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: Under the MVDA, 2002, all dealers are required to maintain a trust account?

True
False

The correct answer is: False

The answer is false because the Motor Vehicle Dealers Act (MVDA) of 2002 states that only dealers who sell new vehicles or lease them must maintain a trust account. This means that independent dealers who only sell used vehicles are not required to maintain a trust account. Therefore, not all dealers are required to maintain a trust account under the MVDA of 2002.