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 the "Transactional Fee Program" under OMVIC?

Program for free vehicle registrations
Fee charged to report accidents
Program for dealer compliance training
Fee for each vehicle sold or leased remitted to OMVIC

The correct answer is: Fee for each vehicle sold or leased remitted to OMVIC

The "Transactional Fee Program" under OMVIC is not a program for free vehicle registrations (A), as there is a fee charged for registering a vehicle. It is also not a fee charged to report accidents (B), as that would fall under the jurisdiction of insurance companies. The program is not specifically for dealer compliance training (C), although compliance training is an integral part of OMVIC's mandate. The transactional fee (D) is a fee for each vehicle sold or leased by OMVIC-Registered Dealers and Salepeople, which is then remitted to OMVIC. This fee helps fund the operations of OMVIC, such as consumer protection initiatives and enforcing compliance with the Motor Vehicle Dealers Act. Therefore, the correct answer is D.