OMVIC Exam Questions And Answers (Verified And Updated)

OMVIC Exam Questions And Answers (Verified And Updated) What is the primary legislation governing Ontario's retail automotive sector? - answerMVDA Which body or agency enforces MVDA? - answerOMVIC How many people compose OMVIC's board of directors? - answer12 in total, 9 dealers and 3 consumer reps What is the "transaction fee program"? - answerunder 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 - answerTrue What is OMVIC required to make available to the public? - answerA 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? - answerOrder 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? - answerup to 2 years What is the minimum age requirement to become a dealer? - answer18 If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply? - answer2 years have passed; new evidence to demonstrate circumstances If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - answerLAT (license appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal List the 4 classes of dealers - answerGeneral dealer, Broker, Exporter, Wholesaler, Lease finance dealer List 3 examples of individuals or businesses that are exempt from registration - answerWholesale auction, wrecker, lawyer Where is the certificate of the dealer registration kept? - answerWhere 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 - answerFalse T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6 years. - answerTrue Which records of employees must be maintained? - answerEmployee names, proof of payments, and employee salaries If a dealer's records are destroyed or stolen, the dealer must notify? - answerOMVIC, in writing, within 5 days In order for a remote storage location to be approved by OMVIC, which condition must be met? - answerThe 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 - answerFalse 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 - answerFalse On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature? - answerThis "sales final" statement on the same page as the buyer's signature and adjacent to the signature If a dealer does not have a specific new vehicle in stock, but will locate the vehicle and bring it in, what must be disclosed to the purchaser regarding the mileage? - answerA maximum distance that will be shown on the odometer at the same time of delivery or a statement that there is no maximum If a statement Standards Certificate is issues for a vehicle, it means? - answerThe vehicle met certain basic standards of safety on the date of inspection An "as is" sale? - answerMust include a specific definition of "as is" in the contract T or F: a dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for the vehicle - answerFalse Contracts must have advisory or educational statements designed to inform purchasers/lessees about their rights and responsibilities and to ensure they know about the existence of certain agencies or organizations. Name them. - answerOMVIC, Motor Vehicle Dealer Compensation Fund, CAMVAP