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In winkelwagenWhat is the primary legislation governing Ontarios retail automotive sector?
How many people compose OMVICs board of directors?
12 in total, 9 dealers and 3 consumer reps
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What is the ransaction 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.
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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
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Should OMVIC determine a dealers advertising to be false or misleading, what powers do they have to stop or correct it?
Order the dealer to cease publication and/or issue a retraction or correction
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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?
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Oefenvragen makenIn this set of practice questions, you will find 32 questions and answers related to OMVIC Chapter 1-18/58. These questions cover various topics and updates for the year 2023-2024. Use these questions to test your knowledge and prepare for your graded assessment.
32 oefenvragen
English
22-11-2023
What is the primary legislation governing Ontarios retail automotive sector?
MVDAWhich body or agency enforces MVDA?
OMVICHow many people compose OMVICs board of directors?
12 in total, 9 dealers and 3 consumer repsWhat is the ransaction 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
TrueWhat 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 salespersonShould OMVIC determine a dealers advertising to be false or misleading, what powers do they have to stop or correct it?
Order the dealer to cease publication and/or issue a retraction or correctionIf 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 yearsWhat is the minimum age requirement to become a dealer?
If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply?
If OMVIC issues a proposal to refuse registration, to whom can the applicant appeal?
List the 4 classes of dealers.
List 3 examples of individuals or businesses that are exempt from registration.
Where is the certificate of the dealer registration kept?
T or F: Dealers may sell vehicles from any location so long as they have registered a head office with OMVIC.
T or F: the MVDA specifies the records a dealer must maintain - these records must be held for at least 6 years.
Which records of employees must be maintained?
If a dealers records are destroyed or stolen, the dealer must notify?
In order for a remote storage location to be approved by OMVIC, which condition must be met?
T or F: Under the MVDA, all dealers are required to maintain a trust account.
Deposits over what amount must be kept in a trust account?
T or F: Before issuing a freeze order (freezing the dealers assets or trust funds), OMVIC must first notify the dealer.
On a purchase contact, what must be printed in 14 pt. bold font next to the buyers signature?
If a dealer does not have a specific new vehicle in stock but will locate the vehicle and bring it in, what must be disclosed to the purchaser regarding the mileage?
If a Statement Standards Certificate is issued for a vehicle, what does it mean?
What is an as is sale?
T or F: a dealer selling a vehicle as is may also provide a Safety Standards Certificate for the vehicle.
Contracts must have advisory or educational statements designed to inform purchasers/lessees about their rights and responsibilities and to ensure they know about the existence of certain agencies or organizations. Name them.
If a customer gives a deposit but doesnt sign a contract, what rights do they have?
List the previous uses of a vehicle a dealer must disclose.
List the types of incident damage that must be disclosed.
In regards to replacement, what must be disclosed?
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