OMVIC MVDA and Legislation 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 MVDA and Legislation flashcards as text
Under the MVDA, what is the maximum period a dealer may hold a deposit before either applying it to the purchase or returning it to the buyer?
Answer: Until the contract is rescinded or completed
A deposit must be held in trust and either applied to the purchase or returned when the deal is completed or lawfully cancelled — there is no fixed calendar deadline independent of the deal outcome.
Which of the following transactions requires a dealer to provide the buyer with a completed Bill of Sale under the MVDA regulations?
Answer: Every retail sale of a motor vehicle
A dealer must provide a completed Bill of Sale for every retail sale of a motor vehicle, regardless of price or vehicle age.
Under OMVIC regulations, which statement best describes a 'curbsider'?
Answer: An unregistered person who repeatedly sells vehicles privately to avoid dealer regulations
A curbsider is someone who sells vehicles privately on a repeated basis without being registered as a dealer, illegally circumventing consumer protections.
The MVDA requires that a contract for the sale of a used vehicle include disclosure of which of the following?
Answer: Whether the vehicle has been used as a police, taxi, or rental vehicle
Dealers must disclose if a used vehicle was previously used as a police car, taxi, limousine, rental, or emergency vehicle as material information under the MVDA.
Under the MVDA, what is the role of the Motor Vehicle Dealers Compensation Fund?
Answer: To compensate consumers who suffer financial loss due to a dealer's misconduct
The Compensation Fund provides financial restitution to consumers who suffer losses due to the fraudulent or dishonest conduct of a registered dealer.
A dealer who knowingly makes a false statement in an application for registration under the MVDA may face which consequence?
Answer: Refusal, revocation, or suspension of registration
Providing false information on a registration application is grounds for OMVIC to refuse, revoke, or suspend the dealer's registration.
Under the MVDA, within how many days must a dealer notify OMVIC of a change of address for their registered location?
Answer: 10 days
Dealers must notify OMVIC within 10 days of any change to their registered address or other registration details.