OMVIC Exam Study Guide 100% Correct Answers Verified Latest 2024 Version
2 views 0 purchase
Course
Academic Avengers Verified Papers
Institution
Academic Avengers Verified Papers
OMVIC Exam Study Guide | 100% Correct
Answers | Verified | Latest 2024 Version
Ch.1 - What is the primary legislation governing Ontario's retail automotive sector? - The Motor
Vehicle Dealers Act, 2002
see 1.04
Ch.1 - Which body or agency enforces the MVDA?
a. Ministry of Government and Consu...
OMVIC Exam Study Guide | 100% Correct
Answers | Verified | Latest 2024 Version
Ch.1 - What is the primary legislation governing Ontario's retail automotive sector? - ✔✔The Motor
Vehicle Dealers Act, 2002
see 1.04
Ch.1 - Which body or agency enforces the MVDA?
a. Ministry of Government and Consumer Services
b. TADA
c. OMVIC
d. Automotive Business School of Canada - ✔✔c. OMVIC
see 1.04
Ch.1 - List three functions carried out by OMVIC. - ✔✔Any three of the following:
- Administers and enforces the MVDA
- Inspects dealers
- Maintains a complaint line for consumers
- Conducts investigations
- Conducts disciplinary hearings
-Conducts prosecutions
- Administers the Compensation Fund
see 1.07
,Ch.1 - How many people compose OMVIC's Board of Directors? Of these, how many represent the
industry and how many represent the consumers? - ✔✔Twelve total, nine dealers and three consumer
reps
see 1.07
Ch.1 - Briefly explain the "Transaction Fee Program." - ✔✔Under the transaction fee program, dealers
are required to remit $10 for each vehicle sold or leased (including fleet and "as is" transactions) to
OMVIC. These funds are remitted annually with the dealer's registration renewal fee.
see 1.08
Ch.1 - True of False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC)
for each retail vehicle sold or leased. - ✔✔True
see 1.08
Ch.1 - True or False: The transaction fee can be passed along to the customer. - ✔✔True
see 1.08
Ch.1 - What information is OMVIC required to make available to the public?
a. A dealer's business name, address and phone number
b. A Salesperson's name
c. Any proposal to refuse to renew, suspend or revoke the registration of a dealer or a salesperson
d. All of the above - ✔✔d. All of the above
see 1.12
,Ch.1 - Should OMVIC determine a dealer's advertising to be false or misleading, what powers does
OMVIC have to stop or correct it? - ✔✔OMVIC may issue an order requiring the dealer to cease
publication and/or issue a retractions or correction.
see 1.12
Ch.1 - If an order is used to stop or correct false advertising, for how long may the dealer need to seek
OMVIC's pre-approval for future advertising? - ✔✔Up to two years
see 1.09
Ch.1 - List two possible situations which could result in OMVIC applying to a court to appoint a receiver
and manager to assume temporary control of a dealership. - ✔✔This action might be taken:
- If there has been an investigation
- If the dealership is about to fail
- If OMVIC is proposing to revoke a registration
- If a freeze order is about to be made
see 1.10
Ch.2 - What is the minimum age requirement to become a dealer? - ✔✔18
see 2.05
Ch.2 - List three requirements that must be met when applying to become a salesperson. - ✔✔Three
requirements are:
- Complete/pass certification course
- Pay fee
- Be employed or retained by a registered dealer to act as a salesperson
, see 2.07
Ch.2 - True or False: All dealer and salesperson applicants undergo a Canada-wise criminal record search
as part of the application screening process. - ✔✔True
see 2.03
Ch.2 - Which of the following must be registered with OMVIC (select all that apply):
a. Dealers
b. Salespersons
c. Business managers
d. Finance managers
e. Service managers - ✔✔a. Dealers
b. Salespersons
c. Business managers
d. Finance managers
see 2.04
Ch.2 - List two reasons why OMVIC might refuse the registration of a dealer or salesperson. - ✔✔Any two
of:
- Past conduct
- False statement on application
- Failed to comply with terms
- Cannot be expected to be financially responsible
- The Compensation Fund has paid out a claim and has not been reimbursed
see 2.05 and .10
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller hov. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
