TICO Ontario Regulation 26/05 3

Question 1

Under Ontario Regulation 26/05, a travel agent who receives a client's payment must deposit it into the designated trust account within what timeframe?

Accepted Answer

Two business days of receiving the payment

Answer

Ontario Regulation 26/05 requires client payments to be deposited into the designated trust account within two business days of receipt.

Question 2

Ontario Regulation 26/05 provides that a travel agent may withdraw funds from the designated trust account when which condition is met?

Accepted Answer

When the funds are due and payable to a travel supplier, or when the agent has earned their commission after the supplier confirms receipt

Answer

Funds may be withdrawn from the trust account when they are due and payable to a supplier or when the agent has legitimately earned their commission portion.

Question 3

Under Ontario Regulation 26/05, which of the following is required when a travel registrant receives a complaint from a consumer?

Accepted Answer

The registrant must acknowledge the complaint, investigate it, and maintain a written record of the complaint and its resolution

Answer

Registrants must acknowledge, investigate, document, and maintain records of all consumer complaints and their resolutions under Ontario Regulation 26/05.

Question 4

Which of the following correctly describes the relationship between Ontario Regulation 26/05 and the Travel Industry Act, 2002?

Accepted Answer

The Regulation provides detailed rules and requirements that give practical effect to the broader framework established by the Act

Answer

Ontario Regulation 26/05 is a subordinate instrument that provides detailed operational rules flowing from the authority granted by the Travel Industry Act, 2002.

Question 5

Under Ontario Regulation 26/05, which of the following best describes a consumer's protection regarding credit card refunds?

Accepted Answer

Refunds for credit card payments should be processed back to the original credit card used for payment

Answer

Under TICO's standards, refunds for credit card transactions should be credited back to the same credit card. Converting credit card refunds to travel credits without the consumer's agreement is not permitted.

TICO - Travel Industry Council of Ontario Practice Test

TICO - Travel Industry Council of Ontario Practice Test

TICO Ontario Regulation 26/05 3