TICO EXAM [2026] | VERIFIED SOLUTIONS |
UPDATED ACTUAL QUESTIONS | STEP-BY-
STEP ANSWERS
• What are TICO's three main goals?
• Protecting Travel Agents, insuring proper business practices and regulating the
industry
• Closing down Expedia
• Collecting money for the Compensation Fund, regulating the industry and
administering the Travel Industry Act
• Consumer protection, industry regulation and good business ethics -
✓✓ANSWER: • Consumer protection, industry regulation and good business
ethics (correct answer)
• Ontario Regulations 26/05 demands that the following be shown when
advertising a price...
• Retail sales tax
• Federal goods and services tax
• All taxes, fees levies, service charges and surcharges
• All taxes except retail sales tax and federal goods and services tax -✓✓ANSWER:
• All taxes except retail sales tax and federal goods and services tax (correct
answer)
• The Compensation Fund covers which of the following?
• Taxes
• Insurance premiums
• The cost of alternative travel services
,• Counselling fees paid to a travel agent -✓✓ANSWER: • Taxes (correct answer)
• What is the filing deadline for making a claim on the Compensation Fund?
• Within 6 months of the date of the registrant or end supplier, airline or cruise
line failure
• Within 1 year of the date of the registrant or end supplier, airline or cruise line
failure
• Within 60 days of the date of the registrant or end supplier, airline or cruise line
failure
• Within 30 days of the date of the registrant or end supplier, airline or cruise line
failure -✓✓ANSWER: • Within 6 months of the date of the registrant or end
supplier, airline or cruise line failure (correct answer)
• The phrase "to promote a fair and informed marketplace where consumers can
be confident in their travel purchases" is the
• Purpose of the Travel Industry Act 2002
• Vision statement of TICO
• Mission statement of the Ministry responsible for consumer legislation in
Ontario
• Mission statement of TICO -✓✓ANSWER: • Mission statement of TICO (correct
answer)
• The administration of the Travel Industry Act 2002, was delegated to TICO by
the
• Travel industry
• Ontario provincial government
• Ministry responsible for consumer legislation in Ontario
, • Federal government -✓✓ANSWER: • Ministry responsible for consumer
legislation in Ontario (correct answer)
• What three groups does TICO works with to carry out its mandate?
• Suppliers, travel agents, consumers
• Travel retailers, travel wholesalers, consumers
• Consumers, travel retailers, the federal government
• The travel industry, the provincial government, consumers -✓✓ANSWER: • The
travel industry, the provincial government, consumers (correct answer)
• Can the Registrar act as Director?
• No, because the Director supervises the duties of the Registrar
• No, because the Registrar supervises the duties of the Director
• Yes, because the Registrar must be responsible for all decisions made
• Yes, because the Registrar is also the Chair of the Board of Directors -
✓✓ANSWER: • No, because the Director supervises the duties of the Registrar
(correct answer)
• What is the total amount that the Compensation Fund will pay for claims arising
from an event?
• $5 million to reimburse consumers for all claims
• An unlimited amount so that all claims are paid
• $5 million to reimburse consumers or pay for immediate departures
• $5 million to reimburse consumers or pay for immediate departures plus $2
million for trip completion -✓✓ANSWER: • $5 million to reimburse consumers or
pay for immediate departures plus $2 million for trip completion (correct answer)
UPDATED ACTUAL QUESTIONS | STEP-BY-
STEP ANSWERS
• What are TICO's three main goals?
• Protecting Travel Agents, insuring proper business practices and regulating the
industry
• Closing down Expedia
• Collecting money for the Compensation Fund, regulating the industry and
administering the Travel Industry Act
• Consumer protection, industry regulation and good business ethics -
✓✓ANSWER: • Consumer protection, industry regulation and good business
ethics (correct answer)
• Ontario Regulations 26/05 demands that the following be shown when
advertising a price...
• Retail sales tax
• Federal goods and services tax
• All taxes, fees levies, service charges and surcharges
• All taxes except retail sales tax and federal goods and services tax -✓✓ANSWER:
• All taxes except retail sales tax and federal goods and services tax (correct
answer)
• The Compensation Fund covers which of the following?
• Taxes
• Insurance premiums
• The cost of alternative travel services
,• Counselling fees paid to a travel agent -✓✓ANSWER: • Taxes (correct answer)
• What is the filing deadline for making a claim on the Compensation Fund?
• Within 6 months of the date of the registrant or end supplier, airline or cruise
line failure
• Within 1 year of the date of the registrant or end supplier, airline or cruise line
failure
• Within 60 days of the date of the registrant or end supplier, airline or cruise line
failure
• Within 30 days of the date of the registrant or end supplier, airline or cruise line
failure -✓✓ANSWER: • Within 6 months of the date of the registrant or end
supplier, airline or cruise line failure (correct answer)
• The phrase "to promote a fair and informed marketplace where consumers can
be confident in their travel purchases" is the
• Purpose of the Travel Industry Act 2002
• Vision statement of TICO
• Mission statement of the Ministry responsible for consumer legislation in
Ontario
• Mission statement of TICO -✓✓ANSWER: • Mission statement of TICO (correct
answer)
• The administration of the Travel Industry Act 2002, was delegated to TICO by
the
• Travel industry
• Ontario provincial government
• Ministry responsible for consumer legislation in Ontario
, • Federal government -✓✓ANSWER: • Ministry responsible for consumer
legislation in Ontario (correct answer)
• What three groups does TICO works with to carry out its mandate?
• Suppliers, travel agents, consumers
• Travel retailers, travel wholesalers, consumers
• Consumers, travel retailers, the federal government
• The travel industry, the provincial government, consumers -✓✓ANSWER: • The
travel industry, the provincial government, consumers (correct answer)
• Can the Registrar act as Director?
• No, because the Director supervises the duties of the Registrar
• No, because the Registrar supervises the duties of the Director
• Yes, because the Registrar must be responsible for all decisions made
• Yes, because the Registrar is also the Chair of the Board of Directors -
✓✓ANSWER: • No, because the Director supervises the duties of the Registrar
(correct answer)
• What is the total amount that the Compensation Fund will pay for claims arising
from an event?
• $5 million to reimburse consumers for all claims
• An unlimited amount so that all claims are paid
• $5 million to reimburse consumers or pay for immediate departures
• $5 million to reimburse consumers or pay for immediate departures plus $2
million for trip completion -✓✓ANSWER: • $5 million to reimburse consumers or
pay for immediate departures plus $2 million for trip completion (correct answer)
