OMVIC REAL FINAL EXAM QUESTIONS AND VERIFIED SOLUTIONS 2024/2025 GRADED A+.

OMVIC REAL FINAL EXAM QUESTIONS AND VERIFIED SOLUTIONS 2024/2025 GRADED A+. 2 / 7 1. What is the primary legislation governing Ontario's retail automotive sec-tor?: MVDA 2. Which body or agency enforces MVDA?: OMVIC 3. How many people compose OMVIC's board of directors?: 12 in total, 9dealers and 3 consumer reps 4. What is the "transaction fee program"?: under the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased to OMVIC.Thesefunds are remitted annually with the dealers registration renewal fee. 5. T or F: the fee can be passed on to the consumer: True 6. What is OMVIC required to make available to the public?: 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 7. Should OMVIC determine a dealers advertising to be false or misleadingwhat powers do they have to stop or correct it?: Order to the dealer to ceasepublication and or issue a retraction or correction 8. If an order is used to stop or correct false advertising,for how long may thedealer need to seek OMVIC pre approval for future advertising?: up to 2 years 9. What is the minimum age requirement to become a dealer?: 18 10. If a person has been refused registration, what are 2 conditions that haveto be met before the person can reapply?: 2 years have passed; new evidenceto demonstrate circumstances 11. If OMVIC issues a proposal to refuse registration, to whom can the appli- cant appeal?: LAT (license appeal tribunal ), Independent judicial body called LAT,within 15 days of receiving the proposal 12. List the 4 classes of dealers: General dealer, Broker, Exporter, Wholesaler,Lease finance dealer 13. List 3 examples of individuals or businesses that are exempt from regis-tration: Wholesale auction, wrecker, lawyer 14. Where is the certificate of the dealer registration kept?: Where the publiccan see it 15. T or F: Dealers may sell vehicles from any location so long as they haveregistered a head office with OMVIC: False 16. T or F: the MVDA specifies the records a dealer must maintain- theserecords must be held for at least 6 years.: True 17. Which records of employees must be maintained?: Employee names, proofof payments, and employee salaries 18. If a dealer's records are destroyed o