OMVIC EXAM QUESTIONS AND ANSWERS
What 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 i...
OMVIC
What
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
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