TICO Ontario Regulation 26/05 5

Question 1

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

Accepted Answer

Suspend or revoke the registrant's certificate of registration

Answer

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

Question 2

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

Accepted Answer

The internal commission rate paid to the agent by the supplier

Answer

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

Question 3

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

Accepted Answer

Two years

Answer

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

Question 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:

Accepted Answer

It must have been held in a separate trust account

Answer

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

Question 5

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

Accepted Answer

Offers travel services for sale through registered travel agents in Ontario

Answer

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

TICO - Travel Industry Council of Ontario Practice Test

TICO - Travel Industry Council of Ontario Practice Test

TICO Ontario Regulation 26/05 5