omvic chapter 7
Check any statement that is correct (there may be more than one correct statement):
When selling to another dealer: - ANS-Selling dealers must disclose previous use as a
taxi, police vehicle, etc,Selling dealers must disclose damage repairs in excess of
$3,000 ,Selling dealers must disclose if the vehicle has two or more adjacent , panels
(that are not bumper panels) that have been replaced
Are the requirements for the sale or lease of a vehicle to another dealer in
the MVDA the General Regulations or the Code of Ethics Regulations? - ANS-Code of
ethics regulations
Provide two potential facts related to a vehicles history (not including the examples
given in question 1) that must be disclosed in dealer-to-dealer sales and leases. -
ANS-704 any of 1-21
True or False: In dealer-to-dealer transactions, the following disclosure is not required
as it is for retail transactions only - any fact about the vehicle
that affects the structural or mechanical quality or performance of the vehicle that, if
disclosed, could reasonably be expected to influence the decision of a reasonable buyer
or lessee to buy or lease the vehicle. - ANS-False
When selling to another dealer, what must the selling dealer do if he/she cannot
determine the distance the vehicle has been driven? - ANS-If the vehicle is a used
motor vehicle and the dealer cannot determine the total distance the vehicle has been
driven, but can determine the distance the vehicle has been driven as of some past
date, a statement of
that distance and date, together with a statement that "the total distance the vehicle has
been driven is believed to be higher" If the vehicle is a used vehicle and the dealer
cannot determine the total distance the vehicle has been driven, nor the distance the
vehicle has been driven as of some past date, a statement that "the total distance
the vehicle has been driven is unknown and may be substantially higher than the
reading shown on the odometer"
Check any statement that is correct:
A contract for sale or lease of a vehicle between dealers: - ANS-Must disclose specific
information to comply with the Code of Ethics Regulations
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