OMVIC Exam Questions & Answers | 100% Correct Answers | Verified
| Latest 2024 Version
What is the primary legislation governing Ontario's retail automotive sector? - MVDA
Which body or agency enforces MVDA? - OMVIC
How many people compose OMVIC's board of directors? - 12 in total, 9 dealers an...
What is the primary legislation governing Ontario's retail automotive sector? - ✔✔MVDA
Which body or agency enforces MVDA? - ✔✔OMVIC
How many people compose OMVIC's board of directors? - ✔✔12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - ✔✔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 - ✔✔True
What is OMVIC required to make available to the public? - ✔✔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? - ✔✔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? - ✔✔up to 2 years
What is the minimum age requirement to become a dealer? - ✔✔18
If a person has been refused registration, what are 2 conditions that have to be met before the person
can reapply? - ✔✔2 years have passed; new evidence to demonstrate circumstances
, If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - ✔✔LAT (license
appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers - ✔✔General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration - ✔✔Wholesale auction,
wrecker, lawyer
Where is the certificate of the dealer registration kept? - ✔✔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 - ✔✔False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6
years. - ✔✔True
Which records of employees must be maintained? - ✔✔Employee names, proof of payments, and
employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - ✔✔OMVIC, in writing, within 5
days
In order for a remote storage location to be approved by OMVIC, which condition must be met? -
✔✔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 - ✔✔False
Deposits over what amount must be kept in a trust account? - ✔✔$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 - ✔✔False
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 hov. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
