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.

Which action is required from dealers with respect to sales contracts, as per the Code of Ethics Regulations?

Limit the contract to one page for clarity
Disclose required information in sales contracts and leases
Offer a cancellation option within 48 hours
Include a gift with every signed contract

The correct answer is: Disclose required information in sales contracts and leases

Dealers are required to disclose certain information in sales contracts and leases as per the Code of Ethics Regulations. This ensures that the consumer is fully informed about the terms and conditions of the transaction. Option A, limiting the contract to one page, may seem like a good idea for clarity, but it is not a requirement under the Code of Ethics Regulations. Option C, offering a cancellation option within 48 hours, may also seem reasonable but it is not a required action. Option D, including a gift with every signed contract, is not a relevant requirement and may even be considered unethical as it could be seen as a bribe. Therefore, option B is the correct answer as it is the only option that aligns with the requirement stated in the question.