Exam (elaborations)
OMVIC CHAPTER 1-18 QUESTIOS AND ANSWERS
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OMVIC CHAPTER 1-18 QUESTIOS AND ANSWERS
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OMVIC CHAPTER 1-18 QUESTIOS AND ANSWERSWhat is the primary legislation governing Ontario's retail automotive sector? - answer-
Moter Vehicle Dealers Act, 2002
Which body or agency enforces MVDA? - answer- OMVIC
List Three Functions carried out by OMVIC - answer- 1) Administers and enforces the
MVDA
2) Inspects dealers
3)Maintains a complaint line for consumers
4) Conducts investigations
5) Conducts disciplinary hearings
6) Conducts prosecutions
7) Administers the Compensation Fund
How many people compose OMVICS board of directors? How many dealers ? How
many consumers? - answer- 12 total
9 dealer
3 consumer
Briefly explain the "Transactional Fee Program" - answer- Under the transaction fee
program , dealer are required to remit $10 for each vehicle sold or leased (included fleet
and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers
registration renewal fee.
True or False: The transaction fee can be passed along to the customer? - answer-
True
True or False: Under the Transaction Fee Program, dealers are required to remit $10
(to OMVIC) for each retail vehicle sold or leased? - answer- True
What information is OMVIC required to make available to the public? - answer- 1) A
dealer's business name, address and phone number
2) A salespersons name
3) 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
does OMVIC have to stop or correct it? - answer- 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's pre-approval for future advertising? - answer- Up to 2 years
, Where is the certificate of the dealer registration kept? - answer- Posted so the public is
likely to see it
True of False: A salesperson must produce his or her registration certificate for
inspection if a customer asks to see it? - answer- True
True or False: Dealers may sell vehicles from any location, so long as they have
registered a head office with OMVIC - answer- False
List the three requirements for a dealers premises - answer- 1) Have a business office
(large enough to store records securely)
2) Have a clearly visible sign identifying registered name
3) Be approved for use as a dealership by municipality
How long does the MVDA specify how long a dealer must maintain their records? -
answer- They must keep the records for a minimum of 6 years
List four examples of the information (related to vehicles sold or leased ) that must be
maintained in a dealer's records. - answer- 1) Employee records, including the names of
employees, positions held , dates of employment , how much each employee is paid
and proof of payment
2) A list of "persons associated with the dealer" and the nature of their association
3) Records of all dealership bank accounts and any financing of the business , including
loan agreements , credit arrangements or any security interest granted by the dealer
Which of the following records related to employees must be maintained:
1) Employee names
2) Employee Salaries
3) Proof of Payments - answer- All of the Above
If a dealers records are destroyed or stolen the dealer must notify who? - answer-
OMVIC in writing, within 5 days
What must a dealer do if they wish to store records somewhere other then the location
from which they trade? - answer- Apply for and receive written authorization from
OMVIC's Registrar
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