Virginia MVDB Dealer Operator Practice Exam

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• Are the children of a dealer-operator allowed to drive on dealer plates?
• According to the regulations, when must the Buyer's Guide be provided to the purchaser?
• Multiple transactions totaling $10,000 or more by the same individual within a 24-hour period are considered:
• When must a dealer notify the Dealer Board about a salesperson who has left?
• What is required if an advertisement mentions the processing fee?
• Can the processing fee charged by a dealer be negotiated?
• What is the condition for a business to qualify for a dealer's license regarding zoning?
• Under what condition may a dealer pass on the business license tax to the consumer?
• How is the Motor Vehicle Transaction Recovery Fund claim limit adjusted?
• Is it true that every Independent Dealer-Operator must pass an exam to recertify?
• How many hours of continuing education are required to recertify as an Independent Dealer-Operator?
• What restriction applies to selling a non-repairable vehicle?
• What was the Sales and Use Tax rate for motor vehicles from 07/01/2014 through 06/30/2015?
• In regards to dealer tags, which of the following is TRUE?
• Which terms should be avoided in advertisements to avoid misleading consumers?
• What is an acceptable format for disclosing vehicle mileage according to regulations?
• An original vehicle title is valid as long as which condition is met?
• How many days in advance must a dealership notify the Board of a change in location?
• When offering a vehicle at a public auction, what must be displayed on the vehicle?
• What requirement must a dealer who is "on-line" with DMV fulfill regarding vendor fees?
• Are dealer plates permitted on a vehicle owned by the dealer if the customer’s car is in the dealer's repair shop?
• What must be indicated if a "used" vehicle is advertised?
• What is the primary requirement for a vehicle title to be valid?
• Which aspect of a dealer's performance is evaluated in the context of extended service contracts?
• What is required to process a salvage title to an insurance company?
• If a vehicle title is in two names with "Or Survivor," do both individuals need to sign when transferring ownership?
• What must dealers do under the Privacy Act concerning customer information?
• How long are dealers required to keep their advertisements after they expire?
• What must happen before a vehicle can be considered 'rebuilt' after salvage?
• What percentage increase in Sales and Use Tax was effective from 07/01/2016 through 06/30/2017?
• What title branding is applied to a salvage vehicle that is repaired and incurs damage below 76% of its retail value?
• If a finance payment is stated in an advertisement, what disclosures are required?
• Vehicles purchased at auction can be driven on the highway under which circumstances?
• If a dealer's vehicle inventory includes parts and accessories, which of the following applies?
• What certificate does an insurance company receive when it takes possession of a vehicle due to a claim?
• What is one reason a dealer might charge a processing fee?
• What does the Truth in Lending Act require when advertising certain terms?
• What is required if a dealer offers vehicles for sale in Spanish?
• What should a dealer include in an advertisement if they have a limited number of a specific vehicle?
• As a result of the "Automatic Stay" in a bankruptcy, what happens?
• Before repossessing a vehicle in Virginia, is it required to send the debtor a "Final Notice"?
• Under what condition can original sales records be stored off-site?
• What is required from a dealer's business regarding the internet?
• What must be included on the Buyer's Guide?
• Which agency oversees the registration of dealer processing fees?
• Which of the following is not allowed in a dealer's advertisement?
• What information must be included in the temporary closing notice information (MVDB-40)?
• When can plates be transferred from a customer's vehicle to an inventory vehicle using DMV form VSA 39?
• Individuals from a marketing firm assisting in sales activities are required to obtain what?
• Is it necessary for a Retail Installment Sales Contract if the buyer's order includes the credit terms?
• What is the retention period for copies of Form 8300 sent to the IRS?
• What is the minimum square footage required for the sales and office space in a dealer's established place of business?
• What is the tax percentage of the processing fee effective from 2013 to 2017?
• What defines a dealer in Virginia, according to the state code?
• What must a vehicle do before being delivered on consignment from a consumer to a retail customer in Virginia?
• What is the first action a dealer should take if they lose a dealer license plate?
• What portion of the retail cost of the service contract must the dealer collect retail sales tax for extended service contracts?
• What happens if a dealer does not follow the TILA requirements?
• What type of advertisement is a classified advertisement from a dealer typically expected to be?
• How many years must a dealership keep proof of a Virginia Safety Inspection?
• Is it true that a processing fee must be specified on the buyer's order?
• What does the term "Mileage" specifically refer to in the context of vehicles?
• Are advertisements placed on the internet subject to Virginia's Advertising Laws?
• What must be sent to the debtor when a vehicle has been repossessed under the Article 9 revision of the UCC?
• What condition must be met for a Temporary Supplemental License based on consecutive sales?
• What must advertisements used for Internet Advertising adhere to?
• Can a DMV Form 17A be utilized in place of the application on the title?
• What is the maximum late charge allowed under an installment sales contract in Virginia?
• What limitation exists regarding the issuance of Temporary Supplemental Licenses for off-site sales?
• What must a person do to sell a vehicle legally if it has been rebuilt?
• Is a Buyer's Guide required to be posted on motorcycles?
• If a dealer offers a used vehicle covered by a third-party service agreement, what should be checked on the Buyer's Guide window sticker?
• A transport tag may be used for an inventory vehicle being transported by a part-time employee for a maximum of how long?
• Which of the following is a requirement under the Privacy Act?
• A processing fee can only be charged if what condition is met?
• Dealers must have which of the following documented before a retail sale?
• What does "E-Title" refer to in the context of vehicle ownership?
• In Virginia, what is the maximum interest rate on an installment sales contract?
• True or False: A dealer's processing fee must be disclosed in an advertisement when the advertised price includes the processing fee.
• In Virginia, advertising laws apply equally to which of the following?
• What is a restriction placed on "Internet employees" in relation to quoting prices over the phone?
• Can dealers rent tags and office space to a licensed salesperson without completing forms?
• Is a transport tag valid for a vehicle delivered to a consumer?
• What does it mean if a vehicle is classified as non-repairable?
• When can "Free", "at no cost", or similar terms be used in advertisements?
• What must purchasers of vehicles be aware of regarding processing fees?
• What is true about running a credit report on a customer during a test drive?
• When can a vehicle without a Virginia inspection sticker be test driven prior to purchase at an auction?
• What is the maximum amount of a claim from the Motor Vehicle Transaction Recovery Fund?
• What is indicated by the Odometer Reading of a vehicle?
• What is the purpose of Section A on the face of the Virginia Title?
• Which digit of the Vehicle Identification Number (VIN) identifies the year of the vehicle?
• What is the filing deadline for Form 8300 with the IRS after receiving cash exceeding $10,000?
• It is unlawful to sell a rebuilt vehicle without which requirement?
• Is a processing fee subject to sales and use tax?
• Which purchase is a dealer exempt from paying Virginia sales tax on?
• When is a separate odometer statement required to be used?
• What is Section "B" on the back of a Virginia title used for?
• What is an "Open Title"?
• What do dealers who are not "on-line" with DMV have to pay and cannot pass on to customers?
• What is required before a dealer enters into a cash or credit transaction with a customer?
• What may an applicant for a salesperson's license do after passing the qualification test?
• Are there any grandfather exceptions to recertify as an Independent Dealer-Operator in Virginia?
• What is the time frame for appointing a new dealer-operator if the current one is incapacitated?
• By when must a written statement be sent to individuals named on an 8300 form?
• Who holds the responsibility for notifying the Dealer Board when a salesperson leaves a dealership?
• Is a Virginia Safety Inspection necessary before a retail vehicle sale?
• Under the Truth In Lending Act, when do motor vehicle dealers have to comply?
• What is the maximum time a customer can use dealer plates on a dealer's car while considering a purchase?
• What action must be taken if dealer-arranged financing is not approved?
• Which of the following vehicles can NOT utilize dealer tags?
• As of the 2004 session of the General Assembly, which type of vehicle mileage does not need to be disclosed by dealers?
• Can Virginia dealers advertise dealer rebates?
• After a lien has been satisfied, how many days does a lien-holder have to surrender the title to the rightful owner?
• What signed statement must be attached to the title when selling a vehicle that was a former taxicab?
• What does a "Pick Up Payment" refer to in a credit transaction?
• According to advertising regulations, which of the following triggers full disclosure?
• Is "Drive Train or Power Train" a sufficient description of warranty coverage on the Buyer's Guide?
• If a used vehicle is under the manufacturer's warranty, how should the "Warranty" box on the Federal Buyer's Guide be marked?
• If a license renewal application is received more than 30 days after the expiration date, how will it be treated?
• Is the vehicle's odometer reading required to be disclosed without tenths?
• Who must sign the reverse of the Buyer's Guide?
• What is one false statement regarding the dealership's operational procedures?
• What is the consequence of failing to properly disclose a used vehicle's condition?
• What circumstance allows a dealer to charge a business license tax?
• Which of the following documents must sellers keep for future reference relating to vehicle sales?
• What is required when providing an in-house warranty to the customer?
• What should be included in documentation when financing more than four installments?
• Can the price of a vehicle be increased to cover financing costs in a credit transaction?
• What is the maximum number of dealer plates allowed for dealers selling fewer than 25 vehicles per year?
• What is true about dealers located in other states when advertising in Virginia?
• Under a dealer obligor extended service agreement, who is liable for repairs if the administrator is out of business?
• Who has unlimited use of a dealer plate under the Code of Virginia?
• When must the dealer provide a privacy notice to a customer?
• How many sets of Print on Demand (PoD) temporary tags can a dealer issue for vehicles to be titled in Virginia?
• What must all advertisements related to dealer operations maintain?
• How are dealers prohibited from being billed when using third-party internet advertising services?
• According to regulations, how must dealers manage customer records regarding privacy?
• If a processing fee is charged to cash customers, what does this imply?
• What is a requirement before selling a vehicle that has been rebuilt?
• What is the timeframe for notifying the Board when a dealership's location is moved?
• Is it permissible for a Virginia Dealer to use the reassignment section on another state's title?
• Which of the following is true regarding a Virginia Safety Inspection?
• What is the total limit on all claims paid due to fraudulent actions by an individual dealer from the Recovery Fund?
• What valid proof may a dealer use for a Virginia Safety Inspection performed prior to retail sale?
• No title or registration shall be issued for which vehicle type?
• What is required before a dealership can complete a change of location?
• Which statement correctly describes the state of dealer tags usage?
• What type of title is issued for a rebuilt vehicle with damage exceeding 75% but less than 90% of its pre-damaged value?
• How does the state define the processing fee charged by auto dealers?
• What potential penalties can be assessed under the Federal Truth In Lending Act for violations?
• In what document must a paragraph incorporating the terms of the Federal Trade Commission Buyer's Guide be included?
• If a dealer charges a processing fee, how does it affect the finance charge or APR in a credit transaction?
• An advertisement of a "Sale" must include the sale end date only when?
• In the event of a "Lemon Law" violation, who typically holds the primary responsibility for payment of damages?
• Which of the following is a requirement for advertisements involving finance payments?
• What must be done regarding an adverse action letter if there is a co-purchaser?
• How should mileage be disclosed on the Buyer's Order?
• In a classified advertisement placed by a dealer, what must the advertisement include?
• What happens when a dealer-operator ceases to act in that capacity?
• The Manufacturers Warranty Adjustment Act pertains to what?
• Is a dealer required to purchase dealer license plates?
• How can a Virginia Dealer secure a lien on a vehicle intended for a title in another state?
• Which of the following is NOT required for transferring ownership of a vehicle?
• Which type of lien has priority over all others with specific exceptions?
• How often must the privacy policy be sent to customers with a continuing relationship with the dealer?
• What is true about the Sales and Use Taxes rate progression for motor vehicles effective from 2013 through 2017?
• What is the maximum amount of a mechanic's lien on a vehicle for a lien holder?
• Under the Consumer Protection Act, what is the maximum civil penalty for violating an injunction?
• How does the transferor disclose mileage when transferring vehicle ownership?
• Can a salesperson purchase vehicles to resell using their own funds?
• If a customer declares bankruptcy within 90 days after vehicle delivery, when must the lien be recorded to avoid becoming an unsecured creditor?
• Which time window must a dealership be open at least 10 hours during the week?
• For how long must odometer disclosure statements and sale paperwork be retained?
• What does Part 2 of Maryland's two-part title represent?
• What must occur when a salesperson transfers from one dealership to another?
• How many hours per week must a dealership be open for business?
• How should warranties be defined in sales documents according to regulations?
• How often are Independent Dealer-Operators required to recertify their qualifications?
• How do "Mileage" and "Odometer Reading" differ?
• How many dealer plates can a dealer purchase based on the total sales?
• When is a licensed salesperson permitted to purchase a vehicle with their own funds?
• What is required on the Buyer's Guide for used vehicles?
• What happens to an original vehicle title if a replacement or substitute is issued?
• If a customer is denied credit, what must the dealer provide?
• For licensing, what type of space must a dealer have designated for their exclusive use?
• Which of the following statements can be used when advertising a vehicle?
• When a Virginia title is branded, what additional document also displays that brand?
• What are the "Dealer Reassignment" sections on a title used for?
• What does "E-Lien" refer to in vehicle title and registration?
• Can a customer use dealer plates on a dealer's car if they are interested in purchasing it?
• Which entity must register the processing fee charged by the dealer?
• Dealers are required to disclose their processing fee in what type of typeface?
• What is the Virginia sales and use tax rate on a vehicle as of July 1, 2016?
• When must a dealer secure a title in the name of the dealership?
• When a dealer charges a processing fee, what is required?
• How long is a dealership required to maintain Print on Demand (PoD) temporary tag registrations?
• What is one required feature of the dealer's established place of business according to licensing requirements?
• Can a salesperson's spouse drive on dealer tags?
• What does "Title Held" imply?
• In Virginia, can a title showing a lien holder be transferred if the "Lien Release" section is completed?