OMVIC FINAL EXAM WITH CORRECT ANSWERS
2023\2024[GRADED A+]
What is the primary legislation governing Ontario's retail automotive sector?
- CORRECT ANSWERS-MVDA
Which body or agency enforces MVDA? - CORRECT ANSWERS-OMVIC
How many people compose OMVIC's board of directors? - CORRECT
ANSWERS-12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - CORRECT ANSWERS-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 - CORRECT ANSWERS-True
What is OMVIC required to make available to the public? - CORRECT
ANSWERS-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? - CORRECT ANSWERS-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? - CORRECT
ANSWERS-up to 2 years
What is the minimum age requirement to become a dealer? - CORRECT
ANSWERS-18
If a person has been refused registration, what are 2 conditions that have to
be met before the person can reapply? - CORRECT ANSWERS-2 years have
passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant
appeal? - CORRECT ANSWERS-LAT (license appeal tribunal ), Independent
judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers - CORRECT ANSWERS-General dealer, Broker,
Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from
registration - CORRECT ANSWERS-Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? - CORRECT
ANSWERS-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 - CORRECT ANSWERS-False
T or F: the MVDA specifies the records a dealer must maintain- these records
must be held for at least 6 years. - CORRECT ANSWERS-True
Which records of employees must be maintained? - CORRECT ANSWERS-
Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? -
CORRECT ANSWERS-OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which
condition must be met? - CORRECT ANSWERS-The location is always
accessible to OMVIC staff during normal business hours
2023\2024[GRADED A+]
What is the primary legislation governing Ontario's retail automotive sector?
- CORRECT ANSWERS-MVDA
Which body or agency enforces MVDA? - CORRECT ANSWERS-OMVIC
How many people compose OMVIC's board of directors? - CORRECT
ANSWERS-12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - CORRECT ANSWERS-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 - CORRECT ANSWERS-True
What is OMVIC required to make available to the public? - CORRECT
ANSWERS-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? - CORRECT ANSWERS-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? - CORRECT
ANSWERS-up to 2 years
What is the minimum age requirement to become a dealer? - CORRECT
ANSWERS-18
If a person has been refused registration, what are 2 conditions that have to
be met before the person can reapply? - CORRECT ANSWERS-2 years have
passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant
appeal? - CORRECT ANSWERS-LAT (license appeal tribunal ), Independent
judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers - CORRECT ANSWERS-General dealer, Broker,
Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from
registration - CORRECT ANSWERS-Wholesale auction, wrecker, lawyer
Where is the certificate of the dealer registration kept? - CORRECT
ANSWERS-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 - CORRECT ANSWERS-False
T or F: the MVDA specifies the records a dealer must maintain- these records
must be held for at least 6 years. - CORRECT ANSWERS-True
Which records of employees must be maintained? - CORRECT ANSWERS-
Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? -
CORRECT ANSWERS-OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which
condition must be met? - CORRECT ANSWERS-The location is always
accessible to OMVIC staff during normal business hours
