MASTERY EXAM, CAR SALES TEST COLORADO ACTUAL EXAM
QUESTIONS AND CORRECT DETAILED ANSWERS VERSION
ALREADY A+ GRADED WITH EXPERT FEEDBACK|NEW!!
Answer- Finance Charge
Advertisement of rate of finance charge. If an
advertisement states a rate of finance charge, it
shall state the rate as an "annual percentage rate," using
that term. If the annual percentage
rate may be increased after consummation, the
advertisement shall state that fact. If an
advertisement is for credit not secured by a dwelling,
the advertisement shall not state any
other rate, except that a simple annual rate or periodic
rate that is applied to an unpaid balance
may be stated in conjunction with, but not more
conspicuously than, the annual percentage
rate. If an advertisement is for credit secured by a
The advertise price of a motor
dwelling, the advertisement shall not
vehicle must include:
state any other rate, except that a simple annual rate that
is applied to an unpaid balance may
be stated in conjunction with, but not more conspicuously
than, the annual percentage rate.
Advertisement of terms that require additional disclosures -
Triggering terms. If any of the following terms is set
forth in an advertisement, the advertisement shall
meet the requirements of paragraph (d)(2) of this
section:
(i)
The amount or percentage of any
downpayment. (ii)
The number of payments or
period of repayment. (iii)
The amount of any
payment. (iv)
The amount of any finance charge.
,Which of the following is a a dealer shall clearly indicate on the customer
true statement regarding contract when a vehicle is sold "as-is and without a
dealers and buyers garantee
, Answer- A vehicle subject to lien on the title
2.0 Proof of Ownership Requirements
a. A used vehicle with a Colorado title:
2.1 All Colorado dealers or wholesalers must maintain
the following evidence of ownership for each
vehicle in their possession:
61
Auto Industry DivisionStudy Guide- Miscellaneous Statutes &
Regulations
2. Odometer disclosure if required.
A used vehicle with an out-of-state title:
Odometer disclosure if required; and,
Colorado Dealer's Out-of-State Vehicle
Information Disclosure; and, Colorado
verification of Vehicle Identification Number.
A new vehicle assigned by MCO to a dealer or wholesaler:
MCO assigned or reassigned to a franchised
Which of the following is not
dealer or wholesaler; and, Odometer
proof of ownership of a
disclosure if required.
motor vehicle for a
MCO reassigned to the franchised dealer or
Colorado dealer
wholesaler; and, Odometer disclosure if
required; and,
Verification of vehicle identification number.
1. A Colorado title assigned to the dealer, wholesaler,
or chain of ownership evidenced by the Colorado
Dealer's Bill(s) of Sale for a Motor Vehicle; and,
1. The out-of-state title assigned to the dealer,
wholesaler, or out-of-state title with proper chain
of ownership; and,
3. No dealer or wholesaler shall hold a MCO unless
that dealer or wholesaler is franchised to sell that
specific make of vehicle as indicated on the MCO.
d. A new vehicle assigned or re-assigned with its MCO
from an out-of-state franchised
dealer or wholesaler to a franchised Colorado dealer or
wholesaler:
4. No dealer or wholesaler shall hold a MCO unless
that dealer or wholesaler is franchised to sell that
, specific make of vehicle as indicated on the MCO.
e. If a title or an MCO has been surrendered by the
dealer or wholesaler to a bank or financing
organization or any other person as collateral under a
Floor Plan
agreement,
the dealer or wholesaler must have in its possession evidence
ac
QUESTIONS AND CORRECT DETAILED ANSWERS VERSION
ALREADY A+ GRADED WITH EXPERT FEEDBACK|NEW!!
Answer- Finance Charge
Advertisement of rate of finance charge. If an
advertisement states a rate of finance charge, it
shall state the rate as an "annual percentage rate," using
that term. If the annual percentage
rate may be increased after consummation, the
advertisement shall state that fact. If an
advertisement is for credit not secured by a dwelling,
the advertisement shall not state any
other rate, except that a simple annual rate or periodic
rate that is applied to an unpaid balance
may be stated in conjunction with, but not more
conspicuously than, the annual percentage
rate. If an advertisement is for credit secured by a
The advertise price of a motor
dwelling, the advertisement shall not
vehicle must include:
state any other rate, except that a simple annual rate that
is applied to an unpaid balance may
be stated in conjunction with, but not more conspicuously
than, the annual percentage rate.
Advertisement of terms that require additional disclosures -
Triggering terms. If any of the following terms is set
forth in an advertisement, the advertisement shall
meet the requirements of paragraph (d)(2) of this
section:
(i)
The amount or percentage of any
downpayment. (ii)
The number of payments or
period of repayment. (iii)
The amount of any
payment. (iv)
The amount of any finance charge.
,Which of the following is a a dealer shall clearly indicate on the customer
true statement regarding contract when a vehicle is sold "as-is and without a
dealers and buyers garantee
, Answer- A vehicle subject to lien on the title
2.0 Proof of Ownership Requirements
a. A used vehicle with a Colorado title:
2.1 All Colorado dealers or wholesalers must maintain
the following evidence of ownership for each
vehicle in their possession:
61
Auto Industry DivisionStudy Guide- Miscellaneous Statutes &
Regulations
2. Odometer disclosure if required.
A used vehicle with an out-of-state title:
Odometer disclosure if required; and,
Colorado Dealer's Out-of-State Vehicle
Information Disclosure; and, Colorado
verification of Vehicle Identification Number.
A new vehicle assigned by MCO to a dealer or wholesaler:
MCO assigned or reassigned to a franchised
Which of the following is not
dealer or wholesaler; and, Odometer
proof of ownership of a
disclosure if required.
motor vehicle for a
MCO reassigned to the franchised dealer or
Colorado dealer
wholesaler; and, Odometer disclosure if
required; and,
Verification of vehicle identification number.
1. A Colorado title assigned to the dealer, wholesaler,
or chain of ownership evidenced by the Colorado
Dealer's Bill(s) of Sale for a Motor Vehicle; and,
1. The out-of-state title assigned to the dealer,
wholesaler, or out-of-state title with proper chain
of ownership; and,
3. No dealer or wholesaler shall hold a MCO unless
that dealer or wholesaler is franchised to sell that
specific make of vehicle as indicated on the MCO.
d. A new vehicle assigned or re-assigned with its MCO
from an out-of-state franchised
dealer or wholesaler to a franchised Colorado dealer or
wholesaler:
4. No dealer or wholesaler shall hold a MCO unless
that dealer or wholesaler is franchised to sell that
, specific make of vehicle as indicated on the MCO.
e. If a title or an MCO has been surrendered by the
dealer or wholesaler to a bank or financing
organization or any other person as collateral under a
Floor Plan
agreement,
the dealer or wholesaler must have in its possession evidence
ac
