OMVIC Practice Test

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Question: 1 / 50

True or False: Only monies over $10,000 that are received from a consignment sale must be deposited in the dealer's trust account.

False

Some may be inclined to choose B, thinking that all monies from consignment sales must be deposited in the dealer's trust account. However, the question states "over $10,000" which means any amounts under $10,000 do not need to be deposited in the trust account. Therefore, the statement is false and the correct answer is A.

True

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