Omvic Final Exam 2024 With Complete Solutions.

OMVIC FINAL EXAM 2024 WITH COMPLETE SOLUTIONS. What is the primary legislation governing Ontario's retail automotive sector? - ANSWER MVDA Which body or agency enforces MVDA? - ANSWER OMVIC How many people compose OMVIC's board of directors? - ANSWER 12 in total, 9 dealers and 3 consumer reps What is the "transaction fee program"? - ANSWER under the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased to OMVIC. These funds are remitted annually with the dealers registration renewal fee. T or F: the fee can be passed on to the consumer - ANSWER True What is OMVIC required to make available to the public? - ANSWER A dealers name, address and phone number; a salespersons name; any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson Should OMVIC determine a dealers advertising to be false or misleading what powers do they have to stop or correct it? - ANSWER Order to the dealer to cease 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 pre approval for future advertising? - ANSWER up to 2 years What is the minimum age requirement to become a dealer? - ANSWER 18 If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply? - ANSWER 2 years have passed; new evidence to demonstrate circumstances If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - ANSWER LAT (license appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal List the 4 classes of dealers - ANSWER General dealer, Broker, Exporter, Wholesaler, Lease finance dealer List 3 examples of individuals or businesses that are exempt from registration - ANSWER Wholesale auction, wrecker, lawyer OMVIC FINAL EXAM 2024 WITH COMPLETE SOLUTIONS. Where is the certificate of the dealer registration kept? - ANSWER Where the public can see it T or F: Dealers may sell vehicles from any location so long as they have registered a head office with OMVIC - ANSWER False T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6 years. - ANSWER True Which records of employees must be maintained? - ANSWER Employee names, proof of payments, and employee salaries If a dealer's records are destroyed or stolen, the dealer must notify? - ANSWER OMVIC, in writing, within 5 days In order for a remote storage location to be approved by OMVIC, which condition must be met? - ANSWER The location is always accessible to OMVIC staff during normal business hours T or F: Under the MVDA, all dealers are required to maintain a trust account - ANSWER False Deposits over what amount must be kept in a trust account? - ANSWER $10 000 (ten thousand) T or F: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer - ANSWER False.