Exam (elaborations)
OMVIC CHAPTER 7 TEST QUESTIONS AND ANSWERS
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OMVIC CHAPTER 7 TEST QUESTIONS AND ANSWERS...
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Verify any accurate assertion (there can be multiple accurate statements): Whena dealer purchases from you: - ANSWER Dealers that sell cars must declare if
they have ever been used as a taxi, police car, etc.Dealers selling cars must
declare damage fixes that cost over $3,000.Selling dealers are required to notify
customers if the car has two or more replacement neighboring panels (not
bumper panels).
Are the conditions necessary to sell or lease a car to a different dealer in
the Code of Ethics Regulations or the General Regulations of the MVDA? -
ANSWER Regulations about the code of ethics
Give two possible historical facts about a car that should be reported in dealer-
to-dealer sales and leases (excluding the examples from question 1). -
ANSWER 704 from 1 to 21
True or False: The following disclosure, which is solely necessary for retail
transactions, is not required for dealer-to-dealer transactions: any information
regarding the car
that has an impact on the vehicle's mechanical or structural quality or
performance and that, if made public, may be expected to sway a reasonable
buyer's or lessee's choice to purchase or rent the car. - Untrue Answer
What should the selling dealer do if they are unable to ascertain the vehicle's
driving distance while selling to another dealer? - ANSWER If the car is used
and the dealer is unable to ascertain how far the vehicle has been driven overall
but can ascertain how far it has been driven as of a previous date, a statement of
The line "the total distance the vehicle has been driven is believed to be higher"
is included with that distance and date. In the event that a used car dealer is
unable to ascertain the vehicle's total mileage or its mileage as of a previous
date, the dealer will declare that "the total distance
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