OMVIC Greasy Dealer Exam Questions And Answers (Verified And Updated)

OMVIC Greasy Dealer Exam Questions And Answers (Verified And Updated) What is the primary legislation governing Ontario's retail automotive sector - answerThe Motor Vehicle Dealers Act, 2002 Which body or agency enforces the MVDA? a) Ministry of Consumer Services b) OADA/TADA c) OMVIC d) Automotive Business School of Canada - answerOMVIC List three functions carried out by OMVIC - answer• Administers and enforces the MVDA • Inspects dealers • Maintains a complaint line for consumers • Conducts investigations • Conducts disciplinary hearings • Conducts prosecutions • Administers the Compensation Fund How many people compose OMVIC's Board of Directors? Of these, how many represent the industry and how many represent consumers? - answerTwelve total, nine dealers and three consumer reps Briefly explain the "Transaction Fee Program." - answerUnder the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased (including fleet and "as is" transactions) to OMVIC. These funds are remitted annually with the dealer's registration renewal fee. True or False: Under the Transaction Fee Program, dealers will be required to remit $10 (to OMVIC) for each vehicle sold or leased. - answerT True or False: The transaction fee can be passed along to the customer. - answerT What information is OMVIC required to make available to the public? a) A dealer's business name, address and phone number b) A salesperson's name c) Any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson d) All of the above - answerAll of the above Should OMVIC determine a dealer's 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 - answer• If there has been an investigation • If the dealership is about to fail • If OMVIC is proposing to revoke a registration • If a freeze order is about to be made Capter 2 - answer . What is the minimum age requirement to become a dealer? - answer18 List three requirements that must be met when applying to become a salesperson. - answerThree requirements are: • Complete/pass certification course • Pay fee • Be employed or retained by a registered dealer to act as a salesperson