State of Colorado Sales License Test Exam Questions With 100% Verified Solutions

State of Colorado Sales License Test Exam Questions With 100% Verified Solutions A Motor vehicle salesman can be personally liable for any proven claim or judgement in excess of their surety bond - ANSWER TRUE Licensed Motor vehicle dealers - ANSWER must be open for business at least three (3)days per week for a continuous period of time not less than four (4) hours per day between the hours of8 a.m. and 9 p.m. The license of a new or used dealer/wholesale/auctioneer/ may be denied/suspended/revoked/fined for all the following except: - ANSWER attempting to negotiate the sale or lease of a Motor vehicle with intent to make profit or gain Federal odometer law declares it unlawful to do the following: - ANSWER operate Motor vehicle on any street with intent to defraud knowing the odometer is disconnected A dealer has how many days to facilitate delivery from the date of sale? - ANSWER 30 Days Which of the following is NOT proof of ownership for a Motor Vehicle for a CO dealer? - ANSWER a vehicle subject to a lien on the title a dealers ad must contain the dealers licensed name and the words - ANSWER Dealer federal cash reporting requires dealers to file form 8300 with IRS within how many days of receiving $10,000 cash? - ANSWER 15 days Wholesalers may? - ANSWER Sell to dealers and other wholesalers or Make a profit or gain selling to dealers and wholesalers The license of a Motor vehicle salesman may be revoked/suspended on the following grounds: - ANSWER Violating any of the terms and provisions The license of a Motor vehicle salesman may be revoked/suspended on all grounds EXCEPT: - ANSWER advertising a salvaged vehicle while identifying that vehicle as salvaged The advertised price of a Motor vehicle must include: - ANSWER dealer handling and preparation charges Which must remain in the window of a new motor vehicle until its sold to the ultimate purchaser? - ANSWER Moroney label A Motor vehicle dealer, wholesaler, or salesperson must give Dealer Board written notice of - ANSWER If hours of business are going to change Motor vehicles with demo plates may be loaned to charity organizations and celebrities - ANSWER False Which is a false statement regarding dealers and buyers - ANSWER A dealer must offer a warranty on all motor vehicles sold in addition to possible dealer bond sanctions, if a dealer/salesperson uses bait & switch it is a class 2 misdemeanor with 12 months maximum jailtime and $1,000 fine or both - ANSWER TRUE What is the highest fine per offense the dealer board may impose on dealers who sell vehicles less than 1500 lbs? - ANSWER $500 The license of a Motor vehicle salesperson or PWSPT may be denied/revoked/suspended on any of the following grounds except - ANSWER improperly withholding/misappropriating/converting to ones own use any money belonging to customers or any persons received in employment as a salesperson according to Colorado law which does NOT need to be licensed as a motor vehicle dealer? - ANSWER All of the above The Motor Vehicle Dealer Board does NOT have among its members: - ANSWER Three employees from the dept. of revenue A buyer agent - ANSWER is retained or hired by a consumer to assist/represent/act on behalf of such consumer in connection with the purchase of lease of a Motor vehicle Local law enforcement agencies must be notified within 4 hours