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Omvic Chapter 1-18 Exam 2023 Questions With Complete Answers Graded A+

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Institution OMVIC Chapter 1-18
Course OMVIC Chapter 1-18
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What is the primary legislation governing Ontario's retail automotive sector? - Correct Answer Moter Vehicle Dealers Act, 2002 Which body or agency enforces MVDA? - Correct Answer OMVIC List Three Functions carried out by OMVIC - Correct Answer 1) Administers and enforces the MVDA 2) Inspects dealers 3)Maintains a complaint line for consumers 4) Conducts investigations 5) Conducts disciplinary hearings 6) Conducts prosecutions 7) Administers the Compensation Fund How many people compose OMVICS board of directors? How many dealers ? How many consumers? - Correct Answer 12 total 9 dealer 3 consumer Briefly explain the "Transactional Fee Program" - Correct Answer Under the transaction fee program , dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal fee.

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