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OMVIC Chapter 1-18 Exam Questions With Verified Answers, Exams of Project Management

Mount Aloysius CollegeProject Management

What is the primary legislation governing Ontario's retail automotive sector? - ANS-Moter Vehicle Dealers Act, 2002 Which body or agency enforces MVDA? - ANS-OMVIC List Three Functions carried out by OMVIC - ANS-1) Administers and enforces the MVDA 2) Inspects dealers 3)Maintains a complaint line for consumers 4) Conducts investigations 5) Conducts disciplinary hearings 6) Conducts prosecutions 7) Administers the Compensation Fund How many people compose OMVICS board of directors? How many dealers ? How many consumers? - ANS-12 total 9 dealer 3 consumer Briefly explain the "Transactional Fee Program" - ANS-Under the transaction fee program , dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal fee. True or False: The transaction fee can be passed along to the customer? - ANS-Tru

Typology: Exams

2023/2024

Available from 09/12/2024

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OMVIC Chapter 1-18 Exam
Questions With Verified
Answers
What is the primary legislation governing Ontario's retail automotive sector? - ANS-Moter
Vehicle Dealers Act, 2002
Which body or agency enforces MVDA? - ANS-OMVIC
List Three Functions carried out by OMVIC - ANS-1) Administers and enforces the MVDA
2) Inspects dealers
3)Maintains a complaint line for consumers
4) Conducts investigations
5) Conducts disciplinary hearings
6) Conducts prosecutions
7) Administers the Compensation Fund
How many people compose OMVICS board of directors? How many dealers ? How many
consumers? - ANS-12 total
9 dealer
3 consumer
Briefly explain the "Transactional Fee Program" - ANS-Under the transaction fee program ,
dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is"
transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal
fee.
True or False: The transaction fee can be passed along to the customer? - ANS-True
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Download OMVIC Chapter 1-18 Exam Questions With Verified Answers and more Exams Project Management in PDF only on Docsity!

OMVIC Chapter 1- 18 Exam

Questions With Verified

Answers

What is the primary legislation governing Ontario's retail automotive sector? - ANS-Moter Vehicle Dealers Act, 2002 Which body or agency enforces MVDA? - ANS-OMVIC List Three Functions carried out by OMVIC - ANS-1) Administers and enforces the MVDA

  1. Inspects dealers 3)Maintains a complaint line for consumers
  2. Conducts investigations
  3. Conducts disciplinary hearings
  4. Conducts prosecutions
  5. Administers the Compensation Fund How many people compose OMVICS board of directors? How many dealers? How many consumers? - ANS-12 total 9 dealer 3 consumer Briefly explain the "Transactional Fee Program" - ANS-Under the transaction fee program , dealer are required to remit $10 for each vehicle sold or leased (included fleet and "as is" transactions ) to OMVIC. These funds are remitted annually with the dealers registration renewal fee. True or False: The transaction fee can be passed along to the customer? - ANS-True

True or False: Under the Transaction Fee Program, dealers are required to remit $10 (to OMVIC) for each retail vehicle sold or leased? - ANS-True What information is OMVIC required to make available to the public? - ANS-1) A dealer's business name, address and phone number

  1. A salespersons name
  2. Any proposal to refuse to renew, suspend or revoke the registration of a dealer or salesperson Should OMVIC determine a dealers advertising to be false or misleading, what powers does OMVIC have to stop or correct it? - ANS-OMVIC may issue an order requiring the dealer to cease publication and/or issue a retraction or correction If an order is used to stop or correct false advertising, for how long may the dealer need to seek OMVIC's pre-approval for future advertising? - ANS-Up to 2 years List two possible situations which could result in OMVIC applying to a court to appoint a receiver and manager to assume temporary control of a dealership. - ANS-This action might be taken if:
  3. If there has been an investigation
  4. If the dealership is about to fail
  5. If OMVIC is proposing to revoke a registration
  6. If a freeze order is about to be made What is the minimum age requirement to become a dealer? - ANS-18 years old List the three requirements that must be met when applying to become a salesperson? - ANS-1) Complete/Pass certification course
  7. Pay Fee
  8. Be employed or retained by a registered dealer to act as a salesperson True or False: All dealer and salesperson applicants undergo a Canada-wide criminal record search as part of the application screening process. - ANS-True Which of the following must be registered with OMVIC? - ANS-1) Dealers
  9. Salesperson
  10. Business managers
  11. Finance Managers

OMVIC can refuse, revoke or suspend registration to a dealer , salesperson or corporation if the financial responsibility or past conduct of an "interested person in respect of the applicant / registrant" gives reasonable grounds for it. Who might OMVIC consider an "interested person"? - ANS-1) Has or may have a beneficial interest in the business

  1. Exercises or may exercise control either directly or indirectly over the dealer / salesperson
  2. Has provided or may have provided financing either directly or indirectly to the business Where is the certificate of the dealer registration kept? - ANS-Posted so the public is likely to see it True of False: A salesperson must produce his or her registration certificate for inspection if a customer asks to see it? - ANS-True True or False: Dealers may sell vehicles from any location, so long as they have registered a head office with OMVIC - ANS-False List the three requirements for a dealers premises - ANS-1) Have a business office (large enough to store records securely)
  3. Have a clearly visible sign identifying registered name
  4. Be approved for use as a dealership by municipality How long does the MVDA specify how long a dealer must maintain their records? - ANS-They must keep the records for a minimum of 6 years List four examples of the information (related to vehicles sold or leased ) that must be maintained in a dealer's records. - ANS-1) Employee records, including the names of employees, positions held , dates of employment , how much each employee is paid and proof of payment
  5. A list of "persons associated with the dealer" and the nature of their association
  6. Records of all dealership bank accounts and any financing of the business , including loan agreements , credit arrangements or any security interest granted by the dealer Which of the following records related to employees must be maintained:
  7. Employee names
  8. Employee Salaries
  1. Proof of Payments - ANS-All of the Above If a dealers records are destroyed or stolen the dealer must notify who? - ANS-OMVIC in writing, within 5 days What must a dealer do if they wish to store records somewhere other then the location from which they trade? - ANS-Apply for and receive written authorization from OMVIC's Registrar In order for a remote storage location to be approved by OMVIC,which condition must be met? - ANS-The location is always accessible to OMVIC staff during normal business hours True or False: Under the MVDA,2002 all dealers are required to maintain a trust account? - ANS-False Deposits over what amount must be kept in a trust account? - ANS-$10, True or False: Before issuing a freeze order (freezing the dealers assets or trust funds), OMVIC must first notify the dealer? - ANS-False On a purchase contract, what must be printed in 14 pt. bold font next to the buyer's signature? - ANS-The mandatory "Sales Final" statement If a dealer does not have a specific new vehicle in stock but will locate the vehicle and bring it in, what must be disclosed to the purchaser regarding the milage? - ANS-A maximum distance that will be shown on the odometer at the time of delivery or a statement (initialled by the buyer) that there is no maximum If a Safety Standards Certificate is issued for a vehicle, it means? - ANS-The vehicle met certain basic standards of safety on the date of inspection What does the term "as is" mean? - ANS-The vehicle is not represented as being in roadworthy condition, mechanically sound, or maintained at any guaranteed level of quality. The vehicle may not be fit for use as a means of transportation and may require substantial repairs at the buyer's expense. It may not be possible to register the vehicle to be driven in its current condition. What must an "as is" sale include in the contract? - ANS-Must include a specific definition of "as is" in the contract True or False: A dealer selling a vehicle "as is" may also provide a Safety Standards Certificate for the vehicle? - ANS-False Contracts must have advisory or educational statements designed to inform purchasers /lessees about their rights and responsibilities and to ensure they know about the existence of certain agencies or organizations.
  1. The repainting of two or more adjacent body panels - ANS-The replacement of two or more adjacent body panels Dealers must disclose known damage repairs in excess of how much? - ANS-$3, True or False: A dealer does not have to inform a purchaser that a vehicle's manufacturers warranty has been cancelled, so long as the dealer offers or sells the purchaser an extended warranty - ANS-False True or False: If a dealer knows the odometer of a vehicle is inaccurate, and cannot provide any indication of what the true milage might be, they must write on the contract "TMU" (Which stands for "true milage unknown" - ANS-False Which of the following must be disclosed
  2. A vehicle was previously registered, in another province, state, or country
  3. A vehicle's anti lock braking system is not functioning
  4. A vehicles air conditioning system requires repair
  5. All of the above - ANS-All of the above Disclosure must be provided in a timely manner, in writing and be presented in a way that is: - ANS-Clear, comprehensible and prominent Give two examples of steps dealers can take to ensure they know the history of vehicles they buy or accept in trade. - ANS-1) Use a vehicle history report 2)Understand the strength and weaknesses of the various vehicle history reports
  6. Thoroughly examine the vehicles The MVDA remedy of rescission (cancellation of a sales contract) is available only to a customer who is a "consumer"? - ANS-False Rescission is only granted automatically for failing to disclose what? - ANS-1) The make, model, and year of the vehicle
  7. The vehicle was previously a taxi or limo
  8. The vehicle has been branded There are three disclosure requirements that, if not met trigger a customer's rescission rights. What are they? - ANS-Recession is triggered if the following is not disclosed:

1 ) Previous use as police/emergency services vehicle

  1. Previous use as daily rental (unless subsequently owned by someone other than a dealer
  2. Mileage / distance travelled True or False: The remedy of rescission is available to a customer who is also a dealer. - ANS- False