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: If a dealer pays out a lien on a customer's trade-in, he or she must give the customer a copy of the release letter from the financial institution.

False
True

The correct answer is: True

When a dealer pays out a lien on a customer's trade-in, it is true that they must give the customer a copy of the release letter from the financial institution. This is important for transparency and to ensure that the customer has proof that the lien has been paid off. By providing the customer with a copy of the release letter, the dealer is also demonstrating good business practice and helping the customer to feel more secure in the transaction. Therefore, option B is correct.