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: Dealers must pay into the Compensation Fund annually.

False
True

The correct answer is: False

Dealers are not required to pay into the Compensation Fund annually. Instead, this fund is designed to provide compensation to consumers who suffer financial loss due to the actions of registered motor vehicle dealers who fail to meet certain standards. The fund is supported by contributions that may come from different sources, but not through mandatory annual payments from all dealers. This structure is to ensure that the fund has sufficient resources without placing an ongoing financial burden on each dealer every year. Understanding this aspect highlights the purpose and operational framework of the Compensation Fund in protecting consumers within the automotive industry.