Business Law > EXAM > OMVIC Exam Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version (All)

OMVIC Exam Questions & Answers | 100% Correct Answers | Verified | Latest 2024 Version

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What is the primary legislation governing Ontario's retail automotive sector? - ✔✔MVDA Which body or agency enforces MVDA? - ✔✔OMVIC How many people compose OMVIC's board of directors? - ✔... ✔12 in total, 9 dealers and 3 consumer reps What is the "transaction fee program"? - ✔✔under the transaction fee program, dealers are required to remit $10 for each vehicle sold or leased to OMVIC. These funds are remitted annually with the dealers registration renewal fee. T or F: the fee can be passed on to the consumer - ✔✔True What is OMVIC required to make available to the public? - ✔✔A dealers name, address and phone number; a salespersons name; 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 do they have to stop or correct it? - ✔✔Order to 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 pre approval for future advertising? - ✔✔up to 2 years What is the minimum age requirement to become a dealer? - ✔✔18 If a person has been refused registration, what are 2 conditions that have to be met before the person can reapply? - ✔✔2 years have passed; new evidence to demonstrate circumstances [Show More]

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