Page 1 of 114 1 OMVIC EXAM CHAPTER 1 -18 LATEST 2024 -2025 VERSION ACTUAL EXAM COMPLETE 55 0 QUESTIONS AND DETAILED CORRECT ANSWERS ALREADY GRADED A+ In a large dealership, if the dealer principal delegates responsibility for ensuring that salespersons are registered, this should be delegated to: a) The Bookkeeper b) The Salesperson c) The Sales Manager d) The Payroll Supervisor c) The Sales Manager OMVI C can refuse, revoke or suspend registration to a dealer, salesperson or corporation if the financial responsibility or past conduct of an "interested person in respect of the applicant/registrant" gives reasonable grounds for it. Who might OMVIC consider an "Interested Person"?(C2) An interested person: - Has or may have a beneficial interest in the business - Exercise or may exercise control either directly or indirectly over the dealer/salesperson - Has provided or may have provided financing either dire ctly or indirectly to the business Where is the certificate of the dealer registration kept?(C2) Posted so the public is likely to see it True or False: A salesperson must produce his or her registration certificate for inspection if a customer asks to see it.(C2) True In your own words describe:(C2) a) Both classes of General Dealers b) Three other classes Page 2 of 114 2 General Dealer (new and used): A business that trades in both new and used vehicles. If the dealer is not a Trillium Automobile Dealers Association (TAD A) member, the dealer will need to provide a copy of the sales and service agreement in order to be assigned to this class. General Dealer (used): A business that trades only in used vehicles. This class will generally apply to any dealer who is not a new car dealer and who does not fit into any of the other classes. Broker: A business that facilitates (including advertising) the trade of a vehicle o n behalf of a non-dealer, where the broker does not own thee vehicle, take possession of the vehicles, or accept or handle the funds used to pay for the vehicle. Wholesaler: Buys, sells, or trades exclusively with other registered dealers. Wholesalers can do business with dealers who have an equivalent registration or license in a jurisdiction outside of Ontario. Exporter: Acts (or advertises) only to buy vehicles for export o utside Ontario. True or False: Dealers may sell vehicles from any location, so long as they have registered a head office with OMVIC. (C3) False List two requirements for a dealers premises. (C3) Any two of: - 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. (C3) True or False: These records must be kept for at least six year. True List four example of the information (related to vehicles sold or leased) that must be maintained in a dealers records.(C3) The dealer must maintain record of: - Vehicle Identification Number (VIN) - Copy of any Safety Standards Certification - Result of any inspection under the Highway Traffic Act - 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. Page 3 of 114 3 Which of the following records relat ed to employees must be maintained(C3) a) Employee Name b) Employee salaries c) Proof of payments d) All of the above d) all of the above Choose the most correct answer. If a dealers records are destroyed or stolen the dealer must notify: (C3) a) The OMVIC inspector when h for she arrives for the next scheduled inspection b) OMVIC, in writing, within five days c) An OMVIC investigator within 30 days d) The Ministry of Government and Consumer Services, in writing within 10 days. b) OMVIC, in writing, within five days What is the primary legislation governing Ontario's retail automotive sector? (C1) MVDA Which body or agency enforces MVDA? (C1) a) Ministry of Government and Consumer Serv ices b) TADA c) OMVIC d) Automotive Business School of Canada c) OMVIC List three functions carried out by OMVIC (C1). - Administers and enforces the MVDA - Inspects dealers - Maintains a complaint line for consumers - Conducts investigations Page 4 of 114 4 - Conducts di sciplinary hearings - Conducts prosecutions - Administers the compensation fund How many people compose OMVIC's board of directors? Of these, how many represent the industry and how many represent consumers? (C1) 12 in total, 9 dealers and 3 consumer reps Briefly explain the "Transaction Fee Program" (C1). 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 dealers registration renewal fee. True or False: Under the Transaction Fee Program, the dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased. (C1) True T or F: the fee can be passed on to the consumer (C1) True What is OMVIC required to make available to the public? (C1) a) A dealers name, address and phone number b) a salespersons name c) any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson d) all of the above d) all of the above Should OMVIC determine a dealers advertising to be false or misleading what powers do they have to stop or correct it? (C1) OMVIC may issue an order requiring 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? (C1)
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 STUVIAGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $21.99. You're not tied to anything after your purchase.
