omvic chapter 7 question n answers graded A+ 2024/2025

omvic chapter 7 question n answers graded A+ 2024/2025Check any statement that is correct (there may be more than one correct statement): When selling to another dealer: - correct answer Selling dealers must disclose previous use as a taxi, police vehicle, etc,Selling dealers must disclose damage repairs in excess of $3,000 ,Selling dealers must disclose if the vehicle has two or more adjacent , panels (that are not bumper panels) that have been replaced Are the requirements for the sale or lease of a vehicle to another dealer in the MVDA the General Regulations or the Code of Ethics Regulations? - correct answer Code of ethics regulations Provide two potential facts related to a vehicles history (not including the examples given in question 1) that must be disclosed in dealer-to-dealer sales and leases. - correct answer 704 any of 1-21 True or False: In dealer-to-dealer transactions, the following disclosure is not required as it is for retail transactions only - any fact about the vehicle that affects the structural or mechanical quality or performance of the vehicle that, if disclosed, could reasonably be expected to influence the decision of a reasonable buyer or lessee to buy or lease the vehicle. - correct answer False When selling to another dealer, what must the selling dealer do if he/she cannot determine the distance the vehicle has been driven? - correct answer If the vehicle is a used motor vehicle and the dealer cannot determine the total distance the vehicle has been driven, but can determine the distance the vehicle has been driven as of some past date, a statement of that distance and date, together with a statement that "the total distance the vehicle has been driven is believed to be higher" If the vehicle is a used vehicle and the dealer cannot determine the total distance the vehicle has been driven, nor the distance the vehicle has been driven as of some past date, a statement that "the total distance the vehicle has been driven is unknown and may be substantially higher than the reading shown on the odometer" Check any statement that is correct: A contract for sale or lease of a vehicle between dealers: - correct answer Must disclose specific information to comply with the Code of Ethics Regulations