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.

If a dealer or salespeople receive any commission for providing an application for financing, what is required?

A detailed biography of the financier
A statement initialled by the buyer
A group photo with the financier
The financier's guarantee of lowest rates

The correct answer is: A statement initialled by the buyer

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.