OMVIC License Practice Test & Course – Prepare for the OMVIC Exam in Ontario

Question: 1 / 400

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

$5

$12.50

$10

Under the Transaction Fee Program, dealers are required to remit $10 to OMVIC for each vehicle sold or leased. This fee is designed to support the oversight and regulatory functions of OMVIC, ensuring that the automotive marketplace in Ontario remains fair and consumer-friendly. The fee structure is set to help fund various initiatives, including education, enforcement, and consumer protection, which are critical in maintaining the integrity of the vehicle sales process. By charging this specific fee, OMVIC can manage its resources effectively, promoting a transparent and trustworthy environment for both dealers and consumers. Understanding this fee structure helps dealers budget appropriately for their sales processes and aligns with OMVIC's goals in regulating the industry.

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