Maryland home improvement EXAM with 100% correct answers already graded A+ 2024

Home Improvement addition or alteration, conversion or replacement of a building or part of a building Contractor A person who performs or offers a home improvement Subcontractor A person who performs all or part of a home improvement BUT does not enter an agreement with homeowner Sales Person A person who sells home improvement contract Home Improvement contract An agreement between a homeowner and a contractor to perform a home improvement. Has to be in writing and be signed by both parties Owner An owner, Owner's agent, tenant or an authorized person A license Contractor or salesperson, issued by home improvement commission Years of experience has to be 2 years General liability insurance coverage that can protect you from a variety of claims, at least $50,000 Home Improvement Guaranty Fund The fund compensates homeowner for actual loss cause by the act or omission of a licensed contractor Actual Loss Homeowner may recover up to $20,000 per contract maximum amount can be awarded of a contractor is $100,000 Federal income tax based on information the employee provided on the W-4 form Income Statement Sometimes called the profit and loss statement, is a summary of the company's revenues and expenses over a given period of time Project manager Person who plans and coordinates construction projects to meet the overall goals of the project and serve as the main contact with the owner Superintendent Is the onsite supervisor responsible for daily operations Fair Labor Standards Act Prescribes standards for the basic minimum wage and overtime pay Federal minimum wage $7.25 per hour Workweek A period of 168 hours during seven consecutive 24-hour periods