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: The MVDA requires all dealers to have a trust account.

True
False

The correct answer is: False

The MVDA (Motor Vehicle Dealers Act) does not explicitly require all dealers to have a trust account. However, some provinces may have additional regulations or requirements that do mandate trust accounts. Therefore, while it may not be a national requirement, it is important for dealers to check with their local regulatory agency to ensure compliance. Option A is incorrect because it states that all dealers are required to have a trust account, which is not always the case.