State of Colorado Sales License Test Questions and Verified Answers Latest Updated 2024 (GRADED A)

State of Colorado Sales License Test Questions and Verified Answers Latest Updated 2024 (GRADED A) Three of the following types of motor vehicles are exempt from the truth in mileage act. ~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? 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: 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 TRUE bait and switch is 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 TRUE By obtaining an off-premise permit, dealers may sell motor vehicles at another location on Sunday FALSE - NO Sale of vehicle should be done on Sundays Which of the following statements is true regarding dealer demo plates? State of Colorado Sales License Test Questions and Verified Answers Latest Updated 2024 (GRADED A) a demo drive cannot exceed 7 days Colorado Lemon Law includes: defects that substantially impair the market value of the vehicle Motor vehicle insurance is required: for all registered vehicles intended for use on colorado roads Which is true regarding in-transit plates? 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 dealers may sell which of the following on Sundays? The selling of boat trailers and snowmobile are exempt Which of the following steps are required to properly and legally repossess a motor vehicle? effect a lien creating a security interest, Allow the required payment to default (become at least 10 days late), send or hand deliver a "right to cure" letter to the debtor and allow the debtor 20 days to cure An advertisement may include licensed name with the word DEALER which of the following is a used vehicle? any vehicle that has been previously bought a demo vehicle with 1500 miles Which of the following are deceptive trade practices? All of the above Bait and switch How many temp permits may a dealer issue for each roadworthy vehicle sold? 1 An extension can only be issued but the DMV Depot plates may be used during normal business hours to transport a motor vehicle all of the above All plates Three of the following are required when a dealer is advertising a lease of a motor vehicle with a payment amount ~Amount or percentage of the down payment ~terms of repayment (car payment date) ~Annual percentage rate (interest rate of the loan) which is NOT required when advertising a lease? disclosing the cost of lease vs purchasing Prominently and conspicuously display the ________? FTC Buyer's Guide A temp registration permit may be issued: -for 60 days in a B2C sale-for 7 days in a B2B sale Motor Vehicle salesmen are required to have a surety bond in the amount of $30k 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 TRUE A Motor Vehicle salesperson may work for more than 1 dealership during one year TRUE All Motor Vehicle dealers and dealers must post a clear legible sign on their place of business if: 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 TRUE Licensed Motor vehicle dealers must be open for business at least three (3)days per week for a continuous period of time not 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: 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: 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? 30 Days Which of the following is NOT proof of ownership for a Motor Vehicle for a CO dealer? a vehicle subject to a lien on the title a dealers ad must contain the dealers licensed name and the words Dealer federal cash reporting requires dealers to file form 8300 with IRS within how many days of receiving $10,000 cash? 15 days Wholesalers may? Sell to dealers and other wholesalers or Make a profit or gain selling to dealers and wholesalers The license of a Motor vehicle salesman may be revoked/suspended on the following grounds: Violating any of the terms and provisions The license of a Motor vehicle salesman may be revoked/suspended on all grounds EXCEPT: advertising a salvaged vehicle while identifying that vehicle as salvaged EMAIL ME: EMAIL ME: The advertised price of a Motor vehicle must include: dealer handling and preparation charges Which must remain in the window of a new motor vehicle until its sold to the ultimate purchaser? Moroney label A Motor vehicle dealer, wholesaler, or salesperson must give Dealer Board written notice of If hours of business are going to change Motor vehicles with demo plates may be loaned to charity organizations and celebrities False Which is a false statement regarding dealers and buyers A dealer must offer a warranty on all motor vehicles sold