OMVIC Chapter 1-18 Exam 2023 QUESTIONS WITH COMPLETE ANSWERS GRADED A+

What is the primary legislation governing Ontario's retail automotive sector? - Correct Answer Moter Vehicle Dealers Act, 2002 Which body or agency enforces MVDA? - Correct Answer OMVIC List Three Functions carried out by OMVIC - Correct Answer 1) Administers and enforces the MVDA 2) Inspects dealers 3)Maintains a complaint line for consumers 4) Conducts investigations 5) Conducts disciplinary hearings 6) Conducts prosecutions 7) Administers the Compensation Fund How many people compose OMVICS board of directors? How many dealers ? How many consumers? - Correct Answer 12 total 9 dealer 3 consumer Briefly explain the "Transactional Fee Program" - Correct Answer Under the transaction fee program , dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal fee. True or False: The transaction fee can be passed along to the customer? - Correct Answer True True or False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased? - Correct Answer True What information is OMVIC required to make available to the public? - Correct Answer 1) A dealer's business name, address and phone number 2) A salespersons name 3) Any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson