Page 1
OMVIC FINAL EXAM QUESTIONS AND VERIFIED
ANSWERS | LATEST UPDATE 2026/2027 (GRADED A+) |
100% GUARANTEED SUCCESS.
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
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
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In order for a remote storage location to be approved by OMVIC, which
condition must be met? ......ANSWER.....The location is always accessible to
OMVIC staff during normal business hours
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 ......ANSWER.....False
If a statement Standards Certificate is issues for a vehicle, it means?
......ANSWER.....The vehicle met certain basic standards of safety on the date
of inspection
An "as is" sale? ......ANSWER.....Must include a specific definition of "as is" in
the contract
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T or F: a dealer selling a vehicle "as is" may also provide a Safety Standards
Certificate for the vehicle ......ANSWER.....False
On a purchase contact, what must be printed in 14 pt. bold font next to the
buyer's signature? ......ANSWER.....This "sales final" statement on the same
page as the buyer's signature and adjacent to the signature
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
T or F: Under the MVDA, all dealers are required to maintain a trust account
......ANSWER.....False
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
OMVIC FINAL EXAM QUESTIONS AND VERIFIED
ANSWERS | LATEST UPDATE 2026/2027 (GRADED A+) |
100% GUARANTEED SUCCESS.
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
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
,Page 2 of 26
In order for a remote storage location to be approved by OMVIC, which
condition must be met? ......ANSWER.....The location is always accessible to
OMVIC staff during normal business hours
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 ......ANSWER.....False
If a statement Standards Certificate is issues for a vehicle, it means?
......ANSWER.....The vehicle met certain basic standards of safety on the date
of inspection
An "as is" sale? ......ANSWER.....Must include a specific definition of "as is" in
the contract
, Page 3
T or F: a dealer selling a vehicle "as is" may also provide a Safety Standards
Certificate for the vehicle ......ANSWER.....False
On a purchase contact, what must be printed in 14 pt. bold font next to the
buyer's signature? ......ANSWER.....This "sales final" statement on the same
page as the buyer's signature and adjacent to the signature
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
T or F: Under the MVDA, all dealers are required to maintain a trust account
......ANSWER.....False
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
