OMVIC Dealer Operations and Business Practices Flashcards
6 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 6 OMVIC Dealer Operations and Business Practices flashcards as text
What must a dealer do before a salesperson begins working at their dealership?
Answer: Ensure the salesperson holds a valid OMVIC registration
A salesperson must be registered with OMVIC before engaging in any vehicle sales activities at a dealership.
Under OMVIC rules, which of the following fees can a dealer legitimately charge a buyer?
Answer: A documentation fee disclosed in advance
Dealers may charge documentation or administration fees as long as they are clearly disclosed to the buyer in advance.
What is the maximum number of vehicles a private individual can sell in Ontario before requiring dealer registration?
Answer: 4
Selling more than 4 vehicles in a 12-month period generally triggers the requirement to register as a dealer under the MVDA.
An OMVIC-registered dealer must ensure all employees who sell vehicles are:
Answer: Registered salespersons with OMVIC
Every individual who sells or negotiates vehicle sales must hold a valid OMVIC salesperson registration.
Which of the following best describes OMVIC's Compensation Fund?
Answer: A consumer protection fund for losses from fraudulent dealers
OMVIC's Compensation Fund protects consumers who suffer financial loss as a result of a registered dealer's fraudulent or dishonest act.
A dealer discovers a vehicle on their lot has an outstanding lien. What should the dealer do?
Answer: Discharge the lien before selling or fully disclose it in writing
Dealers must either clear outstanding liens before a sale or provide full written disclosure to the buyer.