Exam (elaborations)
OMVIC CHAPTER 1-18 QUESTIOS AND ANSWERS
- Course
- Institution
OMVIC CHAPTER 1-18 QUESTIOS AND ANSWERS
[Show more]
Content preview
OMVIC CHAPTER 1-18 QUESTIOS AND ANSWERSWhat is the primary legislation governing Ontario's retail automotive sector? - answer-
Moter Vehicle Dealers Act, 2002
Which body or agency enforces MVDA? - answer- OMVIC
List Three Functions carried out by OMVIC - answer- 1) Administers and enforces the
MVDA
2) Inspects dealers
3)Maintains a complaint line for consumers
4) Conducts investigations
5) Conducts disciplinary hearings
6) Conducts prosecutions
7) Administers the Compensation Fund
How many people compose OMVICS board of directors? How many dealers ? How
many consumers? - answer- 12 total
9 dealer
3 consumer
Briefly explain the "Transactional Fee Program" - answer- Under the transaction fee
program , dealer are required to remit $10 for each vehicle sold or leased (included fleet
and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers
registration renewal fee.
True or False: The transaction fee can be passed along to the customer? - answer-
True
True or False: Under the Transaction Fee Program, dealers are required to remit $10
(to OMVIC) for each retail vehicle sold or leased? - answer- True
What information is OMVIC required to make available to the public? - answer- 1) A
dealer's business name, address and phone number
2) A salespersons name
3) 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
does OMVIC have to stop or correct it? - answer- OMVIC may issue an order requiring
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's pre-approval for future advertising? - answer- Up to 2 years
, Where is the certificate of the dealer registration kept? - answer- Posted so the public is
likely to see it
True of False: A salesperson must produce his or her registration certificate for
inspection if a customer asks to see it? - answer- True
True or False: Dealers may sell vehicles from any location, so long as they have
registered a head office with OMVIC - answer- False
List the three requirements for a dealers premises - answer- 1) Have a business office
(large enough to store records securely)
2) Have a clearly visible sign identifying registered name
3) Be approved for use as a dealership by municipality
How long does the MVDA specify how long a dealer must maintain their records? -
answer- They must keep the records for a minimum of 6 years
List four examples of the information (related to vehicles sold or leased ) that must be
maintained in a dealer's records. - answer- 1) Employee records, including the names of
employees, positions held , dates of employment , how much each employee is paid
and proof of payment
2) A list of "persons associated with the dealer" and the nature of their association
3) Records of all dealership bank accounts and any financing of the business , including
loan agreements , credit arrangements or any security interest granted by the dealer
Which of the following records related to employees must be maintained:
1) Employee names
2) Employee Salaries
3) Proof of Payments - answer- All of the Above
If a dealers records are destroyed or stolen the dealer must notify who? - answer-
OMVIC in writing, within 5 days
What must a dealer do if they wish to store records somewhere other then the location
from which they trade? - answer- Apply for and receive written authorization from
OMVIC's Registrar
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 GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81298 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now