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OMVIC Exam Study Guide with complete solutions | Updated 2024/2025.

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What is OMVIC required to make available to the public? 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 Explain the "merchantable quality" as it relates to a used vehicle A used vehi...

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  • October 1, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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OMVIC Exam Study Guide with complete
solutions | Updated 2024/2025.

What is OMVIC required to make available to the public? 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


Explain the "merchantable quality" as it relates to a used vehicle A
used vehicle of merchantable quality has no hidden defects and will
provide reasonable transportation for a reasonable period of time


Should OMVIC determine a dealers advertising to be false or misleading
what powers do they have to stop or correct it? Order to the dealer
to cease publication and or issue a retraction or correction


When a dealer replaces a part: the dealer must offer the old part to
the consumer


Is the compensation fund available to all customers or only customers
who are consumers? consumers only


How much does each salesperson pay into the fund? Nothing

,How much does each dealer pay into the fund? $300


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?
up to 2 years


What is the minimum age requirement to become a dealer? 18


If a person has been refused registration, what are 2 conditions that
have to be met before the person can reapply? 2 years have
passed; new evidence to demonstrate circumstances


If OMVIC issues a proposal to refuse registration, to whom can the
applicant appeal? LAT (license appeal tribunal ), Independent
judicial body called LAT, within 15 days of receiving the proposal


List the 4 classes of dealers General dealer, Broker, Exporter,
Wholesaler, Lease finance dealer


List 3 examples of individuals or businesses that are exempt from
registration Wholesale auction, wrecker, lawyer

, Where is the certificate of the dealer registration kept? 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 False


T or F: the MVDA specifies the records a dealer must maintain- these
records must be held for at least 6 years. True


Which records of employees must be maintained? Employee
names, proof of payments, and employee salaries


If a dealer's records are destroyed or stolen, the dealer must notify?
OMVIC, in writing, within 5 days


In order for a remote storage location to be approved by OMVIC, which
condition must be met? The location is always accessible to OMVIC
staff during normal business hours


T or F: Under the MVDA, all dealers are required to maintain a trust
account False


Deposits over what amount must be kept in a trust account? $10
000 (ten thousand)

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