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.

Other than the consignor, dealer, and vehicle information, what else must be included in consignment contracts?

Service details
Payment terms
Vehicle accident history
Terms of warranty

The correct answer is: Payment terms

Payment terms are an important aspect of any consignment contract as they outline the agreed upon financial terms between the consignor and the dealer. Service details may also be included, but it is not a necessary component of the contract. Vehicle accident history and terms of warranty are not typically included in consignment contracts, as these are usually discussed and negotiated separately.