OMVIC Practice Test

Commission refers to a payment or incentive received for performing a service. In this case, the question is asking about the requirement when a dealer or salesperson receives commission for providing a financing application. Option A, a detailed biography of the financier, is incorrect because it is not a requirement in this situation. Option C, a group photo with the financier, is also incorrect as it is not relevant to the financing transaction. Option D, the financier's guarantee of lowest rates, is not a requirement as it does not pertain to the dealer or salesperson receiving commission. The correct answer, B, a statement initialled by the buyer, is required as it serves as documentation and proof that the buyer has acknowledged the commission received by the dealer or salesperson.