What is the primary legislation governing Ontario's retail automotive sector? Correct Answer MVDA
Which body or agency enforces MVDA? Correct Answer OMVIC
How many people compose OMVIC's board of directors? Correct Answer 12 in total, 9 dealers and 3 consumer reps
What is the "transaction ...
OMVIC Exam Questions with 100% Correct Answers What is the primary legislation governing Ontario's retail automotive sector? Correct Answer MVDA
Which body or agency enforces MVDA? Correct Answer OMVIC
How many people compose OMVIC's board of directors? Correct Answer 12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? Correct Answer 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 Answer True
What is OMVIC required to make available to the public? Correct Answer 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 Answer 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 Answer up to 2 years
What is the minimum age requirement to become a dealer? Correct Answer 18
If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply? Correct Answer 2 years have passed; new evidence to demonstrate circumstances
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? Correct Answer LAT (license appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers Correct Answer General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration Correct Answer Wholesale auction, wrecker, lawyer Where is the certificate of the dealer registration kept? Correct Answer 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 Answer False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6 years. Correct Answer True
Which records of employees must be maintained? Correct Answer Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? Correct Answer OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be met? Correct Answer 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 Correct Answer False
Deposits over what amount must be kept in a trust account? Correct Answer $10 000 (ten thousand)
T or F: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer Correct Answer False
On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature? Correct Answer This "sales final" statement on the same page as the buyer's
signature and adjacent to the signature
If a dealer does not have a specific new vehicle in stock, but will locate the vehicle and bring it in, what must be disclosed to the purchaser regarding the mileage? Correct Answer A maximum distance that will be shown on the odometer at the same time of delivery or a statement that there is no maximum
If a statement Standards Certificate is issues for a vehicle, it means? Correct Answer The vehicle met certain basic standards of safety on the date of inspection
An "as is" sale? Correct Answer Must include a specific definition of "as is" in the contract
T or F: a dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for the vehicle Correct Answer False
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