OMVIC Legal Requirements Questions and Answers

What needs to be printed in 14 points on a purchase contract? bold typeface adjacent to the buyer’s autograph?

$13,000

Clearly visible and understandable

The manager of sales

The “Sales Final” statement that is required

Correct! Wrong!

True or False: As long as the dealer sells the buyer an extended warranty, they are exempt from having to notify the buyer that the vehicle’s manufacturer warranty has been canceled.

FALSE

TRUE

Correct! Wrong!

True or False: If a customer requests to see a salesperson’s registration certificate, they must provide it for inspection.

FALSE

TRUE

Correct! Wrong!

Whom does a dealer have to tell if their records are lost, stolen, or destroyed?

OMVIC in writing, no later than five days

For up to two years

Write to Omvic within 0 days.

Write to Omvic within six days.

Correct! Wrong!

What needs to be specified in the contract for a “as is” sale?

Placed where people are likely to see it

The contract needs to define “as is” specifically.

Request and obtain a formal authorization from the Registrar of OMVIC.

1) Merchants
2) A seller
3) Executive assistants
4) Accountants

NOT
1. service managers

Correct! Wrong!

Name Three Functions Fulfilled by OMVIC

1) Establish a business office that is big enough to safely hold records.

2) Display the registered name on a sign that is easily readable.

3) Have the municipality approve your use as a dealership.

1) A wholesale sale

2) Destroyer

3) A seller of a car utilized for a solitary proprietorship or for family purposes

1) Previous behavior
2) Application with a false assertion
3) Did not follow the rules
4) Not required to exercise sound financial judgment
5) After paying a claim, the Compensation Fund has not received payment back.

1) Oversees and implements the MVDA
2) Examines dealers
3) Keeps a customer complaint line open.
4) Carries out research
5) Has hearings for punitive actions
6) Carries out legal actions
7) Oversees the Fund for Compensation

Correct! Wrong!

Which of these needs to be revealed?

Everything mentioned below

The air conditioning system of a car needs to be repaired.

A car was previously registered in a different nation, province, or state.

The anti-lock braking system of a car isn’t working

Correct! Wrong!

Identify one “change of information” that the dealer is required to report to OMVIC.

1) Previous behavior
2) Application with a false assertion
3) Did not follow the rules
4) Not required to exercise sound financial judgment
5) After paying a claim, the Compensation Fund has not received payment back.

1) Finish and pass the certification program

2) Pay the Charge

3) Work as a salesperson for a recognized dealer or be hired by one.

1) The name, location, and phone number of the dealer

2) The name of a salesman

3) Any suggestion to deny a dealer or salesperson’s registration renewal, suspension, or revocation

1) Dealership address modification

2) Officer or director changes (if the dealer is a partnership or corporation)

3) The day each salesperson started working for a company

4) A salesperson’s employment termination, including the date and cause of the termination

Correct! Wrong!

Which of these needs to be revealed?

Painting over two or more neighboring body panels

Any one body panel replacement, excluding bumper covers

Replacing two or more adjacent body panels

Correct! Wrong!

True or False: Dealers that have registered a head office with OMVIC may sell cars from any location.

FALSE

TRUE

Correct! Wrong!

If something is not disclosed, can revocation just be automatically granted?

1) The name, location, and phone number of the dealer

2) The name of a salesman

3) Any suggestion to deny a dealer or salesperson’s registration renewal, suspension, or revocation

1) The vehicle’s year, make, and model

2) The car was a limo or cab before

3) The car has a label on it.

The buyer has the right to terminate the agreement at any moment and request the return of any deposit or trade-in if there isn’t a formal contract and the buyer gives the dealer their money.

Correct! Wrong!

Free OMVIC Legal Requirements Test 1

What needs to be printed in 14 points on a purchase contract? bold typeface adjacent to the buyer’s autograph?

True or False: As long as the dealer sells the buyer an extended warranty, they are exempt from having to notify the buyer that the vehicle’s manufacturer warranty has been canceled.

True or False: If a customer requests to see a salesperson’s registration certificate, they must provide it for inspection.

Whom does a dealer have to tell if their records are lost, stolen, or destroyed?

What needs to be specified in the contract for a “as is” sale?

Name Three Functions Fulfilled by OMVIC

Which of these needs to be revealed?

Identify one “change of information” that the dealer is required to report to OMVIC.

Which of these needs to be revealed?

True or False: Dealers that have registered a head office with OMVIC may sell cars from any location.

If something is not disclosed, can revocation just be automatically granted?

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