OMVIC Practice Test 2025 – 400 Free Practice Questions to Pass the Exam

Image Description

Question: 1 / 400

True or False: Under the Transaction Fee Program, dealers are required to remit $10 for each vehicle sold or leased.

False

True

The statement is true. Under the Transaction Fee Program, vehicle dealers are mandated to remit a fee of $10 for each vehicle they sell or lease. This program was introduced to enhance accountability and transparency within the vehicle sales industry in Ontario, providing a mechanism for funding consumer protection initiatives, education, and enforcement activities. The fees collected contribute to the resources needed to maintain regulatory oversight and consumer support, ensuring a fair marketplace. This requirement underscores the financial responsibilities dealers have towards contributing to the industry's regulatory framework.

Get further explanation with Examzify DeepDiveBeta
Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy