Exam (elaborations)
OMVIC FINAL EXAM 2023/2024 QUESTIONS &ANSWERS (A+ GRADED)
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OMVIC FINAL EXAM 2023/2024 QUESTIONS &ANSWERS (A+ GRADED)
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OMVICWhat is the primary legislation governing Ontario's retail automotive sector? - ANS MVDA
Which body or agency enforces MVDA? - ANS OMVIC
How many people compose OMVIC's board of directors? - ANS 12 in total, 9 dealers and 3
consumer reps
What is the "transaction fee program"? - ANS 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 - ANS True
What is OMVIC required to make available to the public? - ANS 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? - ANS 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? - ANS up to 2 years
What is the minimum age requirement to become a dealer? - ANS 18
If a person has been refused registration, what are 2 conditions that have to be met before the
person can reapply? - ANS 2 years have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - ANS LAT
(license appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the
proposal
List the 4 classes of dealers - ANS General dealer, Broker, Exporter, Wholesaler, Lease finance
dealer
List 3 examples of individuals or businesses that are exempt from registration - ANS Wholesale
auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? - ANS 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 - ANS False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for
at least 6 years. - ANS True
Which records of employees must be maintained? - ANS Employee names, proof of payments,
and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - ANS OMVIC, in writing,
within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be met?
- ANS 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 - ANS False
Deposits over what amount must be kept in a trust account? - ANS $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 - ANS False
On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature? -
ANS 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? - ANS 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? - ANS The vehicle met
certain basic standards of safety on the date of inspection
An "as is" sale? - ANS 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 - ANS False
Contracts must have advisory or educational statements designed to inform purchasers/lessees
about their rights and responsibilities and to ensure they know about the existence of certain
agencies or organizations. Name them. - ANS OMVIC, Motor Vehicle Dealer Compensation
Fund, CAMVAP
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