AFIP FINAL STUDY GUIDE EXAM (2026)
QUESTIONS AND ANSWERS
What are the three elements of a contract - ANSWER-
• Offer
• Acceptance
• Consideration
Spanish rules for buyer’s guide - ANSWER-
• There is a statement at the back of the buyer’s guide that explains the customer to ask for
a Spanish guide if needed
• If the sales transaction is in Spanish, the buyer’s guide must be as well
• 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 indicate on the
contract that it is eligible for the service contract
There are two websites on the buyer’s guide - ANSWER-1) how to get the history on the vehicle
2) How to find out if any open recalls have been issued
Vehicle conditions on the buyer’s guide - ANSWER-You must have an updated condition report
on the buyer’s guide
On the back of the buyer’s 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) Cashier’s Check
2) Bank Draft
, 3) Travelers Check
4)the amount of $9,500 but this is not required to be submitted to the 8300
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 forms
- you do not send the customer a letter explaining the form was submitted
Non-resident alien identification - ANSWER-- Passport number
- Driver’s 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 driver’s license number
Negligent failure to fill out form IRS8300: - ANSWER-Fined $280 per return
Criminal Penalties with regards to a material matter (IRS8300): - ANSWER-- Fines up to
$100,000 (individual) and $500,000 (corporation)
- up to 5 years in jail
- Costs of prosecution
The Financial Privacy Rule States: - ANSWER-You give a privacy notice to all Customers
Financial privacy safe harbor requirement - ANSWER-Dealer must print the privacy notice on a
form bill
Financial privacy safeguards rule states: - ANSWER-the seller must protect the information
given by the customer
Any information found on the internet is: - ANSWER-public information
Financial privacy safeguards rule requirements: - ANSWER-- ensure the security and
confidentiality of customer information
- ensure the protection of this information from anticipated threats and hazards
QUESTIONS AND ANSWERS
What are the three elements of a contract - ANSWER-
• Offer
• Acceptance
• Consideration
Spanish rules for buyer’s guide - ANSWER-
• There is a statement at the back of the buyer’s guide that explains the customer to ask for
a Spanish guide if needed
• If the sales transaction is in Spanish, the buyer’s guide must be as well
• 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 indicate on the
contract that it is eligible for the service contract
There are two websites on the buyer’s guide - ANSWER-1) how to get the history on the vehicle
2) How to find out if any open recalls have been issued
Vehicle conditions on the buyer’s guide - ANSWER-You must have an updated condition report
on the buyer’s guide
On the back of the buyer’s 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) Cashier’s Check
2) Bank Draft
, 3) Travelers Check
4)the amount of $9,500 but this is not required to be submitted to the 8300
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 forms
- you do not send the customer a letter explaining the form was submitted
Non-resident alien identification - ANSWER-- Passport number
- Driver’s 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 driver’s license number
Negligent failure to fill out form IRS8300: - ANSWER-Fined $280 per return
Criminal Penalties with regards to a material matter (IRS8300): - ANSWER-- Fines up to
$100,000 (individual) and $500,000 (corporation)
- up to 5 years in jail
- Costs of prosecution
The Financial Privacy Rule States: - ANSWER-You give a privacy notice to all Customers
Financial privacy safe harbor requirement - ANSWER-Dealer must print the privacy notice on a
form bill
Financial privacy safeguards rule states: - ANSWER-the seller must protect the information
given by the customer
Any information found on the internet is: - ANSWER-public information
Financial privacy safeguards rule requirements: - ANSWER-- ensure the security and
confidentiality of customer information
- ensure the protection of this information from anticipated threats and hazards
