OMVIC Practice Test

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Prepare for the OMVIC Certification Test with practice questions that include hints and detailed explanations. Enhance your learning with flashcards and multiple choice questions. Get ready to pass your OMVIC Test with confidence!

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: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer.

True
False

The correct answer is: False

OMVIC does not need to notify the dealer before issuing a freeze order. According to the regulations, OMVIC has the authority to issue a freeze order without any prior notice to the dealer in order to protect consumers and the public interest. This is to ensure that the dealer does not dissipate or transfer any assets or trust funds while investigations are ongoing. Therefore, option A is incorrect.