OMVIC FINAL EXAM 2024 EXPERT CERTIFIED
QUESTIONS AND ANSWERS Latest Update 2024-2025 160 Questions and 100% Verified Correct Answers Graded A+
A contract for sale or lease of a vehicle between dealers: - CORRECT ANSWER: Must disclose specific information to comply with the Code of Ethics Regulations
A Safety Standards Certificate is required when - CORRECT ANSWER: transferring a used motor vehicle to a new owner as fit; registering a motor vehicle in Ontario that was previously registered in another province or country; changing the status of a vehicle from unfit to fit; registering a rebuilt motor vehicle
An "as is" sale? - CORRECT ANSWER: Must include a specific definition of "as is" in the contract
Briefly explain a "consignment transaction" - CORRECT ANSWER: a vehicle owner (cosigner) gives a vehicle to a dealer (consignee) to sell on the owner's behalf
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. - CORRECT
ANSWER: OMVIC, Motor Vehicle Dealer Compensation Fund, CAMVAP
Curbsiders : - CORRECT ANSWER: ignore tax law, avoid overhead, have an unfair advantage over registered dealers
Dealer plates are issued by: - CORRECT ANSWER: Ministry of Transportation
Dealers and salespeople are required to conduct business in accordance with the law
and with? - CORRECT ANSWER: Integrity, fairness and honesty
Dealers must disclose known damage repairs in excess of? - CORRECT ANSWER: $3
000
Dealers must post a sign stating: - CORRECT ANSWER: labour charges and how they are computed; the dealer's obligation to provide estimates; that each part is removed and available to the consumer
Dealers must send all payments and documents detailing the contract to the warranty company within: - CORRECT ANSWER: 7 days
Deposits over what amount must be kept in a trust account? - CORRECT ANSWER:
$10 000 (ten thousand) 1 / 2
Discloser must be provided in a timely manner, in writing, and be presented in a way that is: - CORRECT ANSWER: clear, comprehensible, and prominent
Explain the "merchantable quality" as it relates to a used vehicle - CORRECT
ANSWER: A used vehicle of merchantable quality has no hidden defects and will
provide reasonable transportation for a reasonable period of time
Extended warranties must be backed or guaranteed financially to ensure their variability. List 2 methods by which baking can be provided. - CORRECT ANSWER: 1) an insurance company licensed under the Insurance Act; 2) an irrevocable letter of credit to the compensation fund
Failure to abide by the Code of Ethics Regulations can result in: - CORRECT ANSWER: Revocation of registration, a disciplinary hearing, refusal to grant or renew registration
How long is a Safety Standards Certificate valid? - CORRECT ANSWER: 36 days
How many people compose OMVIC's board of directors? - CORRECT ANSWER: 12 in
total, 9 dealers and 3 consumer reps
How much does each dealer pay into the fund? - CORRECT ANSWER: $300
How much does each salesperson pay into the fund? - CORRECT ANSWER: Nothing
If a customer gives a deposit but don't sign a contract, what rights do they have? - CORRECT ANSWER: If there is no signed contract and a deposit or trade in is given to the dealer, the purchaser can cancel the contract at any time and demand his or her deposit or trade in back.
If a dealer agrees to pay out a lien on a customer's trade-in, the lien must be paid out: -
CORRECT ANSWER: immediately
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? - CORRECT ANSWER: A maximum distance that will be shown on the odometer at the same time of delivery or a statement that there is no maximum
If a dealer wishes to offer their own uninsured extended warranty, they must provide to the compensation fund an irrevocable letter of credit in the amount of? - CORRECT
ANSWER: $100 000
If a dealer's advertisement contains a price for a vehicle, that price must include? - CORRECT ANSWER: Administration fees, taxes, freight and PDI, "other: mandatory fees such as documentation fees, window etching fees etc.
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