Week Two (Tuesday) - Jsg - 2.01 - 2.02

Reviewed by Editorial Team
The ProProfs editorial team is comprised of experienced subject matter experts. They've collectively created over 10,000 quizzes and lessons, serving over 100 million users. Our team includes in-house content moderators and subject matter experts, as well as a global network of rigorously trained contributors. All adhere to our comprehensive editorial guidelines, ensuring the delivery of high-quality content.
Learn about Our Editorial Process
| By Hydemegan
H
Hydemegan
Community Contributor
Quizzes Created: 4 | Total Attempts: 319
| Attempts: 61
SettingsSettings
Please wait...
  • 1/15 Questions

    Which number is not a title float option?

    • 1
    • 3
    • 6
    • 9
    • Unlimited
Please wait...
About This Quiz

This quiz for Week Two (Tuesday) - JSG - 2.01 - 2.02 assesses understanding of compliance issues related to contract funding, title float options, and overdue title notifications. It's designed for learners to grasp key compliance and management processes, enhancing their ability to manage contracts effectively.

Week Two (Tuesday) - Jsg - 2.01 - 2.02 - Quiz

Quiz Preview

  • 2. 

    How much disclosed deferred down payment do we allow on a contract if collected 15 days before the first payment is due?

    • None

    • $250

    • $1,000

    • $500

    Correct Answer
    A. $500
    Explanation
    The correct answer is $500. This is because the question asks for the maximum amount of disclosed deferred down payment allowed on a contract if collected 15 days before the first payment is due. Among the given options, $500 is the highest amount mentioned.

    Rate this question:

  • 3. 

    What does "EV" stand for?

    • Electronic Verification

    • Even Value

    • Equipment Variance

    • None of the above

    Correct Answer
    A. Equipment Variance
    Explanation
    "EV" stands for "Equipment Variance". This term refers to the difference between the actual and expected performance or cost of equipment. It is used to measure and analyze the effectiveness and efficiency of equipment in various industries.

    Rate this question:

  • 4. 

    Which of the below options does NOT constitute fraud?

    • Straw purchase

    • Misrepresentation of income

    • Inaccurate reporting of type of unit

    • Mexican driver's license

    • All of the above

    Correct Answer
    A. Mexican driver's license
    Explanation
    A Mexican driver's license does not constitute fraud because it is a valid form of identification issued by the government of Mexico. Fraud typically involves deceit or misrepresentation, but possessing a Mexican driver's license is not inherently fraudulent.

    Rate this question:

  • 5. 

    What are the minimum number of pictures to be submitted with the dealer agreement?

    • 3

    • 6

    • 9

    • 12

    Correct Answer
    A. 3
    Explanation
    The minimum number of pictures to be submitted with the dealer agreement is 3. This means that the dealer agreement requires at least 3 pictures to be included when it is submitted.

    Rate this question:

  • 6. 

    Section 7 (Dealer's Obligation to Repurchase) in the Dealer Agreement must be initialed by the Dealer Principal as a rule.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    In the Dealer Agreement, Section 7 states the Dealer's Obligation to Repurchase. According to the rule, it is required for the Dealer Principal to initial this section. Therefore, the correct answer is true.

    Rate this question:

  • 7. 

    Upon receipt of the FPD notification, how many days do we give the dealer to pay off?

    • 30 days

    • 20 days

    • 10 days

    • None of the above

    Correct Answer
    A. 10 days
    Explanation
    The dealer is given 10 days to pay off upon receipt of the FPD notification.

    Rate this question:

  • 8. 

    What is not a common compliance issue?

    • Titles

    • First Payment Defaults (FPD's)

    • Number of contracts funded

    • Fraud

    • Retail installment contract terms

    Correct Answer
    A. Number of contracts funded
    Explanation
    The number of contracts funded is not a common compliance issue. Compliance issues typically involve issues related to titles, first payment defaults (FPD's), fraud, and retail installment contract terms. However, the number of contracts funded does not directly relate to compliance concerns.

    Rate this question:

  • 9. 

    When is the initial notification sent to the dealer on an overdue title?

    • 15 days past due

    • 30 days past due

    • 45 days past due

    • None of the above

    Correct Answer
    A. 30 days past due
    Explanation
    The initial notification is sent to the dealer on an overdue title 30 days past due. This means that if a title has not been resolved or updated within 30 days after its due date, the dealer will receive an initial notification regarding the overdue title.

    Rate this question:

  • 10. 

    When does the dealer receive the second notice asking for the full buy-back from the dealer?

    • 40 days past due

    • 50 days past due

    • 60 days past due

    • 70 days past due

    Correct Answer
    A. 60 days past due
    Explanation
    The dealer receives the second notice asking for the full buy-back 60 days past due.

    Rate this question:

  • 11. 

    What results at 100 days past due on a title?

    • Letter is sent to the dealer principal

    • Legal action is considered

    • Full commission is charged back to the Area Manager

    • All of the above

    Correct Answer
    A. All of the above
    Explanation
    At 100 days past due on a title, all of the mentioned actions occur. A letter is sent to the dealer principal to inform them about the overdue payment. Legal action is considered as a possible course of action to recover the unpaid amount. Additionally, full commission is charged back to the Area Manager, indicating that they are held responsible for the overdue payment.

    Rate this question:

  • 12. 

    Where should completed dealer agreements be sent to?

    Correct Answer
    Explanation
    Completed dealer agreements should be sent to [email protected]. This email address is specifically designated for receiving dealer agreements, indicating that it is the correct destination for sending these documents.

    Rate this question:

  • 13. 

    What tab in the RMA will you find the Outstanding Titles Report?

    • Titles

    • Dealer Compliance

    • Marketing

    • Risk

    Correct Answer
    A. Titles
    Explanation
    The Outstanding Titles Report can be found under the "Titles" tab in the RMA. This tab is likely dedicated to managing and monitoring titles of various assets or products. The report provides information on titles that are still pending or have not been resolved, allowing users to keep track of any outstanding issues related to titles.

    Rate this question:

  • 14. 

    The dealer file worksheet must be turned in with the dealer agreement?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The statement is false because there is no mention of a dealer file worksheet being required to be turned in with the dealer agreement. The question is asking if it is necessary to include the dealer file worksheet along with the dealer agreement, and the correct answer is that it is not required.

    Rate this question:

  • 15. 

    What does the initial buy back letter ask for on an FPD?

    • Check for check

    • Check for check plus a $195 acq fee

    • Check for check plus $195 acq fee plus any repo fees

    • Full balance payoff

    Correct Answer
    A. Check for check plus $195 acq fee plus any repo fees
    Explanation
    The initial buy back letter asks for a check for the amount owed on the FPD, along with an additional $195 acquisition fee and any repo fees that may apply.

    Rate this question:

Quiz Review Timeline (Updated): Jun 14, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Jun 14, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 07, 2012
    Quiz Created by
    Hydemegan
Back to Top Back to top
Advertisement
×

Wait!
Here's an interesting quiz for you.

We have other quizzes matching your interest.