100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
2024 OMVIC FINAL EXAM WITH 300 ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWER1 $17.99   Add to cart
Quickly navigate to
Preview
  2.  
  3. 2024 OMVIC
  4.  
  5. 2024 OMVIC

Exam (elaborations)

2024 OMVIC FINAL EXAM WITH 300 ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWER1

1 review
 9 views  0 purchase
  • Course
  • 2024 OMVIC
  • Institution
  • 2024 OMVIC

2024 OMVIC FINAL EXAM WITH 300 ACTUAL EXAM QUESTIONS AND CORRECT VERIFIED ANSWER1

Preview 2 out of 9  pages

Document information

  • November 22, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

Written for

  • 2024 OMVIC
  • 2024 OMVIC

1  review

review-writer-avatar

By: Americannursingaassociation • 3 days ago

Seller

avatar-seller
leonardmuriithi061

Reviews received

Content preview

2024 OMVIC FINAL EXAM WITH 300 ACTUAL EXAM
QUESTIONS AND CORRECT VERIFIED ANSWERS /
OMVIC ONTARIO MOTOR VEHICLE INDUSTRY
COUNCIL FINAL EXAM LATEST 2024 (NEWEST!!)


What is the primary legislation governing Ontario's retail automotive sector? - ANSWER
MVDA

Which body or agency enforces MVDA? - ANSWER OMVIC

How many people compose OMVIC's board of directors? - ANSWER 12 in total, 9
dealers and 3 consumer reps

What is the "transaction fee program"? - ANSWER under the transaction fee program,
dealers are required to remit $10 for each vehicle sold or leased to OMVIC. These
funds are remitted annually with the dealers registration renewal fee.

T or F: the fee can be passed on to the consumer - ANSWER True

What is OMVIC required to make available to the public? - ANSWER A dealers name,
address and phone number; a salespersons name; 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
do they have to stop or correct it? - ANSWER Order to 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? - ANSWER up to 2 years

What is the minimum age requirement to become a dealer? - ANSWER 18

If a person has been refused registration, what are 2 conditions that have to be met
before the person can reapply? - ANSWER 2 years have passed; new evidence to
demonstrate circumstances

If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? -
ANSWER LAT (license appeal tribunal ), Independent judicial body called LAT, within
15 days of receiving the proposal

List the 4 classes of dealers - ANSWER General dealer, Broker, Exporter, Wholesaler,
Lease finance dealer

, List 3 examples of individuals or businesses that are exempt from registration -
ANSWER Wholesale auction, wrecker, lawyer

Where is the certificate of the dealer registration kept? - ANSWER Where the public can
see it

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 for 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)

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 locate 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

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

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

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 leonardmuriithi061. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$17.99
  • (1)
  Add to cart