OMVIC EXAM comprehensive questions |
Frequently Most Tested Questions Merged
With Correct Verified And Well Analyzed
Solutions || Already Graded A+ || 2026-
2027 Latest Update!!!
A contract for sale or lease of a vehicle between dealers: - ANSWER-
Must disclose specific information to comply with the Code of Ethics
Regulations
A Safety Standards Certificate is required when - ANSWER-transferring
a used motor vehicle to a new owner as fit; registering a motor vehicle
in Ontario that was previously registered in another province or
country; changing the status of a vehicle from unfit to fit; registering a
rebuilt motor vehicle
An "as is" sale? - ANSWER-Must include a specific definition of "as is"
in the contract
Briefly explain a "consignment transaction" - ANSWER-a vehicle
owner (cosigner) gives a vehicle to a dealer (consignee) to sell on the
owner's behalf
Contracts must have advisory or educational statements designed to
inform purchasers/lessees about their rights and responsibilities and
to ensure they know about the existence of certain agencies or
, organizations. Name them. - ANSWER-OMVIC, Motor Vehicle Dealer
Compensation Fund, CAMVAP
Curbsides : - ANSWER-ignore tax law, avoid overhead, have an unfair
advantage over registered dealers
Dealer plates are issued by: - ANSWER-Ministry of Transportation
Dealers and salespeople are required to conduct business in
accordance with the law and with? - ANSWER-Integrity, fairness and
honesty
Dealers must disclose known damage repairs in excess of? - ANSWER-
$3 000
Dealers must post a sign stating: - ANSWER-labor charges and how
they are computed; the dealer's obligation to provide estimates; that
each part is removed and available to the consumer
Dealers must send all payments and documents detailing the contract
to the warranty company within: - ANSWER-7 days
Deposits over what amount must be kept in a trust account? -
ANSWER-$10 000 (ten thousand)
Discloser must be provided in a timely manner, in writing, and be
presented in a way that is: - ANSWER-clear, comprehensible, and
prominent
Explain the "merchantable quality" as it relates to a used vehicle -
ANSWER-A used vehicle of merchantable quality has no hidden
defects and will provide reasonable transportation for a reasonable
period of time
Frequently Most Tested Questions Merged
With Correct Verified And Well Analyzed
Solutions || Already Graded A+ || 2026-
2027 Latest Update!!!
A contract for sale or lease of a vehicle between dealers: - ANSWER-
Must disclose specific information to comply with the Code of Ethics
Regulations
A Safety Standards Certificate is required when - ANSWER-transferring
a used motor vehicle to a new owner as fit; registering a motor vehicle
in Ontario that was previously registered in another province or
country; changing the status of a vehicle from unfit to fit; registering a
rebuilt motor vehicle
An "as is" sale? - ANSWER-Must include a specific definition of "as is"
in the contract
Briefly explain a "consignment transaction" - ANSWER-a vehicle
owner (cosigner) gives a vehicle to a dealer (consignee) to sell on the
owner's behalf
Contracts must have advisory or educational statements designed to
inform purchasers/lessees about their rights and responsibilities and
to ensure they know about the existence of certain agencies or
, organizations. Name them. - ANSWER-OMVIC, Motor Vehicle Dealer
Compensation Fund, CAMVAP
Curbsides : - ANSWER-ignore tax law, avoid overhead, have an unfair
advantage over registered dealers
Dealer plates are issued by: - ANSWER-Ministry of Transportation
Dealers and salespeople are required to conduct business in
accordance with the law and with? - ANSWER-Integrity, fairness and
honesty
Dealers must disclose known damage repairs in excess of? - ANSWER-
$3 000
Dealers must post a sign stating: - ANSWER-labor charges and how
they are computed; the dealer's obligation to provide estimates; that
each part is removed and available to the consumer
Dealers must send all payments and documents detailing the contract
to the warranty company within: - ANSWER-7 days
Deposits over what amount must be kept in a trust account? -
ANSWER-$10 000 (ten thousand)
Discloser must be provided in a timely manner, in writing, and be
presented in a way that is: - ANSWER-clear, comprehensible, and
prominent
Explain the "merchantable quality" as it relates to a used vehicle -
ANSWER-A used vehicle of merchantable quality has no hidden
defects and will provide reasonable transportation for a reasonable
period of time
