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OMVIC Exam Latest Updates 2024/2025
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OMVIC Exam Latest Updates 2024/2025
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OMVIC Exam Latest Updates 2024/2025What 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
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