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 must leasing agreements disclose according to the CPA?

Only the monthly payment amount
Lease value, monthly payment details, annual percentage rate, and more
Only the vehicle make and model
The dealer's preferred insurance provider

The correct answer is: Lease value, monthly payment details, annual percentage rate, and more

Leasing agreements must disclose all details that pertain to the lease, including the lease value, monthly payment details, annual percentage rate, and any additional fees or charges. Option A is incorrect because it only mentions the monthly payment amount, which is just one aspect of the lease. Option C is incorrect because it only mentions the vehicle make and model, which is also just one aspect of the lease. Option D is incorrect because it mentions the dealer's preferred insurance provider, which is not necessarily required to be disclosed in the lease agreement. Overall, B is the most comprehensive and complete option that encompasses all necessary disclosures according to the CPA.