OMVIC FINAL EXAM EXPERT CERTIFIED

OMVIC FINAL EXAM EXPERT CERTIFIED

QUESTIONS AND ANSWERS ALREADY GRADED A+

NEW!

• What is the primary legislation governing Ontario’s retail automotive sector?

Ans: MVDA

2. Which body or agency enforces the MVDA? Ans: OMVIC

3. List three functions carried out by OMVIC. Ans: Regulating manufacturers

• How many people compose OMVIC’s Board of Directors? Of these, how many represent

the industry and how many represent consumers? Ans: 12 total, 9 dealer and 3

consumer

• Briefly explain the “Transaction Fee Program.”

Ans: A 10$ fee paid by dealer to omvic for each vehicle sold

• True or False: Under the Transaction Fee Program, dealers are required to remit $10 (to

OMVIC) for each retail vehicle sold or leased.

Ans: True

• True or False: The transaction fee can be passed along to the customer. Ans: True
• What information is OMVIC required to make available to the public?

a) All of the above

• Should OMVIC determine a dealer’s advertising to be false or misleading, what powers

does OMVIC have to stop or correct it?Ans: OMVIC can issue and order requiring the dealer to cease publication, 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’s pre-approval for future advertising? Ans: Upto 2 years

• List two possible situations which could result in OMVIC applying to a court to appoint a

receiver and manager to assume temporary control of a dealership.

Ans: If there has been as investigation,

dealer ship is about to fail a freeze order about to be made OMVIC is proposing to revoke registration.Chapter 2

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

Ans: 18

• List three requirements that must be met when applying to become a salesperson.

Ans: Posses two-year work experience not require to become salesperson

• True or False: All dealer and salesperson applicants undergo a Canada-wide criminal

record search as part of the application screening process. Ans: True

• Which of the following must be registered with OMVIC (select all that apply):

a) Dealers d) Finance managers

b) Salespersons D. Business managers

• List two reasons why OMVIC might refuse the registration of a dealer or salesperson.

Ans: past conduct affords grounds for the applicant wnt’t conduct business with honesty and integrity The applicant failed to comply with term and conditions of registration.

• If a person has been refused registration, what is one condition that has to be met

before the person can reapply? Ans: Two years has passes

• Should OMVIC issue a proposal to refuse (or revoke) registration, to whom can the

applicant appeal?

Ans: License appeal Tribunal LAT

• List four “classes” of dealers.

Ans: General Dealer for new and used vehicle, general dealer used vehicle, Broker and outise Ontario dealer

• List three examples of individuals or businesses that are exempt from registration.

Ans: Lawyer, Register charity, Wholesale auction

• Name one “change of information” that a dealer must notify OMVIC about.

Ans: Change of dealer ship address and the date of commencement of employment

of every salesperson.Not Change of dealer ship logo.

11. Please choose the most correct answer:

In a large dealership, if the dealer principal delegates responsibility for ensuring that

salespersons are registered, this should be delegated to:

a) The sales manager

• OMVIC can refuse, revoke or suspend registration to a dealer, salesperson or

corporation if the financial responsibility or past conduct of an “interested person in respect of the applicant/registrant” gives reasonable grounds for it. Who might OMVIC consider an “interested person”?

Ans: Someone who has financial interest in business,

• Where is the certificate of the dealer registration kept?

Ans: Posted openly where public is likely to see it.

• True or False: A salesperson must produce his or her registration certificate for

inspection if a customer asks to see it.

Ans: True

Chaper 3

• True or False: Dealers may sell vehicles from any location, so long as they have

registered a head office with OMVIC. Ans: False

• List two requirements for a dealer’s premises.

Ans: Have a business office, clearly visible sign, identifying the dealer registered name.

• The MVDA specifies the records a dealer must maintain. True or False: These records

must be kept for at least six years. Ans: True

• List four examples of the information (related to vehicles sold or leased) that must

be maintained in a dealer’s records.

Ans: VIN, Record of repairs, copy of safety standard certificate.

Not Vehicle license plate number.

5. Which of the following records related to employees must be maintained:

d) All of the above

• Choose the most correct answer. If a dealer’s records are destroyed or stolen, the

dealer must notify:

a) OMVIC, in writing, within five days

• What must a dealer do if they wish to store records somewhere other than the

location from which they trade?

Ans: Provide a written request to OMVIC and receive a written authorization.

• In order for a remote storage location to be approved by OMVIC, which condition

must be met?

a) The location is always accessible to OMVIC staff during normal business hours

• True or False: Under the MVDA, all dealers are required to maintain a trust account.

Ans: False

• Deposits over what amount must be kept in a trust account? a)
• $10,000
• True or False: Before issuing a freeze order (freezing the dealer’s assets or trust

funds), OMVIC must first notify the dealer. Ans: False