OMVIC Practice Test

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Prepare for the OMVIC exam with our comprehensive quiz. Test your knowledge with multiple-choice questions designed to emphasize key concepts in Ontario's motor vehicle industry regulations and responsibilities of dealership representatives. Get ready to ace your exam!

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.

True or False: All deposits, regardless of the amount, must be placed in a trust account.

True
False

The correct answer is: False

False While it is generally recommended to place all deposits into a trust account for safekeeping, it is not a legal requirement to do so for all deposit amounts. Some states have specific laws and regulations outlining what type of deposits must be placed in a trust account, such as security deposits for rental properties. However, for smaller deposits or deposits made for services performed immediately, they may not necessarily need to be placed in a trust account. Therefore, the statement that all deposits, regardless of the amount, must be placed in a trust account, is not entirely accurate.