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.

What does "material fact" mean?

A material fact is information that might affect the consumer's decision to buy the vehicle if they knew about it.
A material fact is information that might affect the business's decision to buy the vehicle if they knew about it.
A material fact is information regarding a vehicle that lowers its sale price
A material fact is information that impacts a business's standing

The correct answer is: A material fact is information that might affect the consumer's decision to buy the vehicle if they knew about it.

A material fact is any information that could significantly influence a consumer's decision to purchase a vehicle. This could include information about a car's history, condition, or potential defects. Option B is incorrect because material facts are relevant to consumers, not just businesses. Option C is incorrect because a material fact can raise or lower a vehicle's sale price, not just lower it. Option D is also incorrect because material facts are not limited to impacting a business's standing, but rather the consumer's decision to buy the vehicle.