Questions

Question 1

Which character in the VIN denotes model year?

Answer 1

10th

Question 2

On the title what does an N after the odometer reading mean?

Answer 2

It’s not the actual reading

Question 3

On the title what does an E after the odometer reading mean?

Answer 3

Mileage in excess of odometers mechanical limits

Question 4

On the title what does an A after the odometer reading mean?

Answer 4

Actual miles driven

Question 5

What question can’t be asked on the loan application?

Answer 5

Are you married?

Question 6

How much tax is charged for a service contract?

Answer 6

Retail tax on one half of the retail cost

Question 7

What can and can’t internet employees do?

Answer 7

They may greet and set up appointments but can’t provide pricing info

Question 8

How can non-inspected used vehicles be driven?

Answer 8

May not be driven on the highway unless it’s to an inspection station

Question 9

How is the motor vehicle transaction fund funded?

Answer 9

By dealers and salespeople

Question 10

What is the Motor Vehicle Transaction Fund?

Answer 10

Satisfies unpaid judgments against a dealer or salesperson that has defrauded a buyer

Question 11

How long does one have to reimburse the Motor Vehicle Transaction Fund?

Answer 11

Within 30 days otherwise the license is automatically revoked

Question 12

How can temporary transport plates be used?

Answer 12

To transport vehicles from auctions or other points of purchase

Question 13

How long are transport plates good for?

Answer 13

5 days max

Question 14

What’s one unfair and deceptive practice regarding the FTC used car rule?

Answer 14

Saying the vehicle comes with a warranty when it doesn’t

Question 15

When can a dealer rent without a rental license?

Answer 15

It can’t

Question 16

What must appear on an odometer statement for a leased vehicle?

Answer 16

Name of person making disclosure
Mileage
VIN 
Make
Model 
Body type
Name and address of lessee and lessor

Question 17

When can a dealer’s plates be used by a customer?

Answer 17

When their vehicle is in the shop or when they’re considering purchasing

Question 18

When can a dealer’s plates not be used by a customer?

Answer 18

As an occasional rental

Question 19

How can a dealer sell motorcycles, trailers or motor homes?

Answer 19

If they have a license from the board (not DoT)

Question 20

What’s the definition of a new vehicle?

Answer 20

Hasn’t been previously titled and has less than 7500 miles

Question 21

What’s important about section C on the power of attorney form?

Answer 21

Must be completed by dealer as an affirmation that the information contained is correct to the best of their knowledge

Question 22

When can a second set of temp tags be issued?

Answer 22

Title unavailable at end of first 30 days
The vehicle is titled out of state
All fees have been submitted

Question 23

How much can the dealer charge for temp plates?

Answer 23

Only what’s required by the state and not more

Question 24

what do pod plates stand for?

Answer 24

print on demand plates

Question 25

how can the DMV punish a salesperson?

Answer 25

revoke license not renew license 1000 fine for each violation

Question 26

when must the reverse of the buyers guide be signed?

Answer 26

in the sale of any used car

Question 27

when is a power of attorney used?

Answer 27

when the title is lost or held by a lien holder

Question 28

how must finance charges be stated

Answer 28

as APR

Question 29

what does APR stand for?

Answer 29

annual percentage rate

Question 30

when is section b on a power of attorney used?

Answer 30

when a vehicle is sold prior to receiving the title

Question 31

what does mileage mean in the truth in mileage act

Answer 31

the actual distance the vehicle has been driven

Question 32

what must be disclosed under regulation z (truth in lending act)

Answer 32

amount financed late fees apr schedule of payments

Question 33

which vehicles must have a buyers guide

Answer 33

demos used consignment but not leases

Question 34

what happens if the vehicle is titled out of state and the purchaser doesn't have insurance?

Answer 34

dealer must collect 1/12 of uninsured motorist fee

Question 35

how can a dealer charge a processing fee?

Answer 35

as long as it's clearly posted in a public area | there's no $100 minimum

Question 36

how can dealer plates be used?

Answer 36

on store inventory not on courtesy vehicles not rented to salespeople by the dealership

Question 37

where should the buyers guide be placed?

Answer 37

in a conspicous spot so both sides can be seen

Question 38

what is the uninsured motorist fee for virginia residents?

Answer 38

$600

Question 39

when must a vehicle be inspected?

Answer 39

between receiving it as inventory and before it's sold as retail

Question 40

what happens with the taxes and fees for a good will substitution?

Answer 40

no refund is made and they must be paid again for substitution

Question 41

can tags be loaned to another dealer?

Answer 41

neither temp nor transport tags can be loaned to another dealer

Question 42

what data must be in temp registration

Answer 42

date of issuance name and address of purchaser VIN temp plate number

Question 43

if denied a loan what must the finance company do?

Answer 43

provide a written statement for denial within 30 days

Question 44

can you change the warranty terms on a buyers guide?

Answer 44

can be changed and noted on original or new guide

Question 45

what're the requirements for a sales license?

Answer 45

can't work for 2 dealers names must be publicly posted must carry it on them at all times

Question 46

permission to use a dealer plate

Answer 46

can last 5 days and then reissued for another 5

Question 47

what's must be displayed on a used car?

Answer 47

the buyers guide must have both sides visible

Question 48

when should the buyers guide be placed on a vehicle?

Answer 48

before it's offered for sale

Question 49

how long must you maintain proof of virginia safety inspection?

Answer 49

5 years

Question 50

what does a demo mean?

Answer 50

it has over 750 miles and must be disclosed to buyer but can still be sold as a new vehicle

Question 51

what's the ruling on buyers guides at auction?

Answer 51

a buyers guide must be placed if the auction is public

Question 52

what is proof of a safety inspection?

Answer 52

a receipt from an inspection center | a copy of the inspection given to the customer

Question 53

how long do you have to submit taxes fees and application?

Answer 53

30 days

Question 54

What is required for the dealer for a Virginia resident that doesn't have insurance?

Answer 54

dealer must collect uninsured motorist fee, handle titling, and registering directly with DMV

Question 55

what's an open title?

Answer 55

when a title is signed by the owner leaving the buyer information blank

Question 56

what's required for a salesperson to use a dealer tag?

Answer 56

must work at least 25 hours per week on a regular basis and be compensated for it

Question 57

when can a credit history inquiry be made?

Answer 57

only after the customer has signed the credit app

Question 58

can a car be sold as is in Virginia?

Answer 58

yes

Question 59

what's required of a used car sale?

Answer 59

buyer must read FTC sticker and know about any remaining warranty

Question 60

how can a vehicle be sold as is in Virginia?

Answer 60

buyers guide is signed and dated by the customer disclosure in writing vehicle is being sold as-is a disclosure of as-is on the buyer's guide

Question 61

full and limited are terms referring to?

Answer 61

warranties only not installment contracts, buyers orders, or offers of maintenance

Question 62

what must be included in the buyer's guide?

Answer 62

customer's signature is the most important

Question 63

what're the penalties for violations by a salesperson?

Answer 63

1000 per violation suspension of license revocation of license

Question 64

how can temporary transport place be used?

Answer 64

transport vehicles from auctions or other points of sale

Question 65

can a salesperson pay for customer referrals?

Answer 65

no and will result in a penalty

Question 66

how is the trade-in handled if the dealer arranges financing and the contract is rejected?

Answer 66

the trade-in must be returned to the customer the dealer can't refund the cash value

Question 67

what's a posted processing fee?

Answer 67

collected by the dealer not the DMV and is therefore subject to tax

Question 68

when is the line "balance due at settlement" used?

Answer 68

on a buyers order for a cash or finance contract

Question 69

what happens if you do not renew your sales license by the expiration date?

Answer 69

you can not operate until you do there's no grace period

Question 70

what counts as an odometer disclosure?

Answer 70

giving the customer a copy of the title, secure reassignment, or power of attorney

Question 71

what's the anti-structuring provision of the cash reporting rule?

Answer 71

it prevents dealers and salespeople from advising customers on how to get around the reporting

Question 72

what requires a buyers guide?

Answer 72

used trucks under 16000 lbs demo vehicles consignment vehicles used vehicles

Question 73

what must happen for a customer to go on a demo drive?

Answer 73

they must ride with the salesperson or carry a permission to drive slip

Question 74

what's a certificate of qualification?

Answer 74

a document that must be applied for prior to getting licensed

Question 75

what must be done regarding warranties on used vehicles?

Answer 75

customers must be given a buyers guide and give them a document with certain phrases regarding the warranty, but doesn't need to be on the buyer's order

Question 76

penalty for violating the cash reporting rule?

Answer 76

fine, felony, and or jail time

Question 77

the FTC's used car rule for as is

Answer 77

must check as is box and service contract available box