Questions with Detailed Rationales
Complete Study Guide for 2026
EXAM OVERVIEW
Feature Details
Administering Agency Virginia Board for Contractors (DPOR)
Exam Provider PSI
Format Multiple-choice, open-book
Virginia Portion 24 items; 18 pass; 48 minutes
General Portion 50 items; 35 pass; 100 minutes
Advanced Portion 24 items; 17 pass; 60 minutes
Reference Materials NASCLA Guide, USBC, IRC, OSHA 1926
,SECTION 1: VIRGINIA LICENSING & REGULATORY
COMPLIANCE — Questions 1-60
Question 1
What is the maximum single contract value for a Class A contractor in Virginia?
A) $120,000
B) $750,000
C) Unlimited
D) $150,000
Answer: C) Unlimited
*Rationale: Class A contractors are authorized to perform work of unlimited contract
value on any single project and unlimited aggregate annual value. Class B is limited to
$120,000 per contract and less than $750,000 annually; Class C is limited to $10,000 per
contract and $150,000 annually. *
Question 2
What is the minimum net worth requirement for a Class A contractor license in Virginia?
A) $15,000
B) $25,000
C) $45,000
D) $100,000
***Answer: C) $45,000***
*Rationale: Class A applicants must provide a $45,000 net worth statement, per the 2026
exam guide. This is a key financial requirement that distinguishes Class A from Class B
($15,000). *
,Question 3
What is the maximum single contract value for a Class B contractor in Virginia?
A) $7,500
B) $30,000
C) $120,000
D) $150,000
***Answer: C) $120,000***
*Rationale: A Class B contractor license is limited to single contracts with a total value of
less than $120,000. Any project valued at $120,000 or more requires a Class A license. *
Question 4
Which agency regulates contractor licensing in Virginia?
A) Department of Housing and Community Development
B) Board for Contractors
C) Occupational Safety and Health Administration (OSHA)
D) Virginia Construction Board
Answer: B) Board for Contractors
*Rationale: The Virginia Board for Contractors, under DPOR, is responsible for licensing
and regulating contractors in the Commonwealth. *
Question 5
What is the purpose of the Contractor Transaction Recovery Fund?
A) To provide loans to contractors for large projects
B) To compensate consumers who have suffered financial loss due to a contractor's
violation of the law
C) To pay for contractor licensing fees
D) To fund building inspections
Answer: B) To compensate consumers who have suffered financial loss due to a
contractor's violation of the law
, *Rationale: The Recovery Fund provides compensation to consumers who have been
financially harmed by a licensed contractor's violation of Virginia contractor laws. *
Question 6
What is the maximum amount that can be awarded from the Recovery Fund per
claimant?
A) $5,000
B) $10,000
C) $20,000
D) $50,000
***Answer: C) $20,000***
*Rationale: The maximum amount that can be awarded from the Recovery Fund per
claimant is $20,000. This limit applies to claims arising from a single transaction. *
Question 7
What is the minimum amount of general liability insurance required for a Virginia
contractor license?
A) $50,000
B) $100,000
C) $250,000
D) $500,000
***Answer: D) $500,000***
*Rationale: Virginia requires contractors to maintain general liability insurance of at least
$500,000 per occurrence. Proof of insurance must be provided to the Board for
Contractors. *
Question 8
How often must a Virginia contractor license be renewed?