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!

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On a purchase contract, what must be printed in 14 pt. bold font next to the buyer's signature?

  1. "No Returns"

  2. "Final Sale"

  3. "Sales Guaranteed"

  4. The mandatory "Sales Final" statement

The correct answer is: The mandatory "Sales Final" statement

Buyer's signature must be printed in 14 pt. bold font next to the mandatory "Sales Final" statement to indicate that the buyer understands that the sale is final and there will be no returns. Option A, "No Returns," is incorrect because it does not specifically state the finality of the sale. Option B, "Final Sale," is also incorrect because it is missing the word "mandatory" which is required on the contract. Option C, "Sales Guaranteed," is incorrect because it implies that there is a guarantee for the sale, when in fact it is final and no returns will be accepted. Therefore, the most accurate option is D, the mandatory "Sales Final" statement.

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