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VA auto license > Questions > Flashcards

Questions Flashcards

1
Q

Which character in the VIN denotes model year?

A

10th

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2
Q

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

A

It’s not the actual reading

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3
Q

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

A

Mileage in excess of odometers mechanical limits

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4
Q

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

A

Actual miles driven

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5
Q

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

A

Are you married?

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6
Q

How much tax is charged for a service contract?

A

Retail tax on one half of the retail cost

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7
Q

What can and can’t internet employees do?

A

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

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8
Q

How can non-inspected used vehicles be driven?

A

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

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9
Q

How is the motor vehicle transaction fund funded?

A

By dealers and salespeople

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10
Q

What is the Motor Vehicle Transaction Fund?

A

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

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11
Q

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

A

Within 30 days otherwise the license is automatically revoked

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12
Q

How can temporary transport plates be used?

A

To transport vehicles from auctions or other points of purchase

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13
Q

How long are transport plates good for?

A

5 days max

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14
Q

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

A

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

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15
Q

When can a dealer rent without a rental license?

A

It can’t

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16
Q

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

A 
Name of person making disclosure
Mileage
VIN 
Make
Model 
Body type
Name and address of lessee and lessor
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17
Q

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

A

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

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18
Q

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

A

As an occasional rental

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19
Q

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

A

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

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20
Q

What’s the definition of a new vehicle?

A

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

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21
Q

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

A

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

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22
Q

When can a second set of temp tags be issued?

A

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

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23
Q

How much can the dealer charge for temp plates?

A

Only what’s required by the state and not more

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24
Q

what do pod plates stand for?

A

print on demand plates

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25
Q

how can the DMV punish a salesperson?

A

revoke license
not renew license
1000 fine for each violation

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26
Q

when must the reverse of the buyers guide be signed?

A

in the sale of any used car

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27
Q

when is a power of attorney used?

A

when the title is lost or held by a lien holder

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28
Q

how must finance charges be stated

A

as APR

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29
Q

what does APR stand for?

A

annual percentage rate

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30
Q

when is section b on a power of attorney used?

A

when a vehicle is sold prior to receiving the title

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31
Q

what does mileage mean in the truth in mileage act

A

the actual distance the vehicle has been driven

32
Q

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

A

amount financed
late fees
apr
schedule of payments

33
Q

which vehicles must have a buyers guide

A

demos
used
consignment
but not leases

34
Q

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

A

dealer must collect 1/12 of uninsured motorist fee

35
Q

how can a dealer charge a processing fee?

A

as long as it’s clearly posted in a public area

there’s no $100 minimum

36
Q

how can dealer plates be used?

A

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

37
Q

where should the buyers guide be placed?

A

in a conspicous spot so both sides can be seen

38
Q

what is the uninsured motorist fee for virginia residents?

A

$600

39
Q

when must a vehicle be inspected?

A

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

40
Q

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

A

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

41
Q

can tags be loaned to another dealer?

A

neither temp nor transport tags can be loaned to another dealer

42
Q

what data must be in temp registration

A

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

43
Q

if denied a loan what must the finance company do?

A

provide a written statement for denial within 30 days

44
Q

can you change the warranty terms on a buyers guide?

A

can be changed and noted on original or new guide

45
Q

what’re the requirements for a sales license?

A

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

46
Q

permission to use a dealer plate

A

can last 5 days and then reissued for another 5

47
Q

what’s must be displayed on a used car?

A

the buyers guide must have both sides visible

48
Q

when should the buyers guide be placed on a vehicle?

A

before it’s offered for sale

49
Q

how long must you maintain proof of virginia safety inspection?

A

5 years

50
Q

what does a demo mean?

A

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

51
Q

what’s the ruling on buyers guides at auction?

A

a buyers guide must be placed if the auction is public

52
Q

what is proof of a safety inspection?

A

a receipt from an inspection center

a copy of the inspection given to the customer

53
Q

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

A

30 days

54
Q

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

A

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

55
Q

what’s an open title?

A

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

56
Q

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

A

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

57
Q

when can a credit history inquiry be made?

A

only after the customer has signed the credit app

58
Q

can a car be sold as is in Virginia?

A

yes

59
Q

what’s required of a used car sale?

A

buyer must read FTC sticker and know about any remaining warranty

60
Q

how can a vehicle be sold as is in Virginia?

A

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

61
Q

full and limited are terms referring to?

A

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

62
Q

what must be included in the buyer’s guide?

A

customer’s signature is the most important

63
Q

what’re the penalties for violations by a salesperson?

A

1000 per violation
suspension of license
revocation of license

64
Q

how can temporary transport place be used?

A

transport vehicles from auctions or other points of sale

65
Q

can a salesperson pay for customer referrals?

A

no and will result in a penalty

66
Q

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

A

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

67
Q

what’s a posted processing fee?

A

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

68
Q

when is the line “balance due at settlement” used?

A

on a buyers order for a cash or finance contract

69
Q

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

A

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

70
Q

what counts as an odometer disclosure?

A

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

71
Q

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

A

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

72
Q

what requires a buyers guide?

A

used trucks under 16000 lbs
demo vehicles
consignment vehicles
used vehicles

73
Q

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

A

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

74
Q

what’s a certificate of qualification?

A

a document that must be applied for prior to getting licensed

75
Q

what must be done regarding warranties on used vehicles?

A

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

76
Q

penalty for violating the cash reporting rule?

A

fine, felony, and or jail time

77
Q

the FTC’s used car rule for as is

A

must check as is box and service contract available box

VA auto license (1 decks)

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