CAR DEALER LICENSE QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
With a consignment what must be disclosed to the cosigner (person you sold the car
for) within 20 days of sale? - answers - -date of sale
-selling price
-amount of the lien that was paid, if any
Of the followinh used vehicle sales prices, which would a dealer not be required to offer
a contract cancellation option agreement? - answers - -anything over $40k
Your occupational license will be automatically canceled without a hearing if: - answers
- -your seller's permit is revoked
-you have a bond reduction
-you take your main sign down and relinquish your office
What is the maximum markup that dealers may add to a loan for their own profit? -
answers - -2.5% on loans 60 or fewer months, and 2& on loans 60 months or fewer***
How much is the vehicle transfer fee, on a californian registered vehicle? - answers - -
$15
When is a retail dealer required to maintain a vehicle display area? - answers - -at all
times while licensed.
How many hours does a dealer have to notify the advertiser, in writing that a vehicle has
been sold or withdrawn? - answers - -48 hours
When is it proper to reset an odometer? - answers - -never
Effectively july 1, 2006, dealers who advertise a vehicle as "certified" will be in violations
of the law if the vehicle they are referring to in the ad has the following history: -
answers - -salvage
-frame damage
When you are a dealer selling a car to a retail customer, when is it proper for the dealer
to allow the customers to obtain a smog certificate on their own? - answers - -never
If a dealer is suspected of violating the laws that regulate dealers, which of the following
actions may be taken against the dealer: - answers - -administrative hearing
-possible prosecution by the district attorney
-civil action for money damages
ACCURATE ANSWERS
With a consignment what must be disclosed to the cosigner (person you sold the car
for) within 20 days of sale? - answers - -date of sale
-selling price
-amount of the lien that was paid, if any
Of the followinh used vehicle sales prices, which would a dealer not be required to offer
a contract cancellation option agreement? - answers - -anything over $40k
Your occupational license will be automatically canceled without a hearing if: - answers
- -your seller's permit is revoked
-you have a bond reduction
-you take your main sign down and relinquish your office
What is the maximum markup that dealers may add to a loan for their own profit? -
answers - -2.5% on loans 60 or fewer months, and 2& on loans 60 months or fewer***
How much is the vehicle transfer fee, on a californian registered vehicle? - answers - -
$15
When is a retail dealer required to maintain a vehicle display area? - answers - -at all
times while licensed.
How many hours does a dealer have to notify the advertiser, in writing that a vehicle has
been sold or withdrawn? - answers - -48 hours
When is it proper to reset an odometer? - answers - -never
Effectively july 1, 2006, dealers who advertise a vehicle as "certified" will be in violations
of the law if the vehicle they are referring to in the ad has the following history: -
answers - -salvage
-frame damage
When you are a dealer selling a car to a retail customer, when is it proper for the dealer
to allow the customers to obtain a smog certificate on their own? - answers - -never
If a dealer is suspected of violating the laws that regulate dealers, which of the following
actions may be taken against the dealer: - answers - -administrative hearing
-possible prosecution by the district attorney
-civil action for money damages
