Motor Vehicle Industry License - State of Colorado Sales License Test Study Guide
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Motor Vehicle Industry License - State of
Colorado Sales License Test Study Guide
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 ...
Motor Vehicle Industry License - State of
Colorado Sales License Test Study Guide
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? - ✔✔Any
person who attempts to make profit lease or sale of a used vehicle
When advertising a specific number of motor vehicles, that same number of vehicles must be invoiced to
the dealer - ✔✔TRUE
bait and switch - ✔✔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? - ✔✔a demo drive cannot
exceed 7 days
CO 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
An advertisement may include - ✔✔licensed name with the word DEALER
which of the following is a used vehicle? - ✔✔and 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 downpayment
~therms 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
MV salesmen are required to have a surety bond in the amount of $30k - ✔✔TRUE
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 MV salesperson may work for more than 1 dealership during one year - ✔✔True
All MV dealers and dealers must post a clear legible sign on their place of biz if: - ✔✔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
- ✔✔True
Licensed MV dealers may - ✔✔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 of
8 a.m. and 9 p.m.
The license of a new or used dealer/wholesale/auctioner/ may be denied/suspended/revoked/fined for
all the following except: - ✔✔attempting to negotiate the sale or lease of a MV with intent to make
profit or gain
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