OMVIC OMVIC Vehicle Sales Process and Documentation 7

Question 1

Under OMVIC's Code of Ethics, a salesperson must ensure that all representations made to a buyer are:

Accepted Answer

Accurate, truthful, and not misleading

Answer

OMVIC's Code of Ethics requires all registrants to make only accurate and truthful representations to consumers at all times.

Question 2

A buyer's down payment is deposited into the dealer's account. Under OMVIC trust accounting rules, when can the dealer access these funds?

Accepted Answer

Only after the vehicle sale is fully completed and delivered

Answer

Dealer trust account rules require that consumer funds be held until the transaction is completed and the vehicle is delivered.

Question 3

What must a dealer do if they become aware after a vehicle has been sold that the vehicle had previously been declared a write-off?

Accepted Answer

Contact the buyer immediately to disclose the material fact that was unknown at time of sale

Answer

Post-sale discovery of a material fact like a write-off status requires the dealer to promptly notify the buyer, as it likely affects the vehicle's value and safety.

Question 4

Under the MVDA, which party in a vehicle sale is ultimately responsible for ensuring all mandatory disclosures have been made?

Accepted Answer

The registered dealer (the business/owner)

Answer

The registered dealer bears ultimate legal responsibility for ensuring compliance with all MVDA disclosure requirements, even for actions of their salespersons.

Question 5

A dealer sells a vehicle and the buyer requests a copy of the vehicle's prior accident history report used in pricing. Under OMVIC regulations, what is the dealer's obligation?

Accepted Answer

Disclose the relevant information from the report as it is a material fact affecting the buyer

Answer

Material information about a vehicle's history that affects its value or safety must be disclosed to buyers; dealers cannot withhold this to gain a pricing advantage.

OMVIC (Ontario Motor Vehicle Industry Council) Practice Test

OMVIC (Ontario Motor Vehicle Industry Council) Practice Test

OMVIC OMVIC Vehicle Sales Process and Documentation 7