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OMVIC Dealer Operations and Business Practices Flashcards

7 cards from real OMVIC practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 OMVIC Dealer Operations and Business Practices flashcards as text

  1. Under OMVIC regulations, how long must a registered dealer retain all vehicle transaction records?

    Answer: 6 years

    Ontario's Motor Vehicle Dealers Act requires dealers to retain transaction records for a minimum of six years.

  2. A dealer discovers a vehicle they sold has an outstanding lien that was not disclosed at sale. What is the dealer's primary obligation?

    Answer: Notify the buyer and arrange for lien discharge

    The dealer must promptly notify the buyer and take steps to discharge the undisclosed lien to ensure clear title transfer.

  3. Which document must a OMVIC-registered dealer provide to every buyer before a vehicle sale is finalized?

    Answer: A completed Ontario Used Vehicle Information Package (UVIP)

    Ontario law requires dealers to provide a Used Vehicle Information Package to buyers of used vehicles before finalizing the sale.

  4. When a dealer advertises a vehicle's fuel economy, OMVIC expects the figures to be sourced from:

    Answer: Natural Resources Canada official ratings

    OMVIC's advertising guidelines require fuel economy claims to be based on Natural Resources Canada's official published ratings.

  5. A salesperson working at a registered dealership wants to buy a vehicle from a customer for personal use. Under OMVIC rules, this transaction:

    Answer: Must be disclosed and the customer must be treated as in any dealer purchase

    Salespersons who purchase vehicles from consumers must follow the same disclosure and fairness obligations that apply to dealer purchases.

  6. Under the Motor Vehicle Dealers Act, what is the maximum number of vehicles a person can sell in a calendar year without being required to register as a dealer?

    Answer: There is no set maximum; it depends on intent

    OMVIC does not set a fixed vehicle-per-year threshold; registration is required based on whether the activity constitutes 'carrying on business' as a dealer.

  7. A dealer's registration is suspended by OMVIC. During the suspension period, the dealer may:

    Answer: Not carry on any activities as a motor vehicle dealer

    A suspended registration means the dealer cannot carry on any activities regulated under the Motor Vehicle Dealers Act until the suspension is lifted.