Omvic Exam Prep 2024 with Complete Solutions.

Omvic Exam Prep 2024 with Complete Solutions. AN OMVIC Inspector has the right to access dealer records, but not the vehicles on the dealer's lot. A) True B) False - ANSWER B) False What is the primary legislation that governs Ontario's retail automotive sector? A) MVDA B) OMVIC C) OADA/TADA D) ABSC - ANSWER A) MVDA Which ministry or agency enforces the MVDA? A) Ministry of Government and Consumers Services B) TADA C) OMVIC D) Ministry of Transportation - ANSWER C) OMVIC Which of the following is NOT a function carried, out by OMVIC? A) Inspecting dealers B) Regulating manufacturers C) Enforcing the MVDA D) Administering the Motor Vehicle Dealers Compensation Fund - ANSWER B) Regulating manufacturers How many people compose OMVIC's Board of Directors? Of these, how many represent the industry and how many represent consumers? A) Ten total, six dealer and four consumer representatives B) Twelve total, three dealer and nine consumer representatives Omvic Exam Prep 2024 with Complete Solutions. C) Ten total, five dealer and five consumer representatives D) Twelve total nine dealer and three consumer representatives - ANSWER D) Twelve total nine dealer and three consumer representatives What is the "Transaction Fee Program"? A) A $5 fee paid by dealers to OMVIC for each vehicle sold or leased (not including wholesale transactions) B) A monthly $10 fee paid by registered salespeople to OMVIC C) A $7 fee paid by dealers to OMVIC for each vehicle sold or leased (not including wholesale transactions) D) A $10 fee paid by dealers to OMVIC for each vehicle sold or leased (not including wholesale transactions) - ANSWER A $10 fee paid by dealers to OMVIC for each vehicle sold or leased (not including wholesale transactions) Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased. A) True B) False - ANSWER A) True The transaction fee can be passed along to the customer? A) True B) False - ANSWER A) True What information is OMVIC required to make available to the public? A) A dealer's business name, address and phone number B) A saleperson's name C) Any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson D) Any OMVIC related charge, conviction or discipline decision E) All of the above - ANSWER E) All of the above.