Week Two (Tuesday) - Jsg - 2.01 - 2.02

1. Which number is not a title float option?

1

3

6

9

Unlimited

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.

Explanation

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.

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

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.

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.

3. What does "EV" stand for?

Electronic Verification

Even Value

Equipment Variance

None of the above

"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.

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.

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

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.

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.

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

3

6

9

12

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.

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.

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

True

False

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.

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.

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

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

Explanation

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

8. What is not a common compliance issue?

Titles

First Payment Defaults (FPD's)

Number of contracts funded

Fraud

Retail installment contract terms

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.

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.

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

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.

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.

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

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

Explanation

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

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

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.

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.

12. Where should completed dealer agreements be sent to?

Your DM

VP of Sales and Marketing

[email protected]

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.

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.

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

Titles

Dealer Compliance

Marketing

Risk

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.

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.

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

True

False

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.

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.

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

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.

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.