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Study Guide - General Information

  1. A vehicle identification number (VIN) is comprised of 17 alpha numeric characters. Which character identifies the model year?
    1. 1st
    2. 5th
    3. 10th
    4. 17th
    5. A code matrix, in conjunction with the 10th character of the alpha numeric VIN, identifies the model year of the vehicle.
  2. If a vehicle is to be titled out of state, temporary tags are issued and the purchaser does not have the required liability insurance, the dealer:
    1. Must collect all of the uninsured motorist fee and submit to DMV.
    2. Cannot release the vehicle until insurance is obtained.
    3. Must deliver the vehicle to the purchaser's state of residence.
    4. Must collect 1/12 of the uninsured motorist fee and submit to DMV.
    5. If a vehicle is to be titled out of state, temporary tags are issued and the purchaser does not have the required liability insurance, the dealer must collect 1/12 of the uninsured motorist fee and submit to DMV.
  3. On the buyers order, the line item, "Balance Due At Settlement" is used:
    1. Only in a cash transaction.
    2. With both cash and finance transactions.
    3. To show total down payment.
    4. Only when a vehicle is returned by the purchaser and the transaction is "settled".
    5. On the buyers order, the line item, "Balance Due At Settlement" is used with both cash and finance transactions.
  4. In general, a completed buyers order is legally binding when:
    1. The customer makes his or her final offer.
    2. A three day cooling off period has expired.
    3. The sales manager has initialed the buyers order.
    4. Both parties agree on a price and sign the buyers order.
    5. In general, a completed buyers order is legally binding when both parties agree on a price and sign the buyers order.
  5. A dealer makes a good will substitution for a vehicle previously delivered and titled to a customer. The sales and use tax refund process is
    1. Send a letter to DMV with the proper form completed.
    2. Any additional tax is paid to DMV. If the tax on the replacement is less, the difference is not refundable.
    3. The tax is not refundable.
    4. Tax is refundable only if the substitution is made within 3 days after the original sale.
    5. The sales and use tax is not refundable under a good will substitution or refund.
  6. The sales tax on a warranty or service agreement sold to a customer is paid to
    1. DMV.
    2. Motor Vehicle Dealer Board.
    3. The Virginia Department of Taxation.
    4. The warranty company forwards it to the state.
    5. The sales tax on a warranty or service agreement is paid monthly to the Virginia Department of Taxation.

Section 10 of Study Guide

Section 8 of Study Guide