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Question 1 of 2
1. Question
The maximum you may charge for Contract Cancellation Option Agreements is:
- $75 for a vehicle costing $5,000 or less
- $150 for a vehicle costing more than $5,000, but not more than $10,000
- $250 for a vehicle costing more than $10,000, but not more than $30,000
- One percent of the purchase price for a vehicle costing more than $30,000, but less than $40,000
CorrectIncorrectHint
The maximum you may charge for Contract Cancellation Option Agreements is:
- $75 for a vehicle costing $5,000 or less
- $150 for a vehicle costing more than $5,000, but not more than $10,000
- $250 for a vehicle costing more than $10,000, but not more than $30,000
- One percent of the purchase price for a vehicle costing more than $30,000, but less than $40,000
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Question 2 of 2
2. Question
A Conditional Sales Contract must include all of the following (for cars under $40k)
- A Contract Cancellation Option with a “2-day cooling-off period”
- All costs & terms of payment
- Written Disclosure(s) for any aftermarket add-on items
- All financial aspects of the sale
- Signatures of both the Buyer and the Seller
CorrectIncorrectHint
You must provide and detail:
- A Contract Cancellation Option* with a “2-day cooling-off period”
- All costs and terms of payment
- Written Disclosure(s) for any aftermarket add-on items
- All financial aspects of the sale
- Signatures of both the Buyer and the Seller
