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!

Practice this question and more.

What is the maximum individual claim amount allowed against the Motor Vehicle Dealers Compensation Fund?

$15,000
$25,000
$45,000
$50,000

The correct answer is: $45,000

The maximum individual claim amount against the Motor Vehicle Dealers Compensation Fund is $45,000. This amount is determined by state laws and regulations, and it is specifically set to protect consumers from financial losses due to the actions of motor vehicle dealers. Option A, $15,000, and option B, $25,000, are too low and may not adequately cover the damages incurred by a consumer. Option D, $50,000, is higher than the actual limit, making it incorrect.