OMVIC FINAL EXAM 2024 WITH COMPLETE SOLUTIONS.

OMVIC FINAL EXAM 2024 WITH COMPLETE SOLUTIONS. What is the primary legislation governing Ontario's retail automotive sector? - ANSWER MVDA Which body or agency enforces MVDA? - ANSWER OMVIC How many people compose OMVIC's board of directors? - ANSWER 12 in total, 9 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 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 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 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 List 3 examples of individuals or businesses that are exempt from registration - ANSWER Wholesale auction, wrecker, lawyer.