OMVIC Chapter 1-18 Latest Questions with 100% Correct Answers | Verified | Latest Update

1. What is the primary legislation governing Ontario's retail automotive sec- tor? ANS Moter Vehicle Dealers Act, 2002 2. Which body or agency enforces MVDA? ANS OMVIC 3. List Three Functions carried out by OMVIC ANS 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 4. How many people compose OMVICS board of directors? How many dealers ? How many consumers? ANS 12 total 9 dealer 3 consumer 5. Briefly explain the "Transactional Fee Program" ANS 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. 6. True or False The transaction fee can be passed along to the customer? ANS - True 7. True or False Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased? ANS True 8. What information is OMVIC required to make available to the public? ANS 1) A dealer's business name, address and phone number 2) A salespersons name 3) Any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson