OMVIC Chapter 12 questions with correct answers rated A+ 2024

OMVIC Chapter 12 questions with correct answers rated A+ 2024 Is the Compensation Fund available to all customers, or only customers who are considered "consumers"? - correct answer Consumer only How much does each salesperson pay into the Fund? - correct answer Nothing How much does each dealer pay into the Fund? - correct answer $300 fro each location from which the dealer is authorized to trade True or False: The maximum individual claim from the Fund is $15,000. - correct answer False , $45,000 List three types of valid claims against the Fund. - correct answer * a law enforcement authority has seized the vehicle and indicated that it will not be returned to the buyer or lessee * a creditor has legally seized the vehicle indicated that it will not be returned to the buyer or lessee * the claim is for a deficiency the dealer has refused to remedy * the customer has given a deposit, but the dealer has not provided the vehicle or an alternative acceptable to the consumer * the customer has made a payment for an uninsured extended warranty or service plan and the dealer is unable to provide the service * the dealer has gone bankrupt a court has ordered the dealer to pay the customer * the claim is for a refund owed to a consumer entitled to rescission under clause 50 True or False: The Fund is similar to an insurance policy, so a dealer does not have to reimburse the Fund should the Fund pay out a claim on behalf of a dealer. - correct answer False, the dealer will be required to reimburse the Fund or risk losing registration.