Three of the following types of motor vehicles are exempt from the truth in mileage act. -
ANS-~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? - ANS-Any person who attempts to make profit lease or sale of a used
vehicle
The Motor Vehicle Board is authorized and empowered to: - ANS-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 - ANS-TRUE
bait and switch - ANS-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 - ANS-TRUE
By obtaining an off-premise permit, dealers may sell motor vehicles at another location
on Sunday - ANS-False
NO Sale of vehicle should be done on Sundays
Which of the following statements is true regarding dealer demo plates? - ANS-a demo
drive cannot exceed 7 days
CO Lemon Law includes: - ANS-defects that substantially impair the market value of the
vehicle
Motor vehicle insurance is required: - ANS-for all registered vehicles intended for use on
colorado roads
,Which is true regarding in-transit plates? - ANS-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? - ANS-The selling of boat
trailers and snowmobile are exempt
Which of the following steps are required to properly and legally repossess a motor
vehicle? - ANS-effect a lien creating a security interest
An advertisement may include - ANS-licensed name with the word DEALER
which of the following is a used vehicle? - ANS-and any vehicle that has been
previously bought a demo vehicle with 1500 miles
Which of the following are deceptive trade practices? - ANS-All of the above
Bait and switch
How many temp permits may a dealer issue for each roadworthy vehicle sold? - ANS-1
An extension can only be issued but the DMV
Depot plates may be used during normal business hours to transport a motor vehicle -
ANS-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. - ANS-~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? - ANS-disclosing the cost of lease vs
purchasing
Prominently and conspicuously display the ________? - ANS-FTC Buyer's Guide
A temp registration permit may be issued: - ANS--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 - ANS-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 - ANS-True
A MV salesperson may work for more than 1 dealership during one year - ANS-True
All MV dealers and dealers must post a clear legible sign on their place of biz if: -
ANS-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 - ANS-True
Licensed MV dealers may - ANS-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: - ANS-attempting to
negotiate the sale or lease of a MV with intent to make profit or gain
Federal odometer law declares it unlawful to do the following: - ANS-operate MV 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? - ANS-30 days
Which of the following is NOT proof of ownership for a MV for a CO dealer? - ANS-a
vehicle subject to a lien on the title
a dealers ad must contain the dealers licensed name and the words - ANS-Dealer
fed cash reporting requires dealers to file form 8300 with IRS within how many days of
receiving $10k cash? - ANS-15 days
Wholesalers may? - ANS-Sell to dealers and other wholesalers
The license of a MV salsesman may be revoked/suspended on the following grounds: -
ANS-Violating any of the terms and provisions
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