omvic chapter 17
True or False: The Code of Ethics Regulations are guidelines or "best practices" but do
not have any real legal authority. - ANS-False
Dealers and salespeople are required to conduct business in accordance with the law
and with (select all that apply): - ANS-Integrity, Fairness, Honesty
Failure to abide by the Code of Ethics Regulations can result in: - ANS-Revocation of
registration,A disciplinary hearing, Refusal to grant or renew registration.
True or False: If the Discipline Panel decides that a dealer or salesperson failed to
comply with the Code of Ethics Regulations, the committee may impose a maximum
fine of $10,000. - ANS-False (the maximum fine is $25,000)
Other than a fine, what other penalties might the Discipline Committee impose? -
ANS-The Discipline Committee can also order:
The dealer or salesperson to take further
educational courses
The dealer to pay for educational courses for its salespeople
The dealer or salesperson to pay costs
True or False: An "order" of the OMVIC Discipline Committee is final and cannot be
appealed. - ANS-False
Choose the two correct answers: - ANS-A salesperson must not do anything that
causes the dealer to break the Code of Ethics.
The dealer must ensure the salesperson complies with the
Code of Ethics Regulations.
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