OMVIC Exam Questions & Answers | 100% Correct Answers | Verified
| Latest 2024 Version
What is the primary legislation governing Ontario's retail automotive sector? - ✔✔MVDA
Which body or agency enforces MVDA? - ✔✔OMVIC
How many people compose OMVIC's board of directors? - ✔✔12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - ✔✔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 - ✔✔True
What is OMVIC required to make available to the public? - ✔✔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? - ✔✔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? - ✔✔up to 2 years
What is the minimum age requirement to become a dealer? - ✔✔18
If a person has been refused registration, what are 2 conditions that have to be met before the person
can reapply? - ✔✔2 years have passed; new evidence to demonstrate circumstances
, If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - ✔✔LAT (license
appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers - ✔✔General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration - ✔✔Wholesale auction,
wrecker, lawyer
Where is the certificate of the dealer registration kept? - ✔✔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 - ✔✔False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6
years. - ✔✔True
Which records of employees must be maintained? - ✔✔Employee names, proof of payments, and
employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - ✔✔OMVIC, in writing, within 5
days
In order for a remote storage location to be approved by OMVIC, which condition must be met? -
✔✔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 - ✔✔False
Deposits over what amount must be kept in a trust account? - ✔✔$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 - ✔✔False
| Latest 2024 Version
What is the primary legislation governing Ontario's retail automotive sector? - ✔✔MVDA
Which body or agency enforces MVDA? - ✔✔OMVIC
How many people compose OMVIC's board of directors? - ✔✔12 in total, 9 dealers and 3 consumer reps
What is the "transaction fee program"? - ✔✔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 - ✔✔True
What is OMVIC required to make available to the public? - ✔✔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? - ✔✔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? - ✔✔up to 2 years
What is the minimum age requirement to become a dealer? - ✔✔18
If a person has been refused registration, what are 2 conditions that have to be met before the person
can reapply? - ✔✔2 years have passed; new evidence to demonstrate circumstances
, If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? - ✔✔LAT (license
appeal tribunal ), Independent judicial body called LAT, within 15 days of receiving the proposal
List the 4 classes of dealers - ✔✔General dealer, Broker, Exporter, Wholesaler, Lease finance dealer
List 3 examples of individuals or businesses that are exempt from registration - ✔✔Wholesale auction,
wrecker, lawyer
Where is the certificate of the dealer registration kept? - ✔✔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 - ✔✔False
T or F: the MVDA specifies the records a dealer must maintain- these records must be held for at least 6
years. - ✔✔True
Which records of employees must be maintained? - ✔✔Employee names, proof of payments, and
employee salaries
If a dealer's records are destroyed or stolen, the dealer must notify? - ✔✔OMVIC, in writing, within 5
days
In order for a remote storage location to be approved by OMVIC, which condition must be met? -
✔✔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 - ✔✔False
Deposits over what amount must be kept in a trust account? - ✔✔$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 - ✔✔False
