OMVIC || 100% Accurate Answers.
What is the primary legislation governing Ontario's retail automotive sector? correct answers
MVDA
Which body or agency enforces MVDA? correct answers OMVIC
How many people compose OMVIC's board of directors? correct answers 12 in total, 9
dealers and 3 consumer reps
What is the "transaction fee program"? correct answers 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 correct answers True
What is OMVIC required to make available to the public? correct answers 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? correct answers 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? correct answers up to 2 years
What is the minimum age requirement to become a dealer? correct answers 18
If a person has been refused registration, what are 2 conditions that have to be met before the
person can reapply? correct answers 2 years have passed; new evidence to demonstrate
circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? correct
answers LAT (license appeal tribunal ), Independent judicial body called LAT, within 15
days of receiving the proposal
List the 4 classes of dealers correct answers General dealer, Broker, Exporter, Wholesaler,
Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration correct answers
Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? correct answers 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 correct answers False
, T or F: the MVDA specifies the records a dealer must maintain- these records must be held
for at least 6 years. correct answers True
Which records of employees must be maintained? correct answers Employee names, proof of
payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? correct answers OMVIC,
in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be
met? correct answers The location is always accessible to OMVIC staff during normal
business hours
T or F: Under the MVDA, all dealers are required to maintain a trust account correct answers
False
Deposits over what amount must be kept in a trust account? correct answers $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 correct answers False
On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature?
correct answers This "sales final" statement on the same page as the buyer's signature and
adjacent to the signature
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 the mileage? correct answers A
maximum distance that will be shown on the odometer at the same time of delivery or a
statement that there is no maximum
If a statement Standards Certificate is issues for a vehicle, it means? correct answers The
vehicle met certain basic standards of safety on the date of inspection
An "as is" sale? correct answers Must include a specific definition of "as is" in the contract
T or F: a dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for
the vehicle correct answers False
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. correct answers OMVIC, Motor
Vehicle Dealer Compensation Fund, CAMVAP
If a customer gives a deposit but don't sign a contract, what rights do they have? correct
answers If there is no signed contract and a deposit or trade in is given to the dealer, the
purchaser can cancel the contract at any time and demand his or her deposit or trade in back.
What is the primary legislation governing Ontario's retail automotive sector? correct answers
MVDA
Which body or agency enforces MVDA? correct answers OMVIC
How many people compose OMVIC's board of directors? correct answers 12 in total, 9
dealers and 3 consumer reps
What is the "transaction fee program"? correct answers 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 correct answers True
What is OMVIC required to make available to the public? correct answers 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? correct answers 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? correct answers up to 2 years
What is the minimum age requirement to become a dealer? correct answers 18
If a person has been refused registration, what are 2 conditions that have to be met before the
person can reapply? correct answers 2 years have passed; new evidence to demonstrate
circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? correct
answers LAT (license appeal tribunal ), Independent judicial body called LAT, within 15
days of receiving the proposal
List the 4 classes of dealers correct answers General dealer, Broker, Exporter, Wholesaler,
Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration correct answers
Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? correct answers 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 correct answers False
, T or F: the MVDA specifies the records a dealer must maintain- these records must be held
for at least 6 years. correct answers True
Which records of employees must be maintained? correct answers Employee names, proof of
payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? correct answers OMVIC,
in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be
met? correct answers The location is always accessible to OMVIC staff during normal
business hours
T or F: Under the MVDA, all dealers are required to maintain a trust account correct answers
False
Deposits over what amount must be kept in a trust account? correct answers $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 correct answers False
On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature?
correct answers This "sales final" statement on the same page as the buyer's signature and
adjacent to the signature
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 the mileage? correct answers A
maximum distance that will be shown on the odometer at the same time of delivery or a
statement that there is no maximum
If a statement Standards Certificate is issues for a vehicle, it means? correct answers The
vehicle met certain basic standards of safety on the date of inspection
An "as is" sale? correct answers Must include a specific definition of "as is" in the contract
T or F: a dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for
the vehicle correct answers False
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. correct answers OMVIC, Motor
Vehicle Dealer Compensation Fund, CAMVAP
If a customer gives a deposit but don't sign a contract, what rights do they have? correct
answers If there is no signed contract and a deposit or trade in is given to the dealer, the
purchaser can cancel the contract at any time and demand his or her deposit or trade in back.
