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.

Dealers must keep deposits of what amount (or more) in a trust account?

1000
5000
10,000
Dealers don't have to put any deposit amount in a trust account

The correct answer is: 10,000

Dealers are required to keep deposits of $10,000 or more in a trust account in order to comply with regulations and protect the funds of their clients. In this scenario, the options of A and B are incorrect as they do not meet the minimum required amount. Option D is also incorrect as it suggests that dealers do not have to keep any amount in a trust account, which is not true.