OMVIC Practice Test 2026 – All-In-One Guide to Exam Success!

Question: 1 / 400

True or False: Only monies over $10,000 that are received from a consignment sale must be deposited in the dealer's trust account.

False

The statement that only monies over $10,000 received from a consignment sale must be deposited in the dealer's trust account is false. In reality, any money received from a consignment sale, regardless of the amount, needs to be deposited into the dealer's trust account. This practice ensures that all funds are properly accounted for and protects the interests of both the dealer and the consignor. Trust accounts are designed to separate client funds from the dealer's own funds, which adds a layer of transparency and accountability in financial dealings. Therefore, all amounts received from a consignment sale must be treated with the same level of care and deposited accordingly, rather than only those exceeding $10,000.

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True

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