Virginia Contractor License
Virginia Contractor License
Study online at https://quizlet.com/_idqruu
1. **Virginia Class A Contractor
Exam - Expanded Flashcard Deck
(120+ Cards)**
2. ## 1. Business & Management (Ex-
panded)
3. Q: Name three legal business Sole proprietorship, Limited Liability Company (LLC),
structures a contractor can use in Corporation.
Virginia.
4. Q: Who qualifies as a Qualified In- A person with at least 5 years experience in the trade or
dividual (QI) for a Class A license? contracting field.
5. Q: What is the maximum project Single project over $120,000 and annual total over
value a Class A license allows? $750,000.
6. Q: What is the primary purpose of To guide business operations, manage resources, and
a business plan for a contractor? plan for growth and risks.
7. Q: What is the purpose of a con- To protect clients and the public against financial loss due
tractor's license bond? to contractor failure.
8. Q: What is a surety company? A company that issues bonds guaranteeing a contractor's
performance and payment.
9. Q: Name three key responsibilities Financial management, legal compliance, project over-
of a contractor as a business own- sight.
er.
10. Q: What is the difference between Gross revenue is total income; net profit is income minus
gross revenue and net profit? expenses and taxes.
11.
1/7
, Virginia Contractor License
Virginia Contractor License
Study online at https://quizlet.com/_idqruu
Q: What is the purpose of a con- To legally operate as a contractor and comply with state
tractor's business license in Vir- regulations.
ginia?
12. Q: How often must a contractor re- Every 2 years, per DPOR guidelines.
new their Virginia Class A license?
13. ## 2. Contracts & Law (Expanded)
14. Q: What is a "mechanic's lien"? A legal claim a contractor can file to secure payment for
work performed on a property.
15. Q: What are the essential elements Offer, acceptance, consideration, legal capacity, and legal
of a valid contract? purpose.
16. Q: What does a "change order" do Modifies the original scope, price, or timeline of the
in a construction contract? contract.
17. Q: How long does a contractor Typically at least 3 years (per DPOR/Prevailing Wage
have to maintain project records in laws).
Virginia?
18. Q: What action can a client take if File a complaint with DPOR, request arbitration, or pur-
a contractor fails to perform per sue civil litigation.
contract?
19. Q: What is the purpose of a perfor- Guarantees the contractor will complete the project as
mance bond? specified.
20. Q: What is the purpose of a pay- Ensures subcontractors and suppliers are paid.
ment bond?
21. Typically 5 years.
2/7
Virginia Contractor License
Study online at https://quizlet.com/_idqruu
1. **Virginia Class A Contractor
Exam - Expanded Flashcard Deck
(120+ Cards)**
2. ## 1. Business & Management (Ex-
panded)
3. Q: Name three legal business Sole proprietorship, Limited Liability Company (LLC),
structures a contractor can use in Corporation.
Virginia.
4. Q: Who qualifies as a Qualified In- A person with at least 5 years experience in the trade or
dividual (QI) for a Class A license? contracting field.
5. Q: What is the maximum project Single project over $120,000 and annual total over
value a Class A license allows? $750,000.
6. Q: What is the primary purpose of To guide business operations, manage resources, and
a business plan for a contractor? plan for growth and risks.
7. Q: What is the purpose of a con- To protect clients and the public against financial loss due
tractor's license bond? to contractor failure.
8. Q: What is a surety company? A company that issues bonds guaranteeing a contractor's
performance and payment.
9. Q: Name three key responsibilities Financial management, legal compliance, project over-
of a contractor as a business own- sight.
er.
10. Q: What is the difference between Gross revenue is total income; net profit is income minus
gross revenue and net profit? expenses and taxes.
11.
1/7
, Virginia Contractor License
Virginia Contractor License
Study online at https://quizlet.com/_idqruu
Q: What is the purpose of a con- To legally operate as a contractor and comply with state
tractor's business license in Vir- regulations.
ginia?
12. Q: How often must a contractor re- Every 2 years, per DPOR guidelines.
new their Virginia Class A license?
13. ## 2. Contracts & Law (Expanded)
14. Q: What is a "mechanic's lien"? A legal claim a contractor can file to secure payment for
work performed on a property.
15. Q: What are the essential elements Offer, acceptance, consideration, legal capacity, and legal
of a valid contract? purpose.
16. Q: What does a "change order" do Modifies the original scope, price, or timeline of the
in a construction contract? contract.
17. Q: How long does a contractor Typically at least 3 years (per DPOR/Prevailing Wage
have to maintain project records in laws).
Virginia?
18. Q: What action can a client take if File a complaint with DPOR, request arbitration, or pur-
a contractor fails to perform per sue civil litigation.
contract?
19. Q: What is the purpose of a perfor- Guarantees the contractor will complete the project as
mance bond? specified.
20. Q: What is the purpose of a pay- Ensures subcontractors and suppliers are paid.
ment bond?
21. Typically 5 years.
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