Exam (elaborations)
OMVIC FINAL EXAM 2023
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OMVIC FINAL EXAM 2023...
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OMVIC FINAL EXAM 2023What is the primary legislation governing Ontario's retail automotive sector? - ANSWER
MVDA
Which body or agency enforces MVDA? - ANSWER OMVIC
How many people compose OMVIC's board of directors? - ANSWER 12 in total, 9 dealers
and 3 consumer reps
What is the "transaction fee program"? - ANSWER 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 - ANSWER True
What is OMVIC required to make available to the public? - ANSWER 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? - ANSWER 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? - ANSWER up to 2 years
What is the minimum age requirement to become a dealer? - ANSWER 18
If a person has been refused registration, what are 2 conditions that have to be met before
the person can reapply? - ANSWER 2 years have passed; new evidence to demonstrate
circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? -
ANSWER LAT (license appeal tribunal ), Independent judicial body called LAT, within 15 days
of receiving the proposal
List the 4 classes of dealers - ANSWER General dealer, Broker, Exporter, Wholesaler, Lease
finance dealer
List 3 examples of individuals or businesses that are exempt from registration - ANSWER
Wholesale auction, wrecker, lawyer
, Where is the certificate of the dealer registration kept? - ANSWER 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 - ANSWER False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for
at least 6 years. - ANSWER True
Which records of employees must be maintained? - ANSWER Employee names, proof of
payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - ANSWER OMVIC, in
writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be
met? - ANSWER 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 - ANSWER False
Deposits over what amount must be kept in a trust account? - ANSWER $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 - ANSWER False
On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature?
- ANSWER 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? - ANSWER 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? - ANSWER The vehicle
met certain basic standards of safety on the date of inspection
An "as is" sale? - ANSWER 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 - ANSWER False
Contracts must have advisory or educational statements designed to inform
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