Dealer License UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
With a consignment what must be disclosed to the -Date of sale
cosigner (person you sold the car for) within 20 days of -Selling price
sale? -Amount of the Lien that was paid, if any
Of the followinh used vehicle sales prices, which would a -Anything over $40k
dealer not be required to offer a contract cancellation
option agreement?
Your occupational license will be automatically canceled -Your seller's permit is revoked
without a hearing if: -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 -2.5% on loans 60 or fewer months, and 2& on loans 60 months or fewer***
loan for their own profit?
How much is the vehicle transfer fee, on a Californian -$15
registered vehicle?
When is a retail dealer required to maintain a vehicle -At all times while licensed.
display area?
How many hours does a dealer have to notify the -48 Hours
advertiser, in writing that a vehicle has been sold or
withdrawn?
When is it proper to reset an odometer? -Never
ANSWERS
With a consignment what must be disclosed to the -Date of sale
cosigner (person you sold the car for) within 20 days of -Selling price
sale? -Amount of the Lien that was paid, if any
Of the followinh used vehicle sales prices, which would a -Anything over $40k
dealer not be required to offer a contract cancellation
option agreement?
Your occupational license will be automatically canceled -Your seller's permit is revoked
without a hearing if: -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 -2.5% on loans 60 or fewer months, and 2& on loans 60 months or fewer***
loan for their own profit?
How much is the vehicle transfer fee, on a Californian -$15
registered vehicle?
When is a retail dealer required to maintain a vehicle -At all times while licensed.
display area?
How many hours does a dealer have to notify the -48 Hours
advertiser, in writing that a vehicle has been sold or
withdrawn?
When is it proper to reset an odometer? -Never
