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!

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What is a "consignment transaction" in the context of vehicle sales?

A transaction where a dealer buys a vehicle from the manufacturer
A transaction where a vehicle owner gives a vehicle to a dealer to sell on their behalf
A transaction where a dealer consigns a vehicle for auction
A transaction between two private parties facilitated by a dealer

The correct answer is: A transaction where a vehicle owner gives a vehicle to a dealer to sell on their behalf

A consignment transaction in the context of vehicle sales refers to when a vehicle owner gives their vehicle to a dealer to sell on their behalf. This means that the owner retains ownership of the vehicle until it is sold, and the dealer acts as a middleman to find a buyer for the vehicle. Options A and D both involve a direct transaction between the dealer and another party, and in option C, the dealer is simply consigning the vehicle for auction without the involvement of the vehicle owner. Option B is the most accurate description of a consignment transaction in the context of vehicle sales.