2024 OMVIC FINAL EXAM WITH 300 ACTUAL EXAM
QUESTIONS AND CORRECT VERIFIED ANSWERS /
OMVIC ONTARIO MOTOR VEHICLE INDUSTRY
COUNCIL FINAL EXAM LATEST 2024 (NEWEST!!)
What is the primary legislation governing Ontario's retail automotive sector? -
ANSWER-MVDA
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? - ANSWER-up to 2 years
Choose the most correct answer: The OMVIC inspector:
a) Can remove a document or a disk only if the inspector has a
search warrant
b) May copy a document only if the dealer agrees
c) May use the dealer's own computer system to produce
required information
d) Cannot demand assistance from the dealer if the inspector
wants to make use of the dealer's computer system - ANSWER-c
What is the minimum age requirement to become a dealer? - ANSWER-18
If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply? - ANSWER-2 years have passed; new evidence to demonstrate circumstances
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If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - ANSWER-LAT (license appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers - ANSWER-General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
Which body or agency enforces MVDA? - ANSWER-OMVIC
How many people compose OMVIC's board of directors? - ANSWER-12 in total,
- dealers and 3 consumer reps
What is the "transaction fee program"? - 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 - ANSWER-True
What is OMVIC required to make available to the public? - 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? - ANSWER-Order to the dealer to cease publication and or issue a retraction or correction
List 3 examples of individuals or businesses that are exempt from registration - ANSWER-Wholesale auction, wrecker, lawyer 2 / 4
Where is the certificate of the dealer registration kept? - 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 - ANSWER-False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6 years. - ANSWER-True
Which records of employees must be maintained? - ANSWER-Employee names, proof of payments, and employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - ANSWER- OMVIC, in writing, within 5 days
In order for a remote storage location to be approved by OMVIC, which condition must be met? - 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 -
ANSWER-False
Deposits over what amount must be kept in a trust account? - 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 - ANSWER-False
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On a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature? - 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? - 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? - ANSWER- The vehicle met certain basic standards of safety on the date of inspection
An "as is" sale? - 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 - ANSWER-False
Contracts must have advisory or educational statements designed to inform purchasers/lessees about their rights and responsibilities and to ensure they know about the existence of certain agencies or organizations. Name them. - ANSWER- OMVIC, Motor Vehicle Dealer Compensation Fund, CAMVAP
If a customer gives a deposit but don't sign a contract, what rights do they have? - ANSWER-If there is no signed contract and a deposit or trade in is given to the dealer, the purchaser can cancel the contract at any time and demand his or her deposit or trade in back.
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