OMVIC FINAL EXAM NEW VESRSION 2024-2026
LATEST EXAM GRADED A+
What is the primary legislation governing Ontario's retail automotive
sector? - ANSWER>>MVDA
Which body or agency enforces MVDA? - ANSWER>>OMVIC
How many people compose OMVIC's board of directors? -
ANSWER>>12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - ANSWER>>under 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 - ANSWER>>True
What is OMVIC required to make available to the public? - ANSWER>>A
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? - ANSWER>>Order 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? -
ANSWER>>up to 2 years
, What is the minimum age requirement to become a dealer? -
ANSWER>>18
If a person has been refused registration, what are 2 conditions that
have to be met before the person can reapply? - ANSWER>>2 years
have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the
applicant appeal? - ANSWER>>LAT (license appeal tribunal ),
Independent judicial body called LAT, within 15 days of receiving the
proposal
List the 4 classes of dealers - ANSWER>>General dealer, Broker,
Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from
registration - ANSWER>>Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? -
ANSWER>>Where 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 - ANSWER>>False
T or F: the MVDA specifies the records a dealer must maintain- these
records must be held for at least 6 years. - ANSWER>>True
Which records of employees must be maintained? -
ANSWER>>Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? -
ANSWER>>OMVIC, in writing, within 5 days
LATEST EXAM GRADED A+
What is the primary legislation governing Ontario's retail automotive
sector? - ANSWER>>MVDA
Which body or agency enforces MVDA? - ANSWER>>OMVIC
How many people compose OMVIC's board of directors? -
ANSWER>>12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - ANSWER>>under 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 - ANSWER>>True
What is OMVIC required to make available to the public? - ANSWER>>A
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? - ANSWER>>Order 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? -
ANSWER>>up to 2 years
, What is the minimum age requirement to become a dealer? -
ANSWER>>18
If a person has been refused registration, what are 2 conditions that
have to be met before the person can reapply? - ANSWER>>2 years
have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the
applicant appeal? - ANSWER>>LAT (license appeal tribunal ),
Independent judicial body called LAT, within 15 days of receiving the
proposal
List the 4 classes of dealers - ANSWER>>General dealer, Broker,
Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from
registration - ANSWER>>Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? -
ANSWER>>Where 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 - ANSWER>>False
T or F: the MVDA specifies the records a dealer must maintain- these
records must be held for at least 6 years. - ANSWER>>True
Which records of employees must be maintained? -
ANSWER>>Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? -
ANSWER>>OMVIC, in writing, within 5 days
