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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True or False: The Code of Ethics Regulations for dealers and salespeople are guidelines or "best practices" but do not have any real legal authority.

False
True

The correct answer is: False

The Code of Ethics Regulations for dealers and salespeople go beyond just being "best practices" to more closely resemble laws that must be followed. As written in the NADA's "A Dealer Guide to Safeguarding Personal Information", these regulations are "the minimum...for keeping customer information secure". This means that while the Code of Ethics is not a legally-binding document, it does carry significant weight and failure to follow it could result in legal consequences. Therefore, the statement that the Code of Ethics has no "real legal authority" is false.