OMVIC Exam Study Guide | 100% Correct Answers | Verified | Latest 2024 Version

Ch.1 - What is the primary legislation governing Ontario's retail automotive sector? - The Motor Vehicle Dealers Act, 2002 see 1.04 Ch.1 - Which body or agency enforces the MVDA? a. Ministry of Government and Consumer Services b. TADA c. OMVIC d. Automotive Business School of Canada - c. OMVIC see 1.04 Ch.1 - List three functions carried out by OMVIC. - Any three of the following: - Administers and enforces the MVDA - Inspects dealers - Maintains a complaint line for consumers - Conducts investigations - Conducts disciplinary hearings -Conducts prosecutions - Administers the Compensation Fund see 1.07Ch.1 - How many people compose OMVIC's Board of Directors? Of these, how many represent the industry and how many represent the consumers? - Twelve total, nine dealers and three consumer reps see 1.07 Ch.1 - Briefly explain the "Transaction Fee Program." - Under 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. see 1.08 Ch.1 - True of False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased. - True see 1.08 Ch.1 - True or False: The transaction fee can be passed along to the customer. - True see 1.08 Ch.1 - 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 a salesperson d. All of the above - d. All of the above see 1.12Ch.1 - Should OMVIC determine a dealer's advertising to be false or misleading, what powers does OMVIC have to stop or correct it? - OMVIC may issue an order requiring the dealer to cease publication and/or issue a retractions or correction. see 1.12 Ch.1 - 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? - Up to two years see 1.09 Ch.1 - 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. - This action might be taken: - 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 see 1.10 Ch.2 - What is the minimum age requirement to become a dealer? - 18 see 2.05 Ch.2 - List three requirements that must be met when applying to become a salesperson. - Three requirements are: - Complete/pass certification course - Pay fee - Be employed or retained by a registered dealer to act as a salespersonsee 2.07 Ch.2 - True or False: All dealer and salesperson applicants undergo a Canada-wise criminal record search as part of the application screening process. - True see 2.03 Ch.2 - Which of the following must be registered with OMVIC (select all that apply): a. Dealers b. Salespersons