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.

Under the Transaction Fee Program, how much are dealers required to remit to OMVIC for each vehicle sold or leased?

$5
$12.50
$15
$20

The correct answer is: $12.50

Under the Transaction Fee Program, dealers are required to remit a fee of $10 to OMVIC for each vehicle sold or leased. This fee is essential for the functioning and oversight of the motor vehicle sales industry in Ontario, as it contributes to the regulation and enforcement activities that protect consumers and maintain the integrity of the marketplace. The fee is relatively modest, ensuring that it does not impose an undue burden on dealers while still contributing to the necessary resources for OMVIC’s operations. This includes consumer protection initiatives, education for dealers, and ongoing regulatory compliance efforts. The structured fee system helps manage operational costs and provides a straightforward process for compliance among dealers in the industry.