OMVIC Practice Test

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Dive into the OMVIC Practice Test and test your knowledge on laws, regulations, and ethical practices in the automotive industry. Perfect for aspiring dealers and salespersons to validate their expertise!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

A vehicle being leased requires what additional piece of information in the extended warranty contract?

Lease termination fees
Lease value determined as per criteria
Lessee's credit score
A list of permitted drivers

The correct answer is: Lease value determined as per criteria

The correct answer is B because the extended warranty contract needs to include the lease value, as this will determine the amount of coverage needed. The other options, including A, C, and D, are all important factors to consider in a lease agreement, but are not directly related to the extended warranty contract. For example, lease termination fees are not typically included in an extended warranty, as these fees are separate from the vehicle's condition. Similarly, while a lessee's credit score may influence the terms of a lease agreement, it is not a necessary piece of information to include in the extended warranty contract. Finally, a list of permitted drivers is important for insurance purposes, but does not impact the coverage or terms of an extended warranty.