Free OMVIC Licensing Requirements Test 2

What must be true about the advertising by dealers and salespeople according to the Code of Ethics Regulations?

It should focus on the competition’s weaknesses

It can be exaggerated for effect

It must be legal, decent, ethical, and truthful

It must be extravagant and eye-catching

Correct! Wrong!

What must be conducted in a secure manner to ensure only registrants or registered dealers gain access?

Garage Register Maintenance

Online Auctions

Vehicle branding program

Safety Standards Certificate Issuance

Correct! Wrong!

The irrevocable letter of credit for a dealer not selling their vehicle but offering an extended warranty must be:

$500,000

$100,000

$200,000

Varies based on vehicle model

Correct! Wrong!

Who must salespeople be employed or retained by in order to apply for registration as a salesperson?

A car leasing company

An automotive manufacturer

An automotive repair shop

A registered dealer

Correct! Wrong!

What happens to a trade-in upon contract rescission due to failure in required disclosures?

The trade-in is considered a separate transaction and is not affected

The dealer must refund the trade-in amount indicated on the contract

The dealer must return the trade-in vehicle

The buyer keeps both vehicles

Correct! Wrong!

What is required when advertising used vehicles of the current or previous model year?

Indicating that the vehicle is used

Only highlighting the features

Stating that the vehicle is new

No specific requirements

Correct! Wrong!

Under what condition must dealers register a vehicle in the purchaser’s name?

If the vehicle is new

If the purchaser requests not to do so

Upon completion of the sale

Only if financing is involved

Correct! Wrong!

If the salesperson is acting on behalf of the dealer, who must sign the warranty contract?

The salesperson and purchaser only

The salesperson, dealer, and purchaser

Only the dealer

Only the purchaser

Correct! Wrong!

What must dealers and salespersons disclose regarding the vehicles they are selling?

Only information about safety features

All “material facts” about the vehicle, even if not asked

Only information about previous ownership and mileage

Only information specifically asked for by the customer

Correct! Wrong!

What is the maximum individuak claim amount allowed against the Motor Vehicle Dealers Compensation Fund?

$50,000

$25,000

$45,000

$15,000

Correct! Wrong!

What information about financing must be provided if the dealer helps a consumer obtain it?

Initial Disclosure Statement details

Location of the nearest ATM

Bank manager’s name and address

Color of the bank’s logo

Correct! Wrong!

Free OMVIC Licensing Requirements Test 2

What must be true about the advertising by dealers and salespeople according to the Code of Ethics Regulations?

What must be conducted in a secure manner to ensure only registrants or registered dealers gain access?

The irrevocable letter of credit for a dealer not selling their vehicle but offering an extended warranty must be:

Who must salespeople be employed or retained by in order to apply for registration as a salesperson?

What happens to a trade-in upon contract rescission due to failure in required disclosures?

What is required when advertising used vehicles of the current or previous model year?

Under what condition must dealers register a vehicle in the purchaser’s name?

If the salesperson is acting on behalf of the dealer, who must sign the warranty contract?

What must dealers and salespersons disclose regarding the vehicles they are selling?

What is the maximum individuak claim amount allowed against the Motor Vehicle Dealers Compensation Fund?

What information about financing must be provided if the dealer helps a consumer obtain it?

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