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!

Practice this question and more.

True or False: If the customer enters into the contract but refuses to complete the sale, the dealer can keep 100 percent of any deposit, regardless of the amount.

False
True

The correct answer is: False

The statement is false because the amount of the deposit does not determine whether or not the dealer can keep it. The dealer can only keep the deposit if it is stated in the contract or if the customer breaches the contract. Even then, the amount of the deposit that the dealer can keep may be limited by applicable laws or regulations. Therefore, the dealer cannot automatically keep 100 percent of any deposit, regardless of the amount, if the customer refuses to complete the sale.