OMVIC OMVIC Dealer Operations and Business Practices

Question 1

Under OMVIC regulations, how long must a registered dealer retain vehicle sales records?

Accepted Answer

6 years

Answer

1 year

Answer

3 years

Answer

10 years

Question 2

Which document must an OMVIC-registered dealer prominently display in their place of business?

Accepted Answer

Dealer registration certificate

Answer

OMVIC membership certificate

Answer

Fire safety permit

Answer

Municipal business licence

Question 3

What is the primary role of a dealer operator under OMVIC?

Accepted Answer

Ensure the dealership complies with all MVDA requirements

Answer

Handle all vehicle appraisals personally

Answer

Act as the sole salesperson on the lot

Answer

Submit monthly sales reports to OMVIC

Question 4

When a dealership changes its registered address, what must it do?

Accepted Answer

Notify OMVIC immediately

Answer

Notify customers by mail

Answer

Update its website within 30 days

Answer

File a court declaration

Question 5

Which of the following is a prohibited trade practice under the MVDA for dealers?

Accepted Answer

Making false or misleading representations

Answer

Offering extended warranties

Answer

Accepting trade-in vehicles

Answer

Providing free vehicle history reports

Question 6

A dealer who sells vehicles without being registered with OMVIC is subject to what consequence?

Accepted Answer

Fines and potential prosecution

Answer

A warning letter only

Answer

Mandatory retraining

Answer

Temporary suspension of advertising