OMVIC FINAL EXAM 2 (2026) Exam Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026!! STUDY GUIDE EXAM
What is the primary legislation governing Ontario's retail automotive sector? - MVDA
Which body or agency enforces MVDA? - OMVIC
How many people compose OMVIC's board of directors? - 12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - under the transaction fee program, dealers are required to
remit $10 for each vehicle sold or leased to OMVIC. These funds are remitted annually with the dealers
registration renewal fee.
T or F: the fee can be passed on to the consumer - True
What is OMVIC required to make available to the public? - A dealers name, address and phone number;
a salespersons name; any proposal to refuse to renew, suspend or revoke the registration of a dealer or
salesperson
Should OMVIC determine a dealers advertising to be false or misleading what powers do they have to
stop or correct it? - Order to the dealer to cease publication and or issue a retraction or correction
If an order is used to stop or correct false advertising, for how long may the dealer need to seek OMVIC
pre approval for future advertising? - up to 2 years
What is the minimum age requirement to become a dealer? - 18
If a person has been refused registration, what are 2 conditions that have to be met before the person
can reapply? - 2 years have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - LAT (license
appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
, OMVIC FINAL EXAM 2 (2026) Exam Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026!! STUDY GUIDE EXAM
List the 4 classes of dealers - General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration - Wholesale auction,
wrecker, lawyer
Where is the certificate of the dealer registration kept? - Where the public can see it
T or F: Dealers may sell vehicles from any location so long as they have registered a head office with
OMVIC - False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6
years. - True
Which records of employees must be maintained? - Employee names, proof of payments, and employee
salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be met? - The
location is always accessible to OMVIC staff during normal business hours
T or F: Under the MVDA, all dealers are required to maintain a trust account - False
Deposits over what amount must be kept in a trust account? - $10 000 (ten thousand)
T or F: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify
the dealer - False
Graded A+ UPDATE 2025|2026!! STUDY GUIDE EXAM
What is the primary legislation governing Ontario's retail automotive sector? - MVDA
Which body or agency enforces MVDA? - OMVIC
How many people compose OMVIC's board of directors? - 12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - under the transaction fee program, dealers are required to
remit $10 for each vehicle sold or leased to OMVIC. These funds are remitted annually with the dealers
registration renewal fee.
T or F: the fee can be passed on to the consumer - True
What is OMVIC required to make available to the public? - A dealers name, address and phone number;
a salespersons name; any proposal to refuse to renew, suspend or revoke the registration of a dealer or
salesperson
Should OMVIC determine a dealers advertising to be false or misleading what powers do they have to
stop or correct it? - Order to the dealer to cease publication and or issue a retraction or correction
If an order is used to stop or correct false advertising, for how long may the dealer need to seek OMVIC
pre approval for future advertising? - up to 2 years
What is the minimum age requirement to become a dealer? - 18
If a person has been refused registration, what are 2 conditions that have to be met before the person
can reapply? - 2 years have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - LAT (license
appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
, OMVIC FINAL EXAM 2 (2026) Exam Questions & Answers | Latest Already
Graded A+ UPDATE 2025|2026!! STUDY GUIDE EXAM
List the 4 classes of dealers - General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration - Wholesale auction,
wrecker, lawyer
Where is the certificate of the dealer registration kept? - Where the public can see it
T or F: Dealers may sell vehicles from any location so long as they have registered a head office with
OMVIC - False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6
years. - True
Which records of employees must be maintained? - Employee names, proof of payments, and employee
salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be met? - The
location is always accessible to OMVIC staff during normal business hours
T or F: Under the MVDA, all dealers are required to maintain a trust account - False
Deposits over what amount must be kept in a trust account? - $10 000 (ten thousand)
T or F: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify
the dealer - False
