OMVIC Vehicle Sales Process and Documentation 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 Vehicle Sales Process and Documentation flashcards as text
A trade-in vehicle is included in a sale transaction. What must the bill of sale reflect about the trade-in under OMVIC requirements?
Answer: The agreed trade-in value and any lien balance
The bill of sale must clearly state the agreed trade-in allowance and disclose any outstanding lien on the trade-in vehicle.
Under the MVDA, what obligation does a dealer have when selling a vehicle that has existing structural damage?
Answer: Disclose the structural damage to the buyer before completing the sale
Structural damage is a mandatory disclosure item regardless of repair cost; dealers must inform buyers of known structural damage prior to sale.
A salesperson forgets to disclose that a used vehicle was previously used as a daily rental. Under OMVIC rules, what consequence can the dealer face?
Answer: Administrative penalty and potential registration suspension
Failure to make mandatory disclosures can result in administrative penalties and disciplinary action against the dealer's registration.
When must a dealer provide the buyer with a copy of the signed bill of sale?
Answer: At the time the contract is signed
The buyer is entitled to receive their copy of the signed contract at the time of signing, not at a later date.
Which item is NOT required to be included in a motor vehicle bill of sale under OMVIC standards?
Answer: Buyer's social insurance number
A buyer's social insurance number is personal tax information not required on a vehicle bill of sale; the VIN, price, and warranties are required.
A registered salesperson is leaving a dealership and has uncompleted deals in progress. Who is responsible for ensuring the required disclosures are made to buyers?
Answer: The registered dealer (dealership owner/operator)
The registered dealer bears ultimate responsibility for ensuring all required disclosures and contract terms comply with OMVIC regulations.
A vehicle's odometer reads 85,000 km but the dealer suspects it may have been tampered with. Under OMVIC's Code of Ethics, what should the dealer do?
Answer: Disclose the suspected odometer tampering to the buyer before the sale
Dealers have an ethical and legal obligation to disclose any knowledge or reasonable suspicion of odometer tampering to buyers prior to sale.