State Of Colorado Motor Vehicle Dealer Board Mastery Examination Questions And Answers (2023/2024) (Verified Answers)

The license of a motor vehicle salesperson may be denied, revoked, or suspended on the following grounds except: a. having knowingly disposed of a stolen motor vehicle b. defrauding any retail buyer to such person's damage c. representing as "new" a motor vehicle that the salesperson knows is used d. not having a valid Colorado drivers license {Ans: D... A photocopy of an appropriate identification such as a Colorado Driver License https://www.colorado.gov/pacific/enforcement/salesperson-auto-industry-division}The federal cash reporting rule requires dealers to file federal form 8300 with the Internal Revenue Service when they receive more than $10,000 cash in a single transaction. How many days does a dealer have to file this form? a. 5 days b. 15 days c. 30 days d. 45 days {Ans: Generally, a business must file Form 8300 within 15 days after they receive the cash. https://www.irs.gov/businesses/small-businesses-self-employed/irs-form-8300-reference-guide}Which of the following is a false statement regarding dealers and buyers? a. a dealer must offer a warranty on all motor vehicles sold b. a buyer does not have 72 hours to change their mind on a motor vehicle sale that took place at the dealership c. a dealer shall clearly indicate on the customer contract when a vehicle