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 what conditions can a claim be made from the Compensation Fund?

Only if the dealer is bankrupt or insolvent
If the dealer has sold a defective vehicle
If the salesperson has left the company
Always, without any specific conditions

The correct answer is: Only if the dealer is bankrupt or insolvent

A claim can only be made from the Compensation Fund if the dealer is bankrupt or insolvent. This is because the Compensation Fund is specifically designed to provide financial assistance to consumers who have suffered losses due to a dealer's inability to fulfill their obligations, such as completing repairs or providing refunds. Therefore, options B and C are incorrect as they do not meet the specific condition of the dealer being bankrupt or insolvent. Option D is also incorrect as there are specific conditions, such as bankruptcy, that must be met before a claim can be made from the Compensation Fund.