OMVIC Practice Test 2025 – Complete Exam Prep Guide

Question: 1 / 400

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

$5

$12.50

$10

The Transaction Fee Program established by OMVIC mandates that dealers remit a specific amount for each vehicle sold or leased as a means to support the organization's operations and regulatory functions. The correct amount that dealers are required to remit is $10 per vehicle. This fee is essential for funding initiatives aimed at consumer protection and regulating the automotive industry in Ontario.

Understanding the importance of this fee can help dealers recognize their obligations toward maintaining compliance with OMVIC's regulations and supporting the integrity of the marketplace. The other options represent different amounts that are not aligned with the established fee structure, thus reinforcing that $10 is the accurate and current requirement under the Transaction Fee Program.

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$20

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