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Ontario Regulation 26/05 Flashcards

7 cards from real TICO practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Ontario Regulation 26/05 flashcards as text

  1. Under Ontario Regulation 26/05, what action may TICO take if a registrant fails to maintain the required trust account?

    Answer: Suspend or revoke the registrant's certificate of registration

    Failure to maintain a required trust account is grounds for TICO to suspend or revoke a registrant's certificate of registration under the Regulation.

  2. Which of the following is NOT required to be disclosed to a consumer on the written contract under Ontario Regulation 26/05?

    Answer: The internal commission rate paid to the agent by the supplier

    Internal commission arrangements between the agent and supplier are not required to be disclosed to the consumer on the written contract.

  3. Under Ontario Regulation 26/05, how long must a travel agent retain records of each consumer transaction?

    Answer: Two years

    Ontario Regulation 26/05 requires registrants to retain transaction records for a minimum of two years.

  4. A consumer pays a deposit to a travel agent, who then becomes insolvent before the trip departs. Under Ontario Regulation 26/05, the consumer's deposit should be protected because:

    Answer: It must have been held in a separate trust account

    Trust account requirements ensure consumer deposits are segregated from the agent's operating funds, protecting them in the event of insolvency.

  5. Under Ontario Regulation 26/05, a travel wholesaler must register with TICO if it:

    Answer: Offers travel services for sale through registered travel agents in Ontario

    A travel wholesaler that sells or offers travel services through registered travel agents in Ontario must be registered under the Regulation.

  6. Under Ontario Regulation 26/05, if a registrant wishes to operate under a name other than its legal name, what must it do?

    Answer: Register the trade name with TICO as part of its registration

    Any trade name under which a registrant operates must be disclosed to and registered with TICO as part of the registration process.

  7. Under Ontario Regulation 26/05, which scenario correctly describes when the consumer's right to cancel without penalty arises due to a material change?

    Answer: When the registrant notifies the consumer of a material change before departure

    When a registrant notifies the consumer of a material change, the consumer is entitled to cancel the contract and receive a full refund without penalty.