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MHIC NASCLA CONTRACTORS EXAM REVIEW (Latest
Update) Questions and Verified Answers
| 100% Correct | Grade A+
How long does a claimant have to bring a claim against the guaranty fund? -
..(ANSWER)...3 years from discovery of the loss or damage
How many days does a contractor have to respond in writing to the copy of claim
that was sent by the commission? - ..(ANSWER)...10 days
If within ________ after the commission gives notice , a contractor on whose
amount a claim was paid does not reimburse the fund in full, the commission may
sue the contractor for reimbursement. - ..(ANSWER)...60 days
In addtion to full reimbursement of the fund, a contractor is responsible to pay at
least _________interest on the amount to reimburse. - ..(ANSWER)...10 %
The state can record a lien against any real property owners by the contractor for
a debt owed to the fund - ..(ANSWER)...True
If the commission pays a claim from the fund base on the actions or omissions of
a contractor, the commission may suspend the contractors license until full
reimbursement of the fund plus at least 10%interest - ..(ANSWER)...True
A home improvement contract in compliance with the home improvement laws
would include all of the following except - ..(ANSWER)...Names and license
numbers of subcontractors
MHIC NASCLA CONTRACTORS EXAM REVIEW (Latest
Update) Questions and Verified Answers
| 100% Correct | Grade A+
How long does a claimant have to bring a claim against the guaranty fund? -
..(ANSWER)...3 years from discovery of the loss or damage
How many days does a contractor have to respond in writing to the copy of claim
that was sent by the commission? - ..(ANSWER)...10 days
If within ________ after the commission gives notice , a contractor on whose
amount a claim was paid does not reimburse the fund in full, the commission may
sue the contractor for reimbursement. - ..(ANSWER)...60 days
In addtion to full reimbursement of the fund, a contractor is responsible to pay at
least _________interest on the amount to reimburse. - ..(ANSWER)...10 %
The state can record a lien against any real property owners by the contractor for
a debt owed to the fund - ..(ANSWER)...True
If the commission pays a claim from the fund base on the actions or omissions of
a contractor, the commission may suspend the contractors license until full
reimbursement of the fund plus at least 10%interest - ..(ANSWER)...True
A home improvement contract in compliance with the home improvement laws
would include all of the following except - ..(ANSWER)...Names and license
numbers of subcontractors
