OMVIC Chapter 1-18 Exam Questions And Answers (Verified And Updated)

OMVIC Chapter 1-18 Exam Questions And Answers (Verified And Updated) What is the primary legislation governing Ontario's retail automotive sector? - answerMoter Vehicle Dealers Act, 2002 Which body or agency enforces MVDA? - answerOMVIC List Three Functions carried out by OMVIC - answer1) Administers and enforces the MVDA 2) Inspects dealers 3)Maintains a complaint line for consumers 4) Conducts investigations 5) Conducts disciplinary hearings 6) Conducts prosecutions 7) Administers the Compensation Fund How many people compose OMVICS board of directors? How many dealers ? How many consumers? - answer12 total 9 dealer 3 consumer Briefly explain the "Transactional Fee Program" - answerUnder the transaction fee program , dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal fee. True or False: The transaction fee can be passed along to the customer? - answerTrue True or False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased? - answerTrue What information is OMVIC required to make available to the public? - answer1) A dealer's business name, address and phone number 2) A salespersons name 3) 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 does OMVIC have to stop or correct it? - answerOMVIC may issue an order requiring 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's pre-approval for future advertising? - answerUp to 2 years List two possible situations which could result in OMVIC applying to a court to appoint a receiver and manager to assume temporary control of a dealership. - answerThis action might be taken if: 1) If there has been an investigation 2) If the dealership is about to fail 3) If OMVIC is proposing to revoke a registration 4) If a freeze order is about to be made What is the minimum age requirement to become a dealer? - answer18 years old List the three requirements that must be met when applying to become a salesperson? - answer1) Complete/Pass certification course 2) Pay Fee 3) Be employed or retained by a registered dealer to act as a salesperson True or False: All dealer and salesperson applicants undergo a Canada-wide criminal record search as part of the application screening process. - answerTrue Which of the following must be registered with OMVIC? - answer1) Dealers 2) Salesperson