Test Yourself The first questions below are the same questions asked in "What Do You Know?" at the beginning of this chapter. Try answering these questions again and compare your results with your earlier answers. Then, answer the additional questions. 1. True or False: Dealers may sell vehicles from any location, so long as they have registered a head office with OMVIC. 2. List two requirements for a dealer's premises. 3. The MVDA specifies the records a dealer must maintain. True or False: These records must be kept for at least six years. 4. List four examples of the information related to vehicles sold or leased) that must be maintained in a dealer's records. 5. Which of the following records related to employees must be maintained: a) Employee names c) Proof of payments b) Employee salaries d) All of the above 6. Choose the most correct answer. If a dealer's records are destroyed or stolen, the dealer must notify: a) The OMVIC inspector when he or she arrives for the next scheduled inspection b) OMVIC, in writing, within five days c) An OMVIC investigator within 30 days d) The Ministry of Consumer Services, in writing, within 10 days 7. What must a dealer do if they wish to store records somewhere other than the location from which they trade? In order for a remote storage location to be approved by OMVIC, which condition must be met? a) The location has a security system b) The location is always accessible to OMVIC staff during normal business hours c) The location is in the same municipality as the dealer's registered address d) All of the above 9. True or False: Under the MVDA, all dealers are required to maintain a trust account. 10. Deposits over what amount must be kept in a trust account? a) $1.000 c) $10,000 b) $5,000 d) No amount of deposit needs to be placed in a trust account 11. True or False: Before issuing a freeze order (freezing the dealer's assets or trust funds), OMVIC must first notify the dealer