Week Two (Tuesday) - Jsg - 2.01 - 2.02
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Questions and Answers
- 1.
What is not a common compliance issue?
- A.
Titles
- B.
First Payment Defaults (FPD's)
- C.
Number of contracts funded
- D.
Fraud
- E.
Retail installment contract terms
Correct Answer
C. Number of contracts fundedExplanation
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:
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- 2.
Which number is not a title float option?
- A.
1
- B.
3
- C.
6
- D.
9
- E.
Unlimited
Correct Answer
D. 9Explanation
The given options are numbers, except for "Unlimited," which is not a number. Therefore, the number that is not a title float option is 9.Rate this question:
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- 3.
When is the initial notification sent to the dealer on an overdue title?
- A.
15 days past due
- B.
30 days past due
- C.
45 days past due
- D.
None of the above
Correct Answer
B. 30 days past dueExplanation
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:
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- 4.
When does the dealer receive the second notice asking for the full buy-back from the dealer?
- A.
40 days past due
- B.
50 days past due
- C.
60 days past due
- D.
70 days past due
Correct Answer
C. 60 days past dueExplanation
The dealer receives the second notice asking for the full buy-back 60 days past due.Rate this question:
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- 5.
What results at 100 days past due on a title?
- A.
Letter is sent to the dealer principal
- B.
Legal action is considered
- C.
Full commission is charged back to the Area Manager
- D.
All of the above
Correct Answer
D. All of the aboveExplanation
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:
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- 6.
What tab in the RMA will you find the Outstanding Titles Report?
- A.
Titles
- B.
Dealer Compliance
- C.
Marketing
- D.
Risk
Correct Answer
A. TitlesExplanation
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:
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- 7.
Upon receipt of the FPD notification, how many days do we give the dealer to pay off?
- A.
30 days
- B.
20 days
- C.
10 days
- D.
None of the above
Correct Answer
C. 10 daysExplanation
The dealer is given 10 days to pay off upon receipt of the FPD notification.Rate this question:
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- 8.
What does the initial buy back letter ask for on an FPD?
- A.
Check for check
- B.
Check for check plus a $195 acq fee
- C.
Check for check plus $195 acq fee plus any repo fees
- D.
Full balance payoff
Correct Answer
C. Check for check plus $195 acq fee plus any repo feesExplanation
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:
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- 9.
How much disclosed deferred down payment do we allow on a contract if collected 15 days before the first payment is due?
- A.
None
- B.
$250
- C.
$1,000
- D.
$500
Correct Answer
D. $500Explanation
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:
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- 10.
What does "EV" stand for?
- A.
Electronic Verification
- B.
Even Value
- C.
Equipment Variance
- D.
None of the above
Correct Answer
C. Equipment VarianceExplanation
"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:
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- 11.
Which of the below options does NOT constitute fraud?
- A.
Straw purchase
- B.
Misrepresentation of income
- C.
Inaccurate reporting of type of unit
- D.
Mexican driver's license
- E.
All of the above
Correct Answer
D. Mexican driver's licenseExplanation
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:
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- 12.
Where should completed dealer agreements be sent to?
- A.
Your DM
- B.
VP of Sales and Marketing
- C.
- D.
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:
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- 13.
What are the minimum number of pictures to be submitted with the dealer agreement?
- A.
3
- B.
6
- C.
9
- D.
12
Correct Answer
A. 3Explanation
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:
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- 14.
The dealer file worksheet must be turned in with the dealer agreement?
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
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:
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- 15.
Section 7 (Dealer's Obligation to Repurchase) in the Dealer Agreement must be initialed by the Dealer Principal as a rule.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
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:
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Week 3 (First Party time frames, Insured appraisals, Towing/Roadside) - February
Week 3 (First Party time frames, Insured appraisals, Towing/Roadside) - February
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