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.

True or false: If a customer signs a contract but doesn't complete the sale, the dealer can keep the whole deposit, no matter how much it is.

False
True
Not specified
May vary by location

The correct answer is: False

This statement is false because in most cases, a signed contract does not guarantee the completion of a sale. If a customer backs out of the deal, the amount of deposit that the dealer can keep may be determined by the terms and conditions of the contract, state and local laws, and the specific circumstances of the situation. In some cases, a portion or all of the deposit may need to be returned to the customer. Additionally, the amount of deposit may vary depending on location and the individual policies of the dealership. Therefore, while the dealer may be entitled to a portion of the deposit, they cannot always keep the entire amount if the sale is not completed.