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Sales Mastery Final Exam: Motor Vehicle Dealer Regulations in Colorado, Exams of Public Policy

A comprehensive set of questions and answers covering various aspects of motor vehicle dealer regulations in colorado. It delves into licensing requirements, dealer responsibilities, advertising guidelines, consumer protection laws, and vehicle ownership procedures. Valuable insights into the legal framework governing motor vehicle sales in colorado, making it a useful resource for individuals seeking to understand the industry's regulations.

Typology: Exams

2024/2025

Available from 03/12/2025

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SALES MASTERY FINAL EXAM
.QUESTIONS AND VERIFIED
SOLUTIONS.LATEST UPDATE 2025
The Motor Vehicle Dealer Board is authorized and empowered to: - โœ”โœ”โœ”issue or deny motor vehicle
dealer and salesperson licenses
he Motor Vehicle Dealer Board is authorized and empowered to: - โœ”โœ”โœ”d. all of the above
Dealers may be administratively fined by the Dealer Board up to what amount foreach separate
offense? - โœ”โœ”โœ”shall not exceed ten thousand dollars for each separate offense
New and used motor vehicle dealers, wholesalers and wholesale auction dealers arerequired to have
a surety bond in the amount of ? - โœ”โœ”โœ”$50,000 for Dealer/Wholesaler
Motor vehicle salespersons are required to have a surety bond in the amount of? - โœ”โœ”โœ”$15,000
Selling ___ or more vehicles or offering for sale more than ___ vehicles at the sameaddress or
telephone number in any one calendar year, shall be prima facie evidence that - โœ”โœ”โœ”A person is
engaged in the business of selling motor vehicles.
The definition of a used motor vehicle dealer includes which of the following? - โœ”โœ”โœ”"Used motor
vehicle dealer" means any person who, for commission or with intent to make a profit sells used cars.
Wholesalers may: - โœ”โœ”โœ”make a profit or gain selling to dealers and wholesalers
Three of the following are characteristics of an off-premise permit. Which one isnot? - โœ”โœ”โœ”the
permit could be used for a permanent second location
All motor vehicle dealers and used motor vehicle dealers must be open - โœ”โœ”โœ”a. a minimum of 12
hours per week Hours of operation posted and opened at least 3 days per week for a continuous four
hours per day between 8 AM and 9 PM.
the license of a motor vehicle salesperson may be denied, revoked, or suspendedon the following
grounds except: - โœ”โœ”โœ”advertising a salvaged vehicle that identifies that vehicle as a salvage vehicle
The license of a motor vehicle salesperson may be denied, revoked, or suspendedon the following
grounds except: - โœ”โœ”โœ”. not having a valid Colorado drivers license
The license of a motor vehicle salesperson may be denied, revoked, or suspendedon the following
grounds except - โœ”โœ”โœ”to engage as a licensee without having in force a good and sufficient bond
withcorporate surety
A dealer, wholesaler or salesperson who is convicted of any felony or any crimepursuant to Article 3,
4 or 5 of Title 18, C.R.S. (felony or criminal misdemeanor) or likecrime pursuant to federal law or law
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SALES MASTERY FINAL EXAM

.QUESTIONS AND VERIFIED

SOLUTIONS.LATEST UPDATE 2025

The Motor Vehicle Dealer Board is authorized and empowered to: - โœ”โœ”โœ”issue or deny motor vehicle dealer and salesperson licenses he Motor Vehicle Dealer Board is authorized and empowered to: - โœ”โœ”โœ”d. all of the above Dealers may be administratively fined by the Dealer Board up to what amount foreach separate offense? - โœ”โœ”โœ”shall not exceed ten thousand dollars for each separate offense New and used motor vehicle dealers, wholesalers and wholesale auction dealers arerequired to have a surety bond in the amount of? - โœ”โœ”โœ”$50,000 for Dealer/Wholesaler Motor vehicle salespersons are required to have a surety bond in the amount of? - โœ”โœ”โœ”$15, Selling ___ or more vehicles or offering for sale more than ___ vehicles at the sameaddress or telephone number in any one calendar year, shall be prima facie evidence that - โœ”โœ”โœ”A person is engaged in the business of selling motor vehicles. The definition of a used motor vehicle dealer includes which of the following? - โœ”โœ”โœ”"Used motor vehicle dealer" means any person who, for commission or with intent to make a profit sells used cars. Wholesalers may: - โœ”โœ”โœ”make a profit or gain selling to dealers and wholesalers Three of the following are characteristics of an off-premise permit. Which one isnot? - โœ”โœ”โœ”the permit could be used for a permanent second location All motor vehicle dealers and used motor vehicle dealers must be open - โœ”โœ”โœ”a. a minimum of 12 hours per week Hours of operation posted and opened at least 3 days per week for a continuous four hours per day between 8 AM and 9 PM. the license of a motor vehicle salesperson may be denied, revoked, or suspendedon the following grounds except: - โœ”โœ”โœ”advertising a salvaged vehicle that identifies that vehicle as a salvage vehicle The license of a motor vehicle salesperson may be denied, revoked, or suspendedon the following grounds except: - โœ”โœ”โœ”. not having a valid Colorado drivers license The license of a motor vehicle salesperson may be denied, revoked, or suspendedon the following grounds except - โœ”โœ”โœ”to engage as a licensee without having in force a good and sufficient bond withcorporate surety A dealer, wholesaler or salesperson who is convicted of any felony or any crimepursuant to Article 3, 4 or 5 of Title 18, C.R.S. (felony or criminal misdemeanor) or likecrime pursuant to federal law or law

of any other state has _____ days to give the DealerBoard written notice of such conviction? - โœ”โœ”โœ”thirty days after such conviction When a salesperson voluntarily leaves or is discharged from a dealership, the dealermust immediately return that salesperson's _________ to the Dealer Board. - โœ”โœ”โœ”motor vehicle dealer or used motor vehicle dealer who last employed the salesperson shallconfiscate and return such salesperson's license to the board A salesperson can change dealerships during the licensing year provided that aChange of Employer Notification form is submitted to the Board. It is unlawful for suchsalesperson to act as a motor vehicle salesperson until a new _________ is procured. - โœ”โœ”โœ”It shall be unlawful for such salesperson to act as amotor vehicle salesperson until a new license is procured. A buyer agent may: - โœ”โœ”โœ”be retained or hired by a consumer to assist, represent, or act on behalf of such A new motor vehicle has three of the following characteristics. Which onedoesn't it have? - โœ”โœ”โœ”motor vehicle that is titled Which of the following would always indicate a motor vehicle is used? - โœ”โœ”โœ”a vehicle that is titled Since 1985, the Federal Trade Commission's Used Car Rule has required that dealersprominently and conspicuously display the __________________ on every used car orlight truck offered for sale. This is also known as the "as is" sticker. - โœ”โœ”โœ”Buyers Guide three of the following are required when a dealer is advertising a lease of a motorvehicle with a payment amount. Which one is not required? - โœ”โœ”โœ”disclosing the cost of leasing versus the cost of purchasing. An advertisement would include: - โœ”โœ”โœ”all of the above Which of the following must be identified in advertising? - โœ”โœ”โœ”all of the above he only items that can be added to an advertised price are: - โœ”โœ”โœ”none of the above A dealer may advertise in which of the following manners? - โœ”โœ”โœ”d. using a color picture in the ad that is not the same color as the actual vehicle beingadvertised as long as the disclosure, "vehicle colors may vary" is included A dealer's advertising must contain the dealer's licensed name and/or the word(s): - โœ”โœ”โœ”The dealer's name or the word "dealer" must be includedin the advertisement or both name and the word "dealer"if the name appears but does not clearly reflect that thebusiness is a dealer. The Colorado Consumer Protection Act declares bait and switch advertising to bea deceptive trade practice. Bait and switch advertising would include which of thefollowing? - โœ”โœ”โœ”all of the above Three of the following are required to be disclosed when a dealer is advertising aclosed-end credit sale of a motor vehicle with a down payment amount, payment amount,number of payments, period of repayment or amount of finance charge. Which one is notrequired? - โœ”โœ”โœ”a. tax rate A dealer has how many days to deliver or facilitate delivery of title from the dateof sale? - โœ”โœ”โœ”The title or MCO must be procured by the dealer or wholesaler upon the sale and delivery of the vehicle

A customer's trade-in vehicle on a financed deal may be sold: - โœ”โœ”โœ”c. only when the financing has been approved Colorado's Lemon Law covers: - โœ”โœ”โœ”Colorado's Lemon Law covers only new self-propelledvehicles, including pickups and vans. Motor homes andmotorcycles are excluded from the Lemon Law. Which of the following is true about Colorado's Lemon Law? - โœ”โœ”โœ”all of the above The proper steps to repossess a motor vehicle include: - โœ”โœ”โœ”all of the above Local law enforcement offices must be notified within _______ hour(s) before orafter the repossession of a motor vehicle occurs. - โœ”โœ”โœ”onehour before Which of the following may motor vehicle dealers sell on a Sunday? - โœ”โœ”โœ”c. no vehicles may be sold on a Sunday