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1|Page STATE OF COLORADO SALES LICENSE TEST | ACTUAL QUESTIONS & VERIFIED ANSWERS FOR GUARANTEED SUCCESS Three of the following types of motor vehicles are exempt from the truth in mileage act. - correct-answer-~Vehicles 10 years old or older~Vehicles having a gross empty weight more than 10,000 lbs~Vehicles not self propelled (Trailers) A buyer agent - correct-answer-is retained or hired by a consumer to assist/represent/act on behalf of such consumer in connection with the purchase of lease of a Motor vehicle Local law enforcement agencies must be notified within 4 hours after the repossession of a Motor Vehicle - correct-answer-False 1 hour The license of a new or used dealer/Wholesaler may be denied/suspended /revoked /fined for the following - correct-answer-Making a material misstatement in an application of license A customer's trade-in vehicle on a financed deal may be sold - correct-answerOnly when the financing has been approved and the contract binding has been signed