2023 OMVIC Final Exam with Answers (111 Solved Questions)

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OMVIC FINAL EXAM 2023What is the primary legislation governing Ontario's retail automotive sector? - ANSWERMVDAWhich body or agency enforces MVDA? - ANSWEROMVICHow many people compose OMVIC's board of directors? - ANSWER12 in total, 9 dealersand 3 consumer repsWhat is the "transaction fee program"? - ANSWERunder the transaction fee program,dealers are required to remit $10 for each vehicle sold or leased to OMVIC. These funds areremitted annually with the dealers registration renewal fee.T or F: the fee can be passed on to the consumer - ANSWERTrueWhat is OMVIC required to make available to the public? - ANSWERA dealers name,address and phone number; a salespersons name; any proposal to refuse to renew, suspendor revoke the registration of a dealer or salespersonShould OMVIC determine a dealers advertising to be false or misleading what powers do theyhave to stop or correct it? - ANSWEROrder to the dealer to cease publication and or issue aretraction or correctionIf an order is used to stop or correct false advertising, for how long may the dealer need toseek OMVIC pre approval for future advertising? - ANSWERup to 2 yearsWhat is the minimum age requirement to become a dealer? - ANSWER18If a person has been refused registration, what are 2 conditions that have to be met beforethe person can reapply? - ANSWER2 years have passed; new evidence to demonstratecircumstancesIf OMVIC issues a proposal to refuse registration, to whom can the applicant appeal? -ANSWERLAT (license appeal tribunal ), Independent judicial body called LAT, within 15 daysof receiving the proposalList the 4 classes of dealers - ANSWERGeneral dealer, Broker, Exporter, Wholesaler, Leasefinance dealerList 3 examples of individuals or businesses that are exempt from registration - ANSWERWholesale auction, wrecker, lawyer

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Where is the certificate of the dealer registration kept? - ANSWERWhere the public can seeitT or F: Dealers may sell vehicles from any location so long as they have registered a headoffice with OMVIC - ANSWERFalseT or F: the MVDA specifies the records a dealer must maintain- these records must be held forat least 6 years. - ANSWERTrueWhich records of employees must be maintained? - ANSWEREmployee names, proof ofpayments, and employee salariesIf a dealer's records are destroyed or stolen, the dealer must notify? - ANSWEROMVIC, inwriting, within 5 daysIn order for a remote storage location to be approved by OMVIC, which condition must bemet? - ANSWERThe location is always accessible to OMVIC staff during normal businesshoursT or F: Under the MVDA, all dealers are required to maintain a trust account - ANSWERFalseDeposits over what amount must be kept in a trust account? - ANSWER$10 000 (tenthousand)T or F: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC mustfirst notify the dealer - ANSWERFalseOn a purchase contact, what must be printed in 14 pt. bold font next to the buyer's signature?- ANSWERThis "sales final" statement on the same page as the buyer's signature andadjacent to the signatureIf a dealer does not have a specific new vehicle in stock, but will locate the vehicle and bring itin, what must be disclosed to the purchaser regarding the mileage? - ANSWERA maximumdistance that will be shown on the odometer at the same time of delivery or a statement thatthere is no maximumIf a statement Standards Certificate is issues for a vehicle, it means? - ANSWERThe vehiclemet certain basic standards of safety on the date of inspectionAn "as is" sale? - ANSWERMust include a specific definition of "as is" in the contractT or F: a dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for thevehicle - ANSWERFalseContracts must have advisory or educational statements designed to inform

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purchasers/lessees about their rights and responsibilities and to ensure they know about theexistence of certain agencies or organizations. Name them. - ANSWEROMVIC, MotorVehicle Dealer Compensation Fund, CAMVAPIf a customer gives a deposit but don't sign a contract, what rights do they have? - ANSWERIf there is no signed contract and a deposit or trade in is given to the dealer, the purchaser cancancel the contract at any time and demand his or her deposit or trade in back.List the "previous uses of a vehicle" a dealer must disclose - ANSWERtaxi, limo, policevehicle, emergency services, daily rental (unless subsequently owned by someone other thana dealer)List the types of incident damage that must be disclosed - ANSWERcollision (greater than$3000 in damage), fire, floor, and structural damage or alterationsIn regards to replacement, what must be disclosed? - ANSWERThe replacement of 2 ormore adjacent body panels (excluding bumper covers)Dealers must disclose known damage repairs in excess of? - ANSWER$3 000T or F: A dealer does not have to inform a purchaser that a vehicle's manufacturer's warrantyhas been cancelled, so long as the dealer offers or sells the purchaser an extended warranty -ANSWERFalseList some conditions that must be disclosed about a vehicle - ANSWERA vehicle waspreviously registered in another province, state or country; a vehicle's anti-lock brakingsystem is not functioning; a vehicle's airbags are missing; a vehicle's air conditioning systemrequires repairDiscloser must be provided in a timely manner, in writing, and be presented in a way that is: -ANSWERclear, comprehensible, and prominentT or F: the MVDA remedy of recession (cancellation of a sales contract) is available only to acustomer who is a consumer - ANSWERTrueRecession is automatically granted for failing to disclose? - ANSWERThe make, model andmodel year of the vehicle; the vehicle was previously a taxi or limo; the vehicle has beenbrandedThere are other disclosure requirements that, if not met, trigger a customer's rights. What arethey? - ANSWERPrevious use as police emergency services vehicle; previous use as a dailyrental; mileage/distance travelledT or F: the remedy of remission is available to a customer who is also a dealer - ANSWER

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