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Virginia Vehicle Salesperson Practice 1

This is the first of two test that help you study for the Virginia vehicle salesperson license test.



1)

What is the penalty for violating the disclosure provisions of the Virginia Dealer Licensing Act's "As Is" law?

 
 
 
 

2)

Vehicles can be sold in Virginia "As Is" if:

 
 
 
 

3)

A vehicle must be inspected:

 
 
 

4)

If a vehicle does not pass inspection:

 
 
 
 

5)

A dealer licensed as a franchise or independent dealer may buy and sell motorcycles, trailers and motor homes if they have the proper License issued by DMV.

 
 

6)

A second set of temporary tags may be issued to a customer if:

 
 
 
 
 

7)

When issuing temporary license plates, the dealer:

 
 
 

8)

Temporary transport plates may be issued for no more than:

 
 
 
 

9)

Temporary transport plates may be used to:

 
 
 

10)

A salesperson's "certificate of qualification":

 
 
 

11)

Penalties for violating provisions of the statutes pertaining to motor vehicle salespersons include:

 
 
 
 

12)

A new motor vehicle is defined as one which:

 
 
 
 

13)

Any person who is licensed in another state of the United States as a motor vehicle dealer may sell vehicles at wholesale auctions in Virginia only after obtaining a:

 
 
 

14)

The following must be licensed to engage in business in Virginia:

 
 
 
 

15)

No salesperson shall be employed by more than one dealer, unless the dealerships are owned by the same person, partnership or corporation.

 
 

16)

Each dealership must post a list of the salespersons that work there.

 
 

17)

Salespersons must carry their license at all times and show it when asked.

 
 

18)

Temporary certificates of ownership issued by dealers must contain:

 
 
 
 

19)

If you do not renew your salesperson's license by the expiration date:

 
 
 
 

20)

If a salesperson is found guilty of violating one or more of the provisions of the Virginia Dealer Laws, the Motor Vehicle Dealer Board may, after following the prescribed procedures:

 
 
 
 

21)

If a customer wishes to demonstrate a vehicle in the inventory of the dealer:

 
 
 
 

22)

The Motor Vehicle Transaction Recovery Fund is funded by dealers and salespersons.

 
 

23)

The purpose of the Motor Vehicle Transaction Recovery Fund:

 
 
 
 

24)

If a salesperson's license has been revoked as a result of failure to reimburse the Motor Vehicle Transaction Recovery Fund:

 
 
 
 

25)

A temporary certificate of ownership titled and registered in Virginia:

 
 
 
 

26)

Temporary license plates should be destroyed after expiration or when permanent plates are issued.

 
 

27)

Payments to individuals by a salesperson for procuring a customer for the salesperson:

 
 
 
 

28)

Used vehicles in the inventory of a dealer that do not have a Virginia inspection sticker:

 
 
 
 

29)

Applications, taxes and fees collected for the Department of Motor Vehicles on behalf of the buyer must be submitted to that Agency within:

 
 
 
 

30)

If a vehicle is registered in Virginia and the owner does not have liability insurance, the penalty is an uninsured motorist fee of:

 
 
 
 

31)

When a thirty-day tag is issued to a customer who does not have insurance and is going to register the vehicle in Virginia, the dealer:

 
 
 
 

32)

Temporary Tags and Temporary Transport Tags can be loaned to another dealer.

 
 

33)

A "Demonstrator" is defined in part as a new motor vehicle which has more than 750 miles accumulated on its odometer and Requires a written disclosure to the customer.

 
 

34)

Every Independent Dealer-Operator must pass an exam to recertify.

 
 

35)

There are NO grandfather exceptions to recertify as an Independent Dealer-Operator.

 
 

36)

Regarding Internet employees or persons who receive phone calls from Internet inquires:

 
 
 
 

37)

What is an Open Title?

 
 
 
 

38)

The IRS definition of cash does not include personal checks.

 
 

39)

The IRS Cash Reporting Rule, enacted to prevent citizens from hiding unreported income, requires dealerships to complete and file IRS form 8300 when cash receipts exceed the following dollar amount:

 
 
 
 

40)

Violation of the IRS Cash Reporting Rule can result in which of the following personal penalties to the salespersons:

 
 
 
 

41)

What does the anti-structuring provision of the IRS Cash Reporting Rule prohibit?

 
 
 
 

42)

In financing a vehicle on an installment sales contract, the APR stands for:

 
 
 
 

43)

Finance charges must be stated in:

 
 
 
 

44)

Full disclosure of credit terms must be made:

 
 
 
 

45)

The following is required to be disclosed under Regulation Z (Truth in Lending) of the Consumer Credit Protection Act:

 
 
 
 

46)

If a financing company denies a loan application, it must provide the applicant with a written statement explaining the reason of denial within 30 days.

 
 

47)

When can an inquiry be made of a credit-reporting bureau?

 
 
 
 

48)

Under the Truth In Lending Act, the following must be disclosed to the customer:

 
 
 
 
 

49)

When discussing a customer's loan application, the following cannot be asked:

 
 
 
 
 

50)

The Federal Trade Commission Used Car Rule which sets out the warranty provisions of a sale is known as:

 
 
 
 


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