OMVIC chapter 18 Exam Questions with 100% Correct Answers

What is the Canadian Motor Vehicle Arbitration Plan? Correct Answer CAMVAP Briefly explain a "consignment transaction." Correct Answer A vehicle owner (consignor) gives a vehicle to the dealer (consignee) to sell on the owner's behalf. True or False: The total amount the dealer will charge the consignor on the sale of the vehicle (whether as a fixed amount or a commission share) can be negotiated after the sale and does not have to be included in the contract. Correct Answer False True or False: All new car manufacturers participate in CAMVAP. Correct Answer False List three criteria that must be met for a vehicle to be eligible for CAMVAP. Correct Answer The vehicle was manufactured by a participant in CAMVAP The vehicle is a passenger car, light duty truck, van, sport utility vehicle or multi-purpose passenger vehicle that weighs no more than 4,536 kg (10,000 lbs) gross vehicle weight The vehicle has travelled not more than 160,000 km at the time of the hearing The vehicle is of the current or four previous model years True or False: A four-year-old vehicle with 151,000 km could qualify for CAMVAP. Correct Answer True True or False: CAMVAP decisions cannot be appealed. Correct Answer True True or False: Only monies over $10,000 that are received from a consignment sale must be deposited in the dealer's trust account. Correct Answer False