OMVIC CHAPTER 3
True or False: Dealers may sell vehicles from any location, so long as they have
registered a head office with OMVIC. - ANS-False
List two requirements for a dealer's premises. - ANS-Have a business office large
enough to store records securely.
Have a clearly visible sign identifying registered name.
Be approved for use as a dealership by municipality.
The MVDA specifies the records a dealer must maintain. The records must be kept for
at least six years. - ANS-True
List four examples of the information (related to vehicles sold or leased) that must be
maintained in a dealer's records. - ANS-(VIN) , Safety,Result of any inspection under
the Highway Traffic Act (Drive Clean, etc.), Particulars of any repair or reconditioning
work done or authorized
by the dealer, including the source of any parts, the cost of the work
and the name of the repairer
Which of the following records related to employees must be kept? - ANS-Employee
names, Proof of payments, Employee salaries
Choose the most correct answer. If a dealer's records are destroyed or stolen, the
dealer must notify: - ANS-OMVIC, in writing, within five days
What must a dealer do if they wish to store records somewhere other than the location
from which they trade? - ANS-Apply for and receive written authorization from
OMVIC's Registrar.
In order for a remote storage location to be approved by OMVIC, which condition must
be met? - ANS-The location is always accessible to OMVIC staff during
normal business hours
True or False: Under the MVDA, dealers are no longer required to maintain a trust
account. - ANS-False
Deposits over what amount must be kept in a trust account? - ANS-$10,000
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