Exam (elaborations)
OMVIC FINAL EXAM 2023/2024 QUESTIONS &ANSWERS (A+ GRADED)
- Course
- Institution
OMVIC FINAL EXAM 2023/2024 QUESTIONS &ANSWERS (A+ GRADED)
[Show more]
Content preview
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
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 phyliswambui996. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83662 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now