7.06 Test Yourself The first questions below are the same questions asked in "What Do You Know?" at the beginning of this chapter. Try answering these questions again and compare your results with your earlier answers. Then, answer the additional questions. 1. Check any statement that is correct (there may be more than one correct statement): When selling to another dealer. a) Selling dealers must disclose previous use as a taxi, police vehicle, etc. b) Selling dealers must disclose damage repairs in excess of $3,000 c) Selling dealers must disclose if the vehicle has two or more adjacent panels (that are not bumper panels) that have been replaced d) Selling dealers are not required to make disclosures in wholesale transactions 2. Are the requirements for the sale or lease of a vehicle to another dealer in the MVDA the General Regulations or the Code of Ethics Regulations? 3. Provide two potential facts related to a vehicles history (not including the examples given in question 1) that must be disclosed in dealer-to-dealer sales and leases. 4. True or False: In dealer-to-dealer transactions, the following disclosure is not required as it is for retail transactions only any fact about the vehicle that affects the structural or mechanical quality or performance of the vehicle that, if disclosed, could reasonably be expected to influence the decision of a reasonable buyer or lessee to buy or lease the vehicle. 5. When selling to another dealer, what must the selling dealer do if he/she cannot determine the distance the vehicle has been driven? 6. Check any statement that is correct: A contract for sale or lease of a vehicle between dealers: a) Must disclose specific information to comply with the Code of Ethics Regulations b) Must disclose exactly the same information required in the sale of a vehicle to a purchaser who is a consumer c) Must disclose a statement as to whether CAMVAP is available d) Is subject to the provisions of the Consumer Protection Act 7.06 Test Yourself The first questions below are the same questions asked in "What Do You Know?" at the beginning of this chapter. Try answering these questions again and compare your results with your earlier answers. Then, answer the additional questions. 1. Check any statement that is correct (there may be more than one correct statement): When selling to another dealer. a) Selling dealers must disclose previous use as a taxi, police vehicle, etc. b) Selling dealers must disclose damage repairs in excess of $3,000 c) Selling dealers must disclose if the vehicle has two or more adjacent panels (that are not bumper panels) that have been replaced d) Selling dealers are not required to make disclosures in wholesale transactions 2. Are the requirements for the sale or lease of a vehicle to another dealer in the MVDA the General Regulations or the Code of Ethics Regulations? 3. Provide two potential facts related to a vehicles history (not including the examples given in question 1) that must be disclosed in dealer-to-dealer sales and leases. 4. True or False: In dealer-to-dealer transactions, the following disclosure is not required as it is for retail transactions only any fact about the vehicle that affects the structural or mechanical quality or performance of the vehicle that, if disclosed, could reasonably be expected to influence the decision of a reasonable buyer or lessee to buy or lease the vehicle. 5. When selling to another dealer, what must the selling dealer do if he/she cannot determine the distance the vehicle has been driven? 6. Check any statement that is correct: A contract for sale or lease of a vehicle between dealers: a) Must disclose specific information to comply with the Code of Ethics Regulations b) Must disclose exactly the same information required in the sale of a vehicle to a purchaser who is a consumer c) Must disclose a statement as to whether CAMVAP is available d) Is subject to the provisions of the Consumer Protection Act