omvic course chapter 1 questions n answers rated A+ 2024

omvic course chapter 1 questions n answers rated A+ 2024How many people compose OMVIC's Board of Directors? Of these, how many represent the industry and how many represent consumers - correct answer twelve total, nine dealers and three consumer reps Briefly explain the "Transaction Fee Program. - correct answer under the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased (including fleet and "as is" transaction) to OMVIC. True or False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased - correct answer true What information is OMVIC required to make available to the public? - correct answer All of the above Should OMVIC determine a dealer's advertising to be false or misleading, what powers does OMVIC have to stop or correct it - correct answer OMVIC may issue an order requiring the dealer tocease 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's pre-approval for future advertising? - correct answer up to two years . List two possible situations which could result in OMVIC applying to a court to appoint a receiver and manager to assume temporary control of a dealership - correct answer if there has been a investigation, if the dealership is about to fail What is the primary legislation governing Ontario's retail automotive sector? - correct answer MVDA Which body or agency enforces the MVDA? - correct answer OMVIC List three functions carried out by OMVIC. - correct answer inspects dealers, conducts investigations, conducts prosecutions