Exam (elaborations)
OMVIC FINAL EXAM 2023
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OMVIC FINAL EXAM 2023...
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OMVIC FINAL EXAM 2023 What is the primary legislation governing Ontario's retail automoti ve sector? - ANSWER MVDA Which body or agency enforces MVDA? - ANSWER OMVIC How many people compose OMVIC's board of directors? - ANSWER 12 in tot al, 9 dealers and 3 consumer reps What is the "transaction fee program"? - ANSWER under the tra nsaction fee program, dealers are required to remit $10 for each vehicle sold or l eased to OMVIC. These funds are remitted annually with the dealers registration renewal f ee. T or F: the fee can be passed on to the consumer - ANSWER True What is OMVIC required to make available to the public? - ANSW ER A dealers name, address and phone number; a salespersons name; any propos al to refuse to renew, suspend or revoke the registration of a dealer or salesperson Should OMVIC determine a dealers advertising to be false or mislead ing what powers do they have to stop or correct it? - ANSWER Order to the dealer to cease pu blication and or issue a retraction or correction If an order is used to stop or correct false advertising, for how lon g may the dealer need to seek OMVIC pre approval for future advertising? - ANSWER up to 2 ye ars What is the minimum age requirement to become a dealer? - ANSWER 18 If a person has been refused registration, what are 2 conditio ns 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 ap plicant 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, Expor ter, Wholesaler, Lease finance dealer List 3 examples of individuals or businesses that are exempt from re gistration - 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 n ames, proof of payments, and employee salaries If a dealer's records are destroyed or stolen, the dealer mu st notify? - ANSWER OMVIC, in writing, within 5 days In order for a remote storage location to be approved by O MVIC, 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 t rust 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 sig nature 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 mi leage? - ANSWER A maximum distance that will be shown on the odometer at the same time of de livery or a statement that there is no maximum If a statement Standards Certificate is issues for a vehicle, it means? - AN SWER 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 i s" in the contract T or F: a dealer selling a vehicle "as is" may also provide a Safe ty Standards Certificate for the vehicle - ANSWER False Contracts must have advisory or educational statements designed to i nformThe benefits of buying summaries with Stuvia:
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