OMVIC Licensing Requirements Test 3

Question 1

Under what condition can a vehicle with a "Stolen" status be sold?

Accepted Answer

When the vehicle us recovered and the status is removed

Answer

After paying a fine

Answer

It cannot be sold until repaired

Answer

If the theft was minor

Question 2

What does the disclosure category in the Code of Ethics Regulations require from dealers and salespeople?

Accepted Answer

Being clear and truthful in describing vehicles and services

Answer

Not disclosing finance rates

Answer

To maintain a certain profit margin

Answer

To provide financial advice

Question 3

A vehicle being leased requires what additional piece of information in the extended warranty contract?

Accepted Answer

Lease value determined as per criteria

Answer

A list of permitted drivers

Answer

Lease termination fees

Answer

Lease's credit score

Question 4

Extended warranties must be supported by:

Accepted Answer

Insurance from a licensed company

Answer

A notarized statement from the dealer

Answer

Security to the Motor Vehicle Dealers Compensation Fund

Answer

A signed agreement from the vehicle manufacturer

Question 5

Which of the following is considered a professional obligation of dealers and salespersons?

Accepted Answer

Offering the lowest price guarantee

Answer

Providing conscientious service to customers

Answer

Limiting service to weekdays only

Answer

Having a large inventory of vehicles

Question 6

How can vehicle brand information from other jurisdictions affect registration in Ontario?

Accepted Answer

It is carried forward except for the "rebuilt" brand

Answer

It results in an automatic "irreparable" brand

Answer

It is always ignored

Answer

It only applies to vehicles over 10 years old

Question 7

The Code of Ethics Regulations under the MVDA legally require dealers and salespeople to operate with what qualities?

Accepted Answer

Integrity and honesty

Answer

Passion and commitment

Answer

Flexibility and adaptability

Answer

Creativity and Innovation

Question 8

Under what circumstances must a dealer get permission from the court to repossess a vehicle?

Accepted Answer

If the consumer defaults but has paid off more than two-thirds of the total purchase price

Answer

If the vehicle is a commercial vehicle used for business purposes

Answer

If the vehicle was sold "as-is"

Answer

Within the first year of purchase

Question 9

What must a "Salvage" vehicle undergo to change its brand to "Rebuilt"?

Accepted Answer

Passing a structural inspection test

Answer

Changing the engine

Answer

Only a cosmetic inspection

Answer

Re-painting

Question 10

What is the font requirement for the "Sales Final" statement adjacent to the buyer's signature?

Accepted Answer

14 pt. bold

Answer

8 pt. bold

Answer

10 pt. bold

Answer

12 pt. bold