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WISCONSIN AUTO SALESPERSON LICENSE EXAM | WISCONSIN CAR SALES TEST | ALL QUESTIONS AND CORRECT ANSWERS | LATEST VERSION | GRADED A+ | VERIFIED ANSWERS$23.99
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WISCONSIN AUTO SALESPERSON LICENSE EXAM |
WISCONSIN CAR SALES TEST | ALL QUESTIONS
AND CORRECT ANSWERS | LATEST VERSION |
GRADED A+ | VERIFIED ANSWERS
What does the anti-structuring provision of the IRS cash reporting rule
prohibit? ------CORRECT ANSWER---------------Advising customers on how
to get around the rule
In financing a vehicle on an installment sales contract, the APR stands for:
------CORRECT ANSWER---------------Annual percentage rate
Finance charges must be stated in: ------CORRECT ANSWER---------------
Annual percentage rate
Full disclosure of credit terms must be made: ------CORRECT ANSWER----
-----------Before a sale is consummated.
The following is required to be disclosed under regulation Z (truth in
lending) of the consumer credit protection act: ------CORRECT ANSWER---
-------------amount financed
-late fees and APR
-schedule of payments
If a financing company denies a loan application, it must: ------CORRECT
ANSWER---------------Provide the applicant with a written statement
explaining the reason of denial within 30 days
,When can an inquiry be made of a credit reporting bureau? ------CORRECT
ANSWER---------------When the customer signs a credit application
Under the truth in lending act, the following must be disclosed to the
customer: ------CORRECT ANSWER----------------total number of payments
-late payment penalty
-annual percentage rate
When discussing a customers loan application, the following cannot be
asked: ------CORRECT ANSWER---------------"Are you married?"
The federal trade commission used car rule which sets out the warranty
provisions of a sale is known as: ------CORRECT ANSWER---------------The
buyers guide window sticker rule
When should the buyers guide be placed on a vehicle: ------CORRECT
ANSWER---------------Before it is offered for sale
A buyers guide must be placed on: ------CORRECT ANSWER----------------
demonstrators available for sale
-used trucks under 16,000 lbs GVW
-consignment vehicles
,Where should the buyers guide be placed? ------CORRECT ANSWER-------
--------Attached to the vehicle in a conspicuous place so both sides can be
seen
What does the federal trade commission used car rule say about dealers
offering vehicles for sale at public auctions? ------CORRECT ANSWER------
---------A guide must be on the vehicle if the auction is open to the public
Under the federal trade commission used car rule, a vehicle can be sold
"as is": ------CORRECT ANSWER---------------And the service contract box
in the buyers guide checked
What is the penalty for violating the federal trade commission used car
rule? ------CORRECT ANSWER---------------Up to $16,000 per violation
"Full" and "Limited" are terms given to: ------CORRECT ANSWER-------------
--Warranties.
According to a be federal trade commission used car rule, the following is
considered unfair and deceptive practice? ------CORRECT ANSWER---------
------Representing that a used automobile is sold with a warranty when it is
not
As described in the federal trade commission used car rule, dealers must
display conspicuously on each used car a: ------CORRECT ANSWER--------
-------Buyers guide
, According to the federal trade commission used car rule, the buyers guide
should be displayed on: ------CORRECT ANSWER----------------
demonstrator or inventory vehicles
-consignment vehicles
True/false- a dealer must make a copy of the written warranty available for
the customer to read prior to the sale ------CORRECT ANSWER---------------
True
True/false- a dealer can sell a vehicle "as is" or without a warranty in VA ---
---CORRECT ANSWER---------------True
Under the federal trade concision used car rule, the terms of the warranty
as stated on the buyers guide: ------CORRECT ANSWER---------------Can
be changes and noted in the original guide or on a new guide
When giving a warranty on a used vehicle the dealer must: ------CORRECT
ANSWER----------------give the customer a copy of the buyers guide window
sticker
-give the customer a warranty document containing certain specific phrases
Which of the following must be included on the buyers guide? ------
CORRECT ANSWER---------------Vehicle body style
For dealer arranged financing, if the retail installment contract is not
approved and the deal is cancelled you must ------CORRECT ANSWER-----
----------Return the customer trade in
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