANSWER ✔️ Disclosing to the purchaser in writing prior to the sale that a vehicle is a salvage The Motor Vehicle dealer board may decide how large a fine to impose on a dealer who sells vehicles <1500lbs, as long as it does not exceed $5,000 - ANSWER ✔️ False - $10,000 The Motor Vehicle Dealer board is authorized and empowered to - ANSWER ✔️ All of the above -propose fees-order hearing-investigate the following must be conspicuously displayed in the dealers place of business? - ANSWER ✔️ all of the above -license of dealer-salesmen licenses-name of dealership license Records of vehicle transfers and odometer statements must be kept for 5 years - ANSWER ✔️ TRUE An advertisement would NOT include - ANSWER ✔️ a salesperson's verbal statement of the MSRP A dealer is not responsible for taking written action to attempt to correct a misleading advertisement placed by a manufacturer if the advertisement contains the dealers name - ANSWER ✔️ False Which is true of the Colorado Lemon Law? - ANSWER ✔️ "a reasonable number of attempts" to repair applied when the motor vehicle has been out of service for repairs a cumulative total of 30 or more business days during the warranty term or 1 year from date of delivery When advertising terms price conditions of sale of a car, dealers may use the term: - ANSWER ✔️ "With approved credit" according to Colorado law motor vehicle leasing companies do not need a motor vehicle dealers license - ANSWER ✔️ False The License of a motor vehicle salesperson may be denied revoked or suspended on the following grounds - ANSWER ✔️ Unfitness of character, breaking law, false info, etc. An off-premise permit: - ANSWER ✔️ Must be readily available for inspection at the sale Prima Facie is - ANSWER ✔️ Evidence at face value According to Colorado law, which of the following must be licensed as a motor vehicle dealer and or powersports dealer? - ANSWER ✔️ All of the above Colorado Lemon law covers: - ANSWER ✔️ defects that substantially impair the market value of a vehicle A new motor vehicle has three of the following characteristics. Which one doesn't it have? - ANSWER ✔️ A title A dealer wholesaler or salespersons convicted of any felony or any crime.. Has how many days to report conviction? - ANSWER ✔️ 30 Days The definition of a used mother vehicle dealer or used powersports dealer includes which of the following ? - ANSWER ✔️ A person who attempts to negotiate a sale or lease of a used motor vehicle or powersports vehicle with the intent to make a profit or gain Wholesalers: - ANSWER ✔️ must use a name other than their personal name on all business documents A dealer is required to have on file the licenses of each of their employed salespersons but need not display them in their place of business - ANSWER ✔️ False A dealer must take in the title in their own name before selling a car to a retail customer - ANSWER ✔️ False A salesperson can change dealerships during the licensing year provided that the correct form and fee is submitted to the board such sales person may begin work as a motor vehicle salespersons or powersports salesperson while awaiting a new license from the board - ANSWER ✔️ False Which of the following is acceptable proof of ownership of a motor vehicle for a Colorado dealer? - ANSWER ✔️ A vehicle subject to a lien on the tile Records of vehicles transfers and odometer statements must be retained for: - ANSWER ✔️ 5 years Which of the following would indicate a motor vehicle is used - ANSWER ✔️ A certificate of title has been issued A motor vehicle dealer is responsible for: - ANSWER ✔️ all of the above An advertisement would include - ANSWER ✔️ All of the above Which of the following is a deceptive trade practice? - ANSWER ✔️ All of the above Demo plates can be displayed on vehicles that are used by the dealership for any commercial purpose - ANSWER ✔️ True Which of the following does not fit the definition of a motor vehicle dealer - ANSWER ✔️ someone who sells motor vehicles solely to wholesalers Depot plates may be used during normal business hours to transport a motor vehicle - ANSWER ✔️ All of the above By definition an advertisement may include any commercial message on any computer display or window, display which is delivered or made available to a customer or prospective customer in any manner whatsoever - ANSWER ✔️ True The federal odometer law declares that it is unlawful to do any of the following except - ANSWER ✔️ to operate a motor vehicle on any street, with the intent to defraud, knowing that the odometer is disconnected required to report to the dealer board: - ANSWER ✔️ any change in the hours of operation of the business when the business continues full time Motor vehicle dealers, powersport 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 it continues to operate full time Three of the following types of motor vehicles are exempt from the truth in mileage act. Which one is not exempt - ANSWER ✔️ motor vehicles with out of state titiles The definition of a used motor vehicle dealer or used powersports dealer includes which of the following? - ANSWER ✔️ A person who attempts to negotiate a sale or lease of a used MV or PWSPT vehicle for profit When advertising a specific number of motor vehicles, that same number of vehicles must have been invoiced to the dealer: - ANSWER ✔️ True Selling, Leasing, Exchanging, renting with option to purchase, offering or negotiating and echange of interest in 3+ vehicles or 10+pwr sprt vehicles in any 1 year is prima facie evidence that a person is engaged in the business of selling or leasing motor vehicles or powersport vehicles - ANSWER ✔️ True By obtaining an off-premise permit, dealers may sell motor vehicles at another location on Sunday - ANSWER ✔️ FALSE Which of the following statements is true regarding dealer demo plates? - ANSWER ✔️ a demo drive cannot exceed 7 days CO Lemon Law includes: - ANSWER ✔️ defects that substantially impair the market value of the vehicle Which is true regarding in-transit plates? - ANSWER ✔️ in-transit plates may be used to transport vehicles from point of purchase to point of storage or from point of storage to point of sale Licensed powersport dealers may sell which of the following on Sundays? - ANSWER ✔️ A powersport vehicle Three of the following are required when a dealer is advertising a lease of a motor vehicle or powersport vehicle with a payment amount. which is NOT required? - ANSWER ✔️ disclosing the cost of lease vs purchasing Prominently and conspicuously display the ________? - ANSWER ✔️ Buyer's Guide A temp registration permit may be issued: - ANSWER ✔️ -for 60 days in a B2C sale -for 7 days in a B2B sale C only MV & Pwr Sport salesmen are required to have a surety bond in the amount of $15k - ANSWER ✔️ True AllMV dealers and pwr sprt dealers must post a clear legible sign on their place of biz if: - ANSWER ✔️ they will be open less than 40 hours per week A MV salesman can be personally liable for any proven claim or judgement in excess of their surety bond - ANSWER ✔️ True What is the highest fine per offense the dealer board may impose on dealers who sell vehicles less than 1500 lbs? - ANSWER ✔️ 1000 The license of a MV salesperson or PWSPT may be denie/revoked/suspended on any of the following grounds except - ANSWER ✔️ improperly withholding/misappropriating/converting to ones own use any money belonging to customers or any persons received in employment as a salesperson according to CO law which does NOT need to be licensed as a motor vehicle dealer? - ANSWER ✔️ all of the above need to be Local law enforcement agencies must be notified within 4 hours after the repossession of a MV - ANSWER ✔️ FALSE A customer's trade-in vehicle on a financed deal may be sold - ANSWER ✔️ only when the financing has been approved The MV dealer board may decide how large a fine to impose on a dealer who sells vehicles <1500lbs, as long as it does not exceed $5k - ANSWER ✔️ False, $10k What is the highest fine per offense that the motor vehicle dealer board or an administrative law judge may impose on a dealer , who sells primarily vehicles that wigh less than 1,500 pounds - ANSWER ✔️ $1,000 Three of the following are characteristics of an off-premise permit. . WHich one is not? - ANSWER ✔️ The permit cannot exceed six days except for the national western stock show, the colorado state fair, greely stampede In transit plates may be used on motor vehicles - ANSWER ✔️ D) consigned to wholesale auction dealers for transport from point of purchase to point of storage The license of a new or used dealer, wholesale auction dealer or wholesaler may be denied suspended, revoked or fined for all of the following grounds except - ANSWER ✔️ Employing a properly licensed salesperson The only items that can be added to an advertised price are - ANSWER ✔️ Finance Charges and Sales Tax Which of the following would always indicate a motor vehicle is used? - ANSWER ✔️ A "used motor vehicle" is defined as any motor vehicle which has been sold, bargained, exchanged,given away, or the title thereto transferred from the person who first took title thereto from themanufacturer or importer, dealer or agent of the manufacturer or importer, or so used as to havebecome what is commonly known as a "secondhand motor vehicle"." In the event of transfer on thecertificate of origin, from the original franchised dealer to any other dealer or individual other than afranchised dealer of the same make of vehicle, the vehicle shall be considered a "used" motor vehicle,and must be titled in the new owner's name Three of the following are required when a dealer is advertising a lease of a motorvehicle with a payment amount. Which one is not required? - ANSWER ✔️ a. disclosing the cost of leasing versus the cost of purchasing. A dealer may advertise in which of the following manners? - ANSWER ✔️ d. using a color picture in the ad that is not the Adjusting Mileage.—A person may service, repair, or replace an odometer of a motor vehicle if the mileage registered by the odometer remains the same as before the service, repair, or replacement. Three of the following types of motor vehicles are exempt from the Truth in Mileage Act. Which one is not exempt? - ANSWER ✔️ c. motor vehicles with out-of-state titles Motor vehicle and powersport salespersons are required to have a surety bond in the amount of - ANSWER ✔️ 15k All motor vehicle dealers and powersport dealers must be open to inspection (of books and records) by the motor vehicle bard its agents: - ANSWER ✔️ M-F 9-5 Laws concerning repossession apply to both vehicle sales and leases - ANSWER ✔️ True Which one of the following statements is true regarding dealer demo plates? - ANSWER ✔️ The Dealer must provide the prospective buyer a letter authorizing him/her to operate the vehicle with a Dealer Demonstration license plate after normal business hours If a dealer, salesperson, or wholesaler is found guilty of removing, altering, or rendering illegible Monroney label on a motor vehicle, their penalty may be: - ANSWER ✔️ All of the above - a fine, imprisonment up to one year, a suspended or revoked license Dealers must either be self-insured or have insurance for their vehicles - ANSWER ✔️ True When advertising a motor vehicle that is not available for immediate delivery, the advertisement must clearly and conspicuously state the motor vehicle's availability, such as it is in transit, on order, or otherwise in a specified location, and that it is not in stock - ANSWER ✔️ True The license of a new or used dealer, wholesale auction dealer, or wholesaler may be denied, suspended, revoked or fined for the following: - ANSWER ✔️ Failing to renew any required bond A motor vehicle sales person may advertise - ANSWER ✔️ salvage vehicles as long as they are identified as salvaged Which of the following motor vehicles may be sold on a Sunday - ANSWER ✔️ snowmobile trailers It is unlawful for a motor vehicle salesperson to - ANSWER ✔️ begin acting as a salesperson while awaiting a new license from the board A dealer has how many days to deliver of facilitate delivery of title from the date of sale - ANSWER ✔️ 30 day Licensed powersport dealers may not sell powersports on Sundays - ANSWER ✔️ False Which of the following is required when a dealer is advertising a lease of a motor vehicle or a powersports vehicle with a payment amount - ANSWER ✔️ disclosing that the transaction is a lease Which of the following is an example of "used" motor vehicle - ANSWER ✔️ a vehicle that has been transferred from one franchised dealer to another franchised dealer selling the same make vehicle