OMVIC Legal Requirements Test 1

Question 1

What needs to be printed in 14 points on a purchase contract? bold typeface adjacent to the buyer's autograph?

Accepted Answer

The "Sales Final" statement that is required

Answer

$13,000

Answer

Clearly visible and understandable

Answer

The manager of sales

Question 2

Which of these needs to be revealed?

Accepted Answer

Replacing two or more adjacent body panels

Answer

Painting over two or more neighboring body panels

Answer

Any one body panel replacement, excluding bumper covers

Question 3

Which of these needs to be revealed?

Accepted Answer

Everything mentioned below

Answer

The air conditioning system of a car needs to be repaired.

Answer

A car was previously registered in a different nation, province, or state.

Answer

The anti-lock braking system of a car isn't working

Question 4

True or False: As long as the dealer sells the buyer an extended warranty, they are exempt from having to notify the buyer that the vehicle's manufacturer warranty has been canceled.

Accepted Answer

FALSE

Answer

TRUE

Question 5

Whom does a dealer have to tell if their records are lost, stolen, or destroyed?

Accepted Answer

OMVIC in writing, no later than five days

Answer

For up to two years

Answer

Write to Omvic within 0 days.

Answer

Write to Omvic within six days.

Question 6

True or False: If a customer requests to see a salesperson's registration certificate, they must provide it for inspection.

Accepted Answer

TRUE

Answer

FALSE

Question 7

True or False: Dealers that have registered a head office with OMVIC may sell cars from any location.

Accepted Answer

FALSE

Answer

TRUE

Question 8

If something is not disclosed, can revocation just be automatically granted?

Accepted Answer

1) The vehicle's year, make, and model

2) The car was a limo or cab before

3) The car has a label on it.

Answer

1) The name, location, and phone number of the dealer

2) The name of a salesman

3) Any suggestion to deny a dealer or salesperson's registration renewal, suspension, or revocation

Answer

The buyer has the right to terminate the agreement at any moment and request the return of any deposit or trade-in if there isn't a formal contract and the buyer gives the dealer their money.

Question 9

What needs to be specified in the contract for a "as is" sale?

Accepted Answer

The contract needs to define "as is" specifically.

Answer

Placed where people are likely to see it

Answer

Request and obtain a formal authorization from the Registrar of OMVIC.

Answer

1) Merchants
2) A seller
3) Executive assistants
4) Accountants

NOT
1. service managers

Question 10

Name Three Functions Fulfilled by OMVIC

Accepted Answer

1) Oversees and implements the MVDA
2) Examines dealers
3) Keeps a customer complaint line open.
4) Carries out research
5) Has hearings for punitive actions
6) Carries out legal actions
7) Oversees the Fund for Compensation

Answer

1) Establish a business office that is big enough to safely hold records.

2) Display the registered name on a sign that is easily readable.

3) Have the municipality approve your use as a dealership.

Answer

1) A wholesale sale

2) Destroyer

3) A seller of a car utilized for a solitary proprietorship or for family purposes

Answer

1) Previous behavior
2) Application with a false assertion
3) Did not follow the rules
4) Not required to exercise sound financial judgment
5) After paying a claim, the Compensation Fund has not received payment back.