LATEST OMVIC FINAL EXAM ACTUAL TEST QUESTIONS
AND WELL ELABORATED ANSWERS (100% CORRECT
VERIFIED ANSWERS) A NEW UPDATED VERSION |
GUARANTEED PASS. (FULL REVISED EXAM)
What is the primary legislation governing Ontario's retail automotive sector? -
ANSWER: Moter Vehicle Dealers Act, 2002
Which body or agency enforces MVDA? - ANSWER: OMVIC
List Three Functions carried out by OMVIC - ANSWER: 1) Administers and enforces
the MVDA
2) Inspects dealers
3)Maintains a complaint line for consumers
4) Conducts investigations
5) Conducts disciplinary hearings
6) Conducts prosecutions
7) Administers the Compensation Fund
How many people compose OMVICS board of directors? How many dealers ? How
many consumers? - ANSWER: 12 total
9 dealer
3 consumer
Briefly explain the "Transactional Fee Program" - ANSWER: Under the transaction fee
program , dealer are required to remit $10 for each vehicle sold or leased (included
fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the
dealers registration renewal fee.
True or False: The transaction fee can be passed along to the customer? - ANSWER:
True
True or False: Under the Transaction Fee Program, dealers are required to remit $10
(to OMVIC) for each retail vehicle sold or leased? - ANSWER: True
What information is OMVIC required to make available to the public? - ANSWER: 1) A
dealer's business name, address and phone number
2) A salespersons name
3) 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 does OMVIC have to stop or correct it? - 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? - 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. -
ANSWER: This action might be taken if:
1) If there has been an investigation
2) If the dealership is about to fail
3) If OMVIC is proposing to revoke a registration
4) If a freeze order is about to be made
What is the minimum age requirement to become a dealer? - ANSWER: 18 years old
List the three requirements that must be met when applying to become a
salesperson? - ANSWER: 1) Complete/Pass certification course
2) Pay Fee
3) Be employed or retained by a registered dealer to act as a salesperson
True or False: All dealer and salesperson applicants undergo a Canada-wide criminal
record search as part of the application screening process. - ANSWER: True
Which of the following must be registered with OMVIC? - ANSWER: 1) Dealers
2) Salesperson
3) Business managers
4) Finance Managers
NOT
1) Service Managers
List two reasons why OMVIC might refuse the registration of a dealer or
salesperson? - ANSWER: 1) Past conduct
2) False statement on application
3) Failed to comply with terms
4) Cannot be expected to be financially responsible
5) 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? - ANSWER: One of the following:
AND WELL ELABORATED ANSWERS (100% CORRECT
VERIFIED ANSWERS) A NEW UPDATED VERSION |
GUARANTEED PASS. (FULL REVISED EXAM)
What is the primary legislation governing Ontario's retail automotive sector? -
ANSWER: Moter Vehicle Dealers Act, 2002
Which body or agency enforces MVDA? - ANSWER: OMVIC
List Three Functions carried out by OMVIC - ANSWER: 1) Administers and enforces
the MVDA
2) Inspects dealers
3)Maintains a complaint line for consumers
4) Conducts investigations
5) Conducts disciplinary hearings
6) Conducts prosecutions
7) Administers the Compensation Fund
How many people compose OMVICS board of directors? How many dealers ? How
many consumers? - ANSWER: 12 total
9 dealer
3 consumer
Briefly explain the "Transactional Fee Program" - ANSWER: Under the transaction fee
program , dealer are required to remit $10 for each vehicle sold or leased (included
fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the
dealers registration renewal fee.
True or False: The transaction fee can be passed along to the customer? - ANSWER:
True
True or False: Under the Transaction Fee Program, dealers are required to remit $10
(to OMVIC) for each retail vehicle sold or leased? - ANSWER: True
What information is OMVIC required to make available to the public? - ANSWER: 1) A
dealer's business name, address and phone number
2) A salespersons name
3) 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 does OMVIC have to stop or correct it? - 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? - 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. -
ANSWER: This action might be taken if:
1) If there has been an investigation
2) If the dealership is about to fail
3) If OMVIC is proposing to revoke a registration
4) If a freeze order is about to be made
What is the minimum age requirement to become a dealer? - ANSWER: 18 years old
List the three requirements that must be met when applying to become a
salesperson? - ANSWER: 1) Complete/Pass certification course
2) Pay Fee
3) Be employed or retained by a registered dealer to act as a salesperson
True or False: All dealer and salesperson applicants undergo a Canada-wide criminal
record search as part of the application screening process. - ANSWER: True
Which of the following must be registered with OMVIC? - ANSWER: 1) Dealers
2) Salesperson
3) Business managers
4) Finance Managers
NOT
1) Service Managers
List two reasons why OMVIC might refuse the registration of a dealer or
salesperson? - ANSWER: 1) Past conduct
2) False statement on application
3) Failed to comply with terms
4) Cannot be expected to be financially responsible
5) 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? - ANSWER: One of the following:
