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OMVIC FINAL EXAM LATEST ACTUAL EXAM COMPLETE 200 QUESTIONS AND ANSWERS ALREADY GRADED A+
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OMVIC FINAL EXAM LATEST ACTUAL EXAM COMPLETE 200 QUESTIONS AND ANSWERS ALREADY GRADED A+
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Page 1 of 32 1 OMVIC FINAL EXAM LATEST 2024 -2025 ACTUAL EXAM COMPLETE 200 QUESTIONS AND ANSWERS ALREADY GRADED A+ 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 fo r 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) Page 2 of 32 2 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 loc ate 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 Page 3 of 32 3 Contracts must have advisory or educational statements designed to inform purchasers/lessees about their rights and responsibilities and to en sure they know about the existence of certain agencies or organizations. Name them. - ANSWER -OMVIC, Motor Vehicle Dealer Compensation Fund, CAMVAP If a customer gives a deposit but don't sign a contract, what rights do they have? - ANSWER -If there is no s igned contract and a deposit or trade in is given to the dealer, the purchaser can cancel the contract at any time and demand his or her deposit or trade in back. List the "previous uses of a vehicle" a dealer must disclose - ANSWER -taxi, limo, police veh icle, emergency services, daily rental (unless subsequently owned by someone other than a dealer) List the types of incident damage that must be disclosed - ANSWER -collision (greater than $3000 in damage), fire, floor, and structural damage or alterations In regards to replacement, what must be disclosed? - ANSWER -The replacement of 2 or more adjacent body panels (excluding bumper covers) Dealers must disclose known damage repairs in excess of? - ANSWER -$3 000 Page 4 of 32 4 T or F: A dealer does not have to inform a purchaser that a vehicle's manufacturer's warranty has been cancelled, so long as the dealer offers or sells the purchaser an extended warranty - ANSWER -False List some conditions that must be disclosed about a vehicle - ANSWER -A vehicle was previously registered in another province, state or country; a vehicle's anti -lock braking system is not functioning; a vehicle's airbags are missing; a vehicle's air conditioning system requires repair Discloser must be provided in a timely manner, in writing, and be presented in a way that is: - ANSWER -clear, comprehensible, and prominent T or F: the MVDA remedy of recession (cancellation of a sales contract) is available only to a customer who is a consumer - ANSWER -True Recession is automatically granted for fail ing to disclose? - ANSWER -The make, model and model year of the vehicle; the vehicle was previously a taxi or limo; the vehicle has been branded What is the primary legislation governing Ontario's retail automotive sector? - ANSWER -MVDA Which body or agency enforces MVDA? - ANSWER -OMVICThe benefits of buying summaries with Stuvia:
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