Free OMVIC Licensing Requirements Test 3

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

After paying a fine

It cannot be sold until repaired

If the theft was minor

When the vehicle us recovered and the status is removed

Correct! Wrong!

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

Not disclosing finance rates

Being clear and truthful in describing vehicles and services

To maintain a certain profit margin

To provide financial advice

Correct! Wrong!

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

Lease value determined as per criteria

A list of permitted drivers

Lease termination fees

Lease's credit score

Correct! Wrong!

Extended warranties must be supported by:

Insurance from a licensed company

A notarized statement from the dealer

Security to the Motor Vehicle Dealers Compensation Fund

A signed agreement from the vehicle manufacturer

Correct! Wrong!

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

Providing conscientious service to customers

Offering the lowest price guarantee

Limiting service to weekdays only

Having a large inventory of vehicles

Correct! Wrong!

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

It results in an automatic "irreparable" brand

It is always ignored

It only applies to vehicles over 10 years old

It is carried forward except for the "rebuilt" brand

Correct! Wrong!

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

Passion and commitment

Flexibility and adaptability

Integrity and honesty

Creativity and Innovation

Correct! Wrong!

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

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

If the vehicle is a commercial vehicle used for business purposes

If the vehicle was sold "as-is"

Within the first year of purchase

Correct! Wrong!

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

Changing the engine

Only a cosmetic inspection

Re-painting

Passing a structural inspection test

Correct! Wrong!

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

8 pt. bold

14 pt. bold

10 pt. bold

12 pt. bold

Correct! Wrong!

What must a lessee-become-buyer know about a leased vehicle's history?

Only the lease payments history

The name of the previous lesses for direct inquiry

The duration of the lease period only

Any disclosures related to previous use, condition, and history required by the MVDA

Correct! Wrong!

Free OMVIC Licensing Requirements Test 3

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

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

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

Extended warranties must be supported by:

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

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

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

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

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

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

What must a lessee-become-buyer know about a leased vehicle's history?

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