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OMVIC CHAPTER 1- 18 EXAM QUESTIONS WITH 100% VERIFIED ANSWERS
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OMVIC CHAPTER 1- 18 EXAM QUESTIONS WITH 100% VERIFIED ANSWERS ...
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OMVIC CHAPTER 1- 18 EXAMQUESTIONS WITH 100% VERIFIED
ANSWERS 2024-2025
What is the main piece of legislation controlling the retail car industry in Ontario?
- ANSWER The 2002 Motor Vehicle Dealers Act
Which organisation or body upholds MVDA? - ANSWER OMVIC
Name Three Duties Fulfilled by OMVIC: ANSWER 1) Oversees and upholds the
MVDA
2) Examines vendors
3) Keeps a customer complaint line open.
4) carries out research
5) Has hearings for punitive actions
6) carries out legal actions
7) Oversees the Fund for Compensation
What is the size of the OMVICS board of directors? What number of vendors are
there? How many customers are there? - A total of 12 answers
nine dealers
3 customers
, Describe the "Transactional Fee Program" in brief. - ANSWER Dealers must pay
$10 to OMVIC for each car sold or leased—including fleet and "as is"
transactions—as part of the transaction fee scheme. Together with the dealer
registration renewal charge, these payments are sent out every year.
Is it possible to charge the consumer for the transaction fee? - ANSWER Valid
Is it true or false that dealers must send $10 to OMVIC for each retail vehicle they
sell or lease as part of the Transaction Fee Program? - ANSWER Valid
Which information is publically available through OMVIC? - ANSWER 1) The
name, address, and phone number of the dealer
2) The name of a salesperson
3) Any suggestion to deny a dealer or salesperson's registration renewal,
suspension, or revocation
What authority does OMVIC have to stop or correct a dealer's incorrect or
misleading advertising if it is determined to exist? - ANSWER OMVIC has the
authority to issue an order compelling the dealer to stop publishing and/or issue a
correction or retraction.
How long may the dealer need to obtain OMVIC's preapproval before using an
order to stop or remedy deceptive advertising? - ANSWER For a maximum of two
years
Name two scenarios when OMVIC might ask a judge to name a receiver and
manager to take over interim management of a dealership. - ANSWER This could
be done if:
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