OMVIC FINAL EXAM 2024 EXPERT
CERTIFIED QUESTIONS AND ANSWERS
ALREADY GRADED A+ NEW! NEW!
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? -
ANSWERS-up to 2 years
What is the minimum age requirement to become a dealer? -
ANSWERS-18
If a person has been refused registration, what are 2 conditions that
have to be met before the person can reapply? - ANSWERS-2 years
have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the
applicant appeal? - ANSWERS-LAT (license appeal tribunal ),
Independent judicial body called LAT, within 15 days of receiving the
proposal
List the 4 classes of dealers - ANSWERS-General dealer, Broker,
Exporter, Wholesaler, Lease finance dealer
,List 3 examples of individuals or businesses that are exempt from
registration - ANSWERS-Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? - 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 - ANSWERS-False
T or F: the MVDA specifies the records a dealer must maintain- these
records must be held for at least 6 years. - ANSWERS-True
Which records of employees must be maintained? - ANSWERS-
Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? -
ANSWERS-OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which
condition must be met? - 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 - ANSWERS-False
, Deposits over what amount must be kept in a trust account? -
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 - ANSWERS-False
On a purchase contact, what must be printed in 14 pt. bold font next to
the buyer's signature? - 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? - 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? -
ANSWERS-The vehicle met certain basic standards of safety on the date
of inspection
An "as is" sale? - ANSWERS-Must include a specific definition of "as is"
in the contract
CERTIFIED QUESTIONS AND ANSWERS
ALREADY GRADED A+ NEW! NEW!
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? -
ANSWERS-up to 2 years
What is the minimum age requirement to become a dealer? -
ANSWERS-18
If a person has been refused registration, what are 2 conditions that
have to be met before the person can reapply? - ANSWERS-2 years
have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the
applicant appeal? - ANSWERS-LAT (license appeal tribunal ),
Independent judicial body called LAT, within 15 days of receiving the
proposal
List the 4 classes of dealers - ANSWERS-General dealer, Broker,
Exporter, Wholesaler, Lease finance dealer
,List 3 examples of individuals or businesses that are exempt from
registration - ANSWERS-Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? - 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 - ANSWERS-False
T or F: the MVDA specifies the records a dealer must maintain- these
records must be held for at least 6 years. - ANSWERS-True
Which records of employees must be maintained? - ANSWERS-
Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? -
ANSWERS-OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which
condition must be met? - 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 - ANSWERS-False
, Deposits over what amount must be kept in a trust account? -
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 - ANSWERS-False
On a purchase contact, what must be printed in 14 pt. bold font next to
the buyer's signature? - 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? - 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? -
ANSWERS-The vehicle met certain basic standards of safety on the date
of inspection
An "as is" sale? - ANSWERS-Must include a specific definition of "as is"
in the contract
