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FIP Test Final Exam and Practice Exam
Questions 2025/2026 – Newest Actual Exam |
Complete 450 Q&A
Exam
What are the three elements of a contract - ANSWER>>>1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide - ANSWER>>>1)There is a statement
at the back of the buyers guide that explains the customer to ask for a
spanish guide if needed
2) if the sales transaction is in spanish, the buyers guide must be as well
3) if you are going after the hispanic market, you must have both
english/spanish buyers guides
if a vehicle on the lot qualifies for a service contract -
ANSWER>>>you must indicated on the contract that it is eligible for
the service contract
There are two websites on the buyers guide - ANSWER>>>1) how
to get the history on the vehicle
2) How to find out if any open recalls have been issued
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Vehicle conditions on the buyers guide - ANSWER>>>You must
have an updated condition report on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: -
ANSWER>>>1) the dealership rep name
2) Phone number
3) Job Title
Third party warranty company disclosures: - ANSWER>>>1) check
"no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: -
ANSWER>>>$43,792
IRS 8300 Form: What is Cash? - ANSWER>>>1) Cashiers Check
2) Bank Draft
3) Travelers Check
4)the amount of $9,500 but this is not required to be submitted to the
8300
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Which of the following requires IRS 8300: - ANSWER>>>- The
customer paid $15,000 cash down but the sale did not take place
Buy Here Pay Here 8300: - ANSWER>>>The total amount received
in cash in a 12 month period that is over $10,000 needs to be listed on
the IRS 8300
How to identify the customer on the IRS 8300 Form? -
ANSWER>>>- SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: -
ANSWER>>>- You cannot tell the customer you filled out the 8300
form
- you do not send the customer a letter explaining the form was
submitted
Non-resident alien identification - ANSWER>>>- Passport number
- Drivers License number
What happens when a customer refuses to give SSN number: -
ANSWER>>>write on the form "customer refused to give SSN" and
get their drivers license number
FIP Test Final Exam and Practice Exam
Questions 2025/2026 – Newest Actual Exam |
Complete 450 Q&A
Exam
What are the three elements of a contract - ANSWER>>>1. Offer
2. Acceptance
3. Consideration
Spanish rules for buyers guide - ANSWER>>>1)There is a statement
at the back of the buyers guide that explains the customer to ask for a
spanish guide if needed
2) if the sales transaction is in spanish, the buyers guide must be as well
3) if you are going after the hispanic market, you must have both
english/spanish buyers guides
if a vehicle on the lot qualifies for a service contract -
ANSWER>>>you must indicated on the contract that it is eligible for
the service contract
There are two websites on the buyers guide - ANSWER>>>1) how
to get the history on the vehicle
2) How to find out if any open recalls have been issued
, Page 2 of 21
Vehicle conditions on the buyers guide - ANSWER>>>You must
have an updated condition report on the buyers guide
on the back of the buyers guide: complaints after sale contact lists: -
ANSWER>>>1) the dealership rep name
2) Phone number
3) Job Title
Third party warranty company disclosures: - ANSWER>>>1) check
"no dealer warranty" Box
2) Check "Other used vehicle warranty" Box
The maximum penalty for violating the used car rule is: -
ANSWER>>>$43,792
IRS 8300 Form: What is Cash? - ANSWER>>>1) Cashiers Check
2) Bank Draft
3) Travelers Check
4)the amount of $9,500 but this is not required to be submitted to the
8300
, Page 3 of 21
Which of the following requires IRS 8300: - ANSWER>>>- The
customer paid $15,000 cash down but the sale did not take place
Buy Here Pay Here 8300: - ANSWER>>>The total amount received
in cash in a 12 month period that is over $10,000 needs to be listed on
the IRS 8300
How to identify the customer on the IRS 8300 Form? -
ANSWER>>>- SSN
- ITIN
- EIN
Suspicious Transaction IRS 8300 Form requirements: -
ANSWER>>>- You cannot tell the customer you filled out the 8300
form
- you do not send the customer a letter explaining the form was
submitted
Non-resident alien identification - ANSWER>>>- Passport number
- Drivers License number
What happens when a customer refuses to give SSN number: -
ANSWER>>>write on the form "customer refused to give SSN" and
get their drivers license number
