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MHIC (Maryland Home Improvement Commission)
Exam|| QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||NEWEST EXAM!!!!
How much time does a contractor have to revoke a
complaint against the commission? - ANSWER-10 days
What is the cost of license renewal? - ANSWER-$370
What is the cost of re-activating an inactive license? -
ANSWER-$112.50
What is the fee that must be payed to inactivate a license?
- ANSWER-$50
What is the fee that must be payed to reactivate the
license, once inactive? - ANSWER-$50
What amount must the guarantee fund remain at? -
ANSWER-$250,000
If the fund goes below $250,000, a fee of how much will
be assessed to each contractor? - ANSWER-a fee of $50,
and can only be requested 3x a year
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What is the maximum amount of money the fund can
represent for each "reacquisition"? - ANSWER-$100,000
How much is the amount that the commission may award
for one claimant for acts or omissions of one contractor? -
ANSWER-$20,000
What can the commission do to get back funds lended if
not payed back after a year? - ANSWER-take taxes
What is the interest that must be payed to the commission
after they lent for a lawsuit? - ANSWER-10%+ total lent
What does the commission pay the plaintiff? - ANSWER-
direct damage
How many days does the owner have to cancel? -
ANSWER-5-7 days
How many days does a contractor have to cancel a
contract when they are waiting for a license? - ANSWER-
10 days
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How many days, according to the door-to-door agreement,
does the contractor have to pick up materials if they have
cancelled within 3 days? - ANSWER-20 days to pick up
materials
What does the Notice of Cancellation, not include? -
ANSWER-the value of the contract (value of job)
What is not included information? - ANSWER-Financial
Information
If a licensed person with a company, decides to retire and
sell the company, when can the new company begin to
operate? - ANSWER-once the new company is licensed
What is the fine for not being licensed, second offense? -
ANSWER-$5k, 2 years in jail, or both
What is the maximum amount of days that a contract can
be cancelled after it is signed? - ANSWER-5-7 days (7 if
the buyer is 65 yrs old)
MHIC (Maryland Home Improvement Commission)
Exam|| QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||NEWEST EXAM!!!!
How much time does a contractor have to revoke a
complaint against the commission? - ANSWER-10 days
What is the cost of license renewal? - ANSWER-$370
What is the cost of re-activating an inactive license? -
ANSWER-$112.50
What is the fee that must be payed to inactivate a license?
- ANSWER-$50
What is the fee that must be payed to reactivate the
license, once inactive? - ANSWER-$50
What amount must the guarantee fund remain at? -
ANSWER-$250,000
If the fund goes below $250,000, a fee of how much will
be assessed to each contractor? - ANSWER-a fee of $50,
and can only be requested 3x a year
,2|Page
What is the maximum amount of money the fund can
represent for each "reacquisition"? - ANSWER-$100,000
How much is the amount that the commission may award
for one claimant for acts or omissions of one contractor? -
ANSWER-$20,000
What can the commission do to get back funds lended if
not payed back after a year? - ANSWER-take taxes
What is the interest that must be payed to the commission
after they lent for a lawsuit? - ANSWER-10%+ total lent
What does the commission pay the plaintiff? - ANSWER-
direct damage
How many days does the owner have to cancel? -
ANSWER-5-7 days
How many days does a contractor have to cancel a
contract when they are waiting for a license? - ANSWER-
10 days
, 3|Page
How many days, according to the door-to-door agreement,
does the contractor have to pick up materials if they have
cancelled within 3 days? - ANSWER-20 days to pick up
materials
What does the Notice of Cancellation, not include? -
ANSWER-the value of the contract (value of job)
What is not included information? - ANSWER-Financial
Information
If a licensed person with a company, decides to retire and
sell the company, when can the new company begin to
operate? - ANSWER-once the new company is licensed
What is the fine for not being licensed, second offense? -
ANSWER-$5k, 2 years in jail, or both
What is the maximum amount of days that a contract can
be cancelled after it is signed? - ANSWER-5-7 days (7 if
the buyer is 65 yrs old)
