OMVIC OMVIC MVDA and Legislation 5

Question 1

Under the MVDA, what is the minimum period a dealer must retain a copy of a completed contract of purchase and sale?

Accepted Answer

3 years

Answer

Dealers are required to keep copies of completed contracts and related transaction records for a minimum of three years.

Question 2

Which of the following is an example of an unfair practice prohibited under the MVDA's consumer protection provisions?

Accepted Answer

Representing a used vehicle as new

Answer

Misrepresenting a used vehicle as new is an unfair practice under the MVDA and constitutes deceptive dealing.

Question 3

OMVIC's Registrar has the authority to conduct inspections of a dealership under the MVDA. Which of the following cannot be demanded during such an inspection?

Accepted Answer

The dealer's personal tax returns unrelated to the business

Answer

OMVIC inspectors can examine business records relevant to the dealership, but personal tax returns unrelated to the business are beyond the scope of an MVDA inspection.

Question 4

Under OMVIC rules, when a dealer takes a trade-in vehicle, the dealer must provide the customer with:

Accepted Answer

Written confirmation of the trade-in value and vehicle identification

Answer

The dealer must document the agreed trade-in value and identify the trade-in vehicle in writing as part of the transaction record.

Question 5

A consumer signs a purchase contract at a dealership but wishes to cancel it the following day citing buyer's remorse. Under the MVDA, what is the general rule?

Accepted Answer

There is no automatic right to cancel; the dealer's cancellation policy governs

Answer

Unlike some consumer contracts, there is no statutory cooling-off period for motor vehicle purchases under the MVDA; cancellation rights depend on the contract terms and circumstances.

OMVIC (Ontario Motor Vehicle Industry Council) Practice Test

OMVIC (Ontario Motor Vehicle Industry Council) Practice Test

OMVIC OMVIC MVDA and Legislation 5