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.

Deposits over what amount must be kept in a trust account?

$5,000
$8,000
$10,000
$12,000

The correct answer is: $10,000

Deposits over $10,000 must be kept in a trust account. The other options are incorrect because they are either lower amounts or higher amounts than the correct answer. This amount is usually determined by government regulations or policies set by the financial institution where the trust account is held. Keeping deposits over a certain amount in a trust account ensures that they are protected and properly managed for the benefit of the depositors.