OMVIC Practice Test

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Prepare for the OMVIC Practice Test. Study with flashcards and multiple choice questions, each question has hints and explanations. Get ready for your OMVIC exam!

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OMVIC can refuse, revoke or suspend registration if the financial responsibility or past conduct of an "interested person" concerns them. Who might be considered an "interested person"?

  1. A person with beneficial interest in the business

  2. A random customer

  3. A salesperson only

  4. The janitor

The correct answer is: A person with beneficial interest in the business

An "interested person" is someone who holds a beneficial interest in the business, meaning they have a financial stake or ownership in the company. This can include shareholders, directors, and officers. Options B, C, and D are not considered "interested persons" as they do not have a direct financial interest in the business. Therefore, they would not be grounds for refusal, revocation, or suspension of registration.

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