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 is a consignment agreement according to the manual?

An agreement to sell a vehicle at auction
An agreement between a dealer and a vehicle owner to sell a vehicle
A contract for regular vehicle maintenance
An agreement to purchase vehicles from a manufacturer

The correct answer is: An agreement between a dealer and a vehicle owner to sell a vehicle

A This option does not accurately describe a consignment agreement, which involves the sale of a vehicle between a dealer and owner, not at auction. C: Regular maintenance is not typically included in a consignment agreement, as it focuses on the sale of a vehicle. D: This option is incorrect as it involves purchasing vehicles from a manufacturer, whereas a consignment agreement involves selling a vehicle from a private party to a dealer.