AFIP CERT 2024 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS VERIFIED
The three elements of a contract
Offer, acceptance, and consideration
Cannot enforce a contract against a customer unless it is
signed by the customer.
Under the Revised Used Car Rule the requirements regarding Spanish Language
transaction includes which of the following provision
a. English version of buyers guide there's a sentence that says if you want a Spanish
version just ask for it
b. If the sales transaction is covered in Spanish the buyer's guide must be in Spanish
c. Buyers guide has to be on the vehicle if Spanish language anytime it can be viewed
by the public for purpose of purchasing
Revised Buyers guide has 2 websites:
1. Website to find history of vehicle
2. Website for safety recalls
(True/False) If vehicle marked on lot as is, in order to close the deal throw in
warranty then the salesperson must complete new buyers guide it must reflect
the conditions of the sale at time of sale.
True
Information provided for complaints after sale contact
,Put the name, phone number, and title on the contract.
If dealer goes to third party provider and buys warranties, how would you mark
that on the buyer's guide?
1. On the top, check the box that says no dealer warranty
then check box 3/4 way down that says other used vehicle warranty
Penalty for violating used car rule max?
$51,744 (2024)
Cash is:
Less than $10k. Can be:
- Cashiers check
- Money order
- Travelers check
- Bank draft
Have to fill out form (IRS 8300 form) when:
1. Someone brings in cash, but credit is so bad have to give it back
2. On buy here pay dealer within a 12 mo period. The amount paid is less than have to
fill out the form here the total amount received in cash
3. Related cash transactions occur in 24 hour period
How do you record the customer on the IRS 8300 Form?
SSN Number
ITIN
Employer Identification Number (Federal TaxID Number)
If you have a suspicious transaction (IRS 8300 Form)...
, 1. Can't tell customer you're filling out the form even if they ask you
2. Don't send a written notice to the customer
If customer refuses to give SSN (IRS 8300 Form)...
Leave that section blank and write customer refused to provide SSN. Put drivers license
on form and sell the car. You have to tell them what they have to do relative to that
form. You have to say mr. jones this is what is required at this point. Cant just assume
they understood what was in the instructions.
Non resident alien, how do you record them on the IRS 8300 Form?
Drivers License Number and Passport Number
If you neglect to send in the IRS 8300 Form
Penalty is $310 per return.
Criminal Penalty for willfully filing the IRS 8300 Form with false regard to material
matter?
Fine up to 100k for individual
Fine up to 500k for corporation
and/or up to 3 years in jail plus the cost of prosecution.
You have to give a copy of IRS 8300 to ________.
every CUSTOMER (not consumer)
Safe harbor says if you interpret the law correctly and apply correctly sue
government. For dealer to have safe harbor protection needs to
print form off website called form builder and all you can add is your corporate logo.
(Safe Guard Rule) Anything that can be found on the internet or in the phone
book is public information
COMPLETE SOLUTIONS VERIFIED
The three elements of a contract
Offer, acceptance, and consideration
Cannot enforce a contract against a customer unless it is
signed by the customer.
Under the Revised Used Car Rule the requirements regarding Spanish Language
transaction includes which of the following provision
a. English version of buyers guide there's a sentence that says if you want a Spanish
version just ask for it
b. If the sales transaction is covered in Spanish the buyer's guide must be in Spanish
c. Buyers guide has to be on the vehicle if Spanish language anytime it can be viewed
by the public for purpose of purchasing
Revised Buyers guide has 2 websites:
1. Website to find history of vehicle
2. Website for safety recalls
(True/False) If vehicle marked on lot as is, in order to close the deal throw in
warranty then the salesperson must complete new buyers guide it must reflect
the conditions of the sale at time of sale.
True
Information provided for complaints after sale contact
,Put the name, phone number, and title on the contract.
If dealer goes to third party provider and buys warranties, how would you mark
that on the buyer's guide?
1. On the top, check the box that says no dealer warranty
then check box 3/4 way down that says other used vehicle warranty
Penalty for violating used car rule max?
$51,744 (2024)
Cash is:
Less than $10k. Can be:
- Cashiers check
- Money order
- Travelers check
- Bank draft
Have to fill out form (IRS 8300 form) when:
1. Someone brings in cash, but credit is so bad have to give it back
2. On buy here pay dealer within a 12 mo period. The amount paid is less than have to
fill out the form here the total amount received in cash
3. Related cash transactions occur in 24 hour period
How do you record the customer on the IRS 8300 Form?
SSN Number
ITIN
Employer Identification Number (Federal TaxID Number)
If you have a suspicious transaction (IRS 8300 Form)...
, 1. Can't tell customer you're filling out the form even if they ask you
2. Don't send a written notice to the customer
If customer refuses to give SSN (IRS 8300 Form)...
Leave that section blank and write customer refused to provide SSN. Put drivers license
on form and sell the car. You have to tell them what they have to do relative to that
form. You have to say mr. jones this is what is required at this point. Cant just assume
they understood what was in the instructions.
Non resident alien, how do you record them on the IRS 8300 Form?
Drivers License Number and Passport Number
If you neglect to send in the IRS 8300 Form
Penalty is $310 per return.
Criminal Penalty for willfully filing the IRS 8300 Form with false regard to material
matter?
Fine up to 100k for individual
Fine up to 500k for corporation
and/or up to 3 years in jail plus the cost of prosecution.
You have to give a copy of IRS 8300 to ________.
every CUSTOMER (not consumer)
Safe harbor says if you interpret the law correctly and apply correctly sue
government. For dealer to have safe harbor protection needs to
print form off website called form builder and all you can add is your corporate logo.
(Safe Guard Rule) Anything that can be found on the internet or in the phone
book is public information
