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.

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

The correct answer is: $10

Dealers are required to remit $10 to OMVIC for each vehicle sold or leased under the Transaction Fee Program. This fee is established to support the regulatory activities of OMVIC, which include maintaining the integrity of the vehicle sales process, enforcing consumer protection laws, and providing resources for consumer education. By remitting this fee for each transaction, dealers contribute to the overarching goal of ensuring a fair marketplace for both consumers and dealers. This fee structure is important for facilitating OMVIC's ability to uphold standards and regulations within the automotive industry in Ontario.