OMVIC Exam Study Guide | 100% Correct
Answers | Verified | Latest 2024 Version
Ch.1 - What is the primary legislation governing Ontario's retail automotive sector? - ✔✔The Motor
Vehicle Dealers Act, 2002
see 1.04
Ch.1 - Which body or agency enforces the MVDA?
a. Ministry of Government and Consumer Services
b. TADA
c. OMVIC
d. Automotive Business School of Canada - ✔✔c. OMVIC
see 1.04
Ch.1 - List three functions carried out by OMVIC. - ✔✔Any three of the following:
- Administers and enforces the MVDA
- Inspects dealers
- Maintains a complaint line for consumers
- Conducts investigations
- Conducts disciplinary hearings
-Conducts prosecutions
- Administers the Compensation Fund
see 1.07
,Ch.1 - How many people compose OMVIC's Board of Directors? Of these, how many represent the
industry and how many represent the consumers? - ✔✔Twelve total, nine dealers and three consumer
reps
see 1.07
Ch.1 - Briefly explain the "Transaction Fee Program." - ✔✔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.
see 1.08
Ch.1 - True of False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC)
for each retail vehicle sold or leased. - ✔✔True
see 1.08
Ch.1 - True or False: The transaction fee can be passed along to the customer. - ✔✔True
see 1.08
Ch.1 - 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 a salesperson
d. All of the above - ✔✔d. All of the above
see 1.12
,Ch.1 - Should OMVIC determine a dealer's advertising to be false or misleading, what powers does
OMVIC have to stop or correct it? - ✔✔OMVIC may issue an order requiring the dealer to cease
publication and/or issue a retractions or correction.
see 1.12
Ch.1 - 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? - ✔✔Up to two years
see 1.09
Ch.1 - 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. - ✔✔This action might be taken:
- 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
see 1.10
Ch.2 - What is the minimum age requirement to become a dealer? - ✔✔18
see 2.05
Ch.2 - List three requirements that must be met when applying to become a salesperson. - ✔✔Three
requirements are:
- Complete/pass certification course
- Pay fee
- Be employed or retained by a registered dealer to act as a salesperson
, see 2.07
Ch.2 - True or False: All dealer and salesperson applicants undergo a Canada-wise criminal record search
as part of the application screening process. - ✔✔True
see 2.03
Ch.2 - Which of the following must be registered with OMVIC (select all that apply):
a. Dealers
b. Salespersons
c. Business managers
d. Finance managers
e. Service managers - ✔✔a. Dealers
b. Salespersons
c. Business managers
d. Finance managers
see 2.04
Ch.2 - List two reasons why OMVIC might refuse the registration of a dealer or salesperson. - ✔✔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
see 2.05 and .10
Answers | Verified | Latest 2024 Version
Ch.1 - What is the primary legislation governing Ontario's retail automotive sector? - ✔✔The Motor
Vehicle Dealers Act, 2002
see 1.04
Ch.1 - Which body or agency enforces the MVDA?
a. Ministry of Government and Consumer Services
b. TADA
c. OMVIC
d. Automotive Business School of Canada - ✔✔c. OMVIC
see 1.04
Ch.1 - List three functions carried out by OMVIC. - ✔✔Any three of the following:
- Administers and enforces the MVDA
- Inspects dealers
- Maintains a complaint line for consumers
- Conducts investigations
- Conducts disciplinary hearings
-Conducts prosecutions
- Administers the Compensation Fund
see 1.07
,Ch.1 - How many people compose OMVIC's Board of Directors? Of these, how many represent the
industry and how many represent the consumers? - ✔✔Twelve total, nine dealers and three consumer
reps
see 1.07
Ch.1 - Briefly explain the "Transaction Fee Program." - ✔✔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.
see 1.08
Ch.1 - True of False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC)
for each retail vehicle sold or leased. - ✔✔True
see 1.08
Ch.1 - True or False: The transaction fee can be passed along to the customer. - ✔✔True
see 1.08
Ch.1 - 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 a salesperson
d. All of the above - ✔✔d. All of the above
see 1.12
,Ch.1 - Should OMVIC determine a dealer's advertising to be false or misleading, what powers does
OMVIC have to stop or correct it? - ✔✔OMVIC may issue an order requiring the dealer to cease
publication and/or issue a retractions or correction.
see 1.12
Ch.1 - 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? - ✔✔Up to two years
see 1.09
Ch.1 - 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. - ✔✔This action might be taken:
- 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
see 1.10
Ch.2 - What is the minimum age requirement to become a dealer? - ✔✔18
see 2.05
Ch.2 - List three requirements that must be met when applying to become a salesperson. - ✔✔Three
requirements are:
- Complete/pass certification course
- Pay fee
- Be employed or retained by a registered dealer to act as a salesperson
, see 2.07
Ch.2 - True or False: All dealer and salesperson applicants undergo a Canada-wise criminal record search
as part of the application screening process. - ✔✔True
see 2.03
Ch.2 - Which of the following must be registered with OMVIC (select all that apply):
a. Dealers
b. Salespersons
c. Business managers
d. Finance managers
e. Service managers - ✔✔a. Dealers
b. Salespersons
c. Business managers
d. Finance managers
see 2.04
Ch.2 - List two reasons why OMVIC might refuse the registration of a dealer or salesperson. - ✔✔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
see 2.05 and .10
