OMVIC Legal Requirements 4

Question 1

Under OMVIC regulations, what is the maximum period a dealer can hold a deposit before returning it if a vehicle sale does not proceed?

Accepted Answer

As soon as reasonably possible

Answer

7 days

Answer

15 days

Answer

30 days

Question 2

Which document must an OMVIC-registered dealer provide to a consumer before finalizing a used vehicle sale that discloses known defects?

Accepted Answer

Mechanical Fitness Assessment (MFA)

Answer

Bill of Lading

Answer

Certificate of Origin

Answer

Carfax Report

Question 3

Under the Motor Vehicle Dealers Act (MVDA), what happens if a dealer fails to register with OMVIC and sells vehicles?

Accepted Answer

They may face fines and criminal prosecution

Answer

They receive a warning letter only

Answer

They must register within 30 days retroactively

Answer

They are only liable for consumer complaints

Question 4

When a dealer advertises a vehicle price, OMVIC rules require that the advertised price must:

Accepted Answer

Include all fees except government taxes

Answer

Exclude all taxes

Answer

Include dealer profit margin disclosure

Answer

Be negotiable by law

Question 5

A consumer purchases a vehicle and later discovers the odometer was rolled back. Under OMVIC regulations, this constitutes:

Accepted Answer

A material misrepresentation and fraud

Answer

A minor disclosure oversight

Answer

An acceptable trade practice if undisclosed

Answer

Only a civil matter between buyer and seller

Question 6

Under OMVIC's registration requirements, how often must a dealer renew their registration?

Accepted Answer

Every year

Answer

Every 6 months

Answer

Every 2 years

Answer

Every 5 years

Question 7

If an OMVIC dealer sells a vehicle 'as-is,' what legal obligation does the dealer still have?

Accepted Answer

Must disclose all known material defects

Answer

No obligations whatsoever

Answer

Must provide a 30-day warranty regardless

Answer

Must perform all repairs before sale