OMVIC FINAL EXAM TEST 2026 | ACTUAL EXAM QUESTIONS WITH VERIFIED ANSWERS | GRADED A+ | LATEST UPDATE 2026/2027 | 100% GUARANTEED PASS.

OMVIC FINAL EXAM TEST 2026 | ACTUAL EXAM QUESTIONS WITH VERIFIED ANSWERS | GRADED A+ | LATEST UPDATE 2026/2027 | 100% GUARANTEED PASS. Briefly explain the "Transaction Fee Program." - Correct Answer Under the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased (including fleet and "as is" transactions) to OMVIC. These funds are remitted annually with the dealer's registration renewal fee. True or False: Under the Transaction Fee Program, dealers will be required to remit $10 (to OMVIC) for each vehicle sold or leased. - Correct Answer T True or False: The transaction fee can be passed along to the customer. - Correct Answer T True or False: All dealer and salesperson applicants undergo a Canada-wide criminal record search as part of the application screening process. - Correct Answer T Which of the following must be registered with OMVIC (select all that apply): a) Dealers d) Finance managers b) Salespersons e) Service managers c) Business managers - Correct Answer a), b), c), d) List two reasons why OMVIC might refuse the registration of a dealer or salesperson - Correct Answer Any two of: • Past conduct • False statement on application • Failed to comply with terms • Cannot be expected to be financially responsible • The Compensation Fund has paid out a claim and has not been reimbursed If a person has been refused registration, what is one condition that has to be met before the person can reapply? - Correct Answer One of the following: • Two years have passed • New evidence to Name one "change of information" that a dealer must notify OMVIC about. - Correct Answer Any of the following: • Change of dealer address • Changes of officers or directors (if dealer is a corporation or partnership) • The date of commencement of employment of every salesperson • The termination of employment of a salesperson and the date and reason for termination 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 bookkeeper c) The sales manager b) The salesperson d) The payroll supervisor - Correct Answer c 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"? - Correct Answer An interested person: • Has or may have a beneficial interest in the business • Exercises or may exercise control either directly or indirectly over the dealer/salesperson • Has provided or may have provided financing either directly or indirectly to the business Where is the certificate of the dealer registration kept? - Correct Answer Posted so the public is likely to see it What information is OMVIC required to make available to the public? a) A dealer's business name, address and phone number b) A salesperson's name c) Any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson d) All of the above - Correct Answer 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? - Correct Answer OMVIC may issue an order requiring 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's pre-approval for future advertising? - Correct Answer Up to 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 - Correct Answer • If there has been an investigation • If the dealership is about to fail • If OMVIC is proposing to revoke a registration • If a freeze order is about to be made Chapter 2 . What is the minimum age requirement to become a dealer? - Correct Answer 18 List three requirements that must be met when applying to become a salesperson. - Correct Answer Three requirements are: • Complete/pass certification course • Pay fee • Be employed or retained by a registered dealer to act as a salesperson . Should OMVIC issue a proposal to refuse (or revoke) registration, to whom can the applicant appeal? - Correct Answer Licence Appeal Tribunal (LAT) List four "classes" of dealers. - Correct Answer Any four classes listed in 2.16 List three examples of individuals or businesses that are exempt from registration - Correct Answer Any three from 2.14 True or False: A salesperson must produce his or her registration certificate for inspection if a customer asks to see it. - Correct Answer T In your own words describe: a) Both classes of General Dealers b) Three other classes - Correct Answer Compare your definitions to those in 2.15. Chapter 3 - Correct Answer List two requirements for a dealer's premises. - Correct Answer Any two of: • Have a business office (large enough to store records securely) • Have a clearly visible sign identifying registered name • Be approved for use as a dealership by municipality The MVDA specifies the records a dealer must maintain. True or False: These records must be kept for at least six years. - Correct Answer t In order for a remote storage location to be approved by OMVIC, which condition must be met? a) The location has a security system b) The location is always accessible to OMVIC staff during normal business hours c) The location is in the same municipality as the dealer's registered address d) All of the above - Correct Answer b True or False: Under the MVDA, all dealers are required to maintain a trust account. - Correct Answer f Deposits over what amount must be kept in a trust account? a) $1,000 c) $10,000 b) $5,000 d) No amount of deposit needs to be placed in a trust account - Correct Answer c