MN Contractors Exam (licensing quiz)
MN Contractors Exam (licensing quiz)
Study online at https://quizlet.com/_8ihh10
1. Who applies for a license? D) All of the above
a)The owner of a sole proprietorship
b)At least one general partner or managing employee
of a partnership
c)A Chief Executive Officer, responsible managing em-
ployee or qualifying person in a corporation
d)All of the above
2. A person can be a qualifying person for two corpora- a) True
tions if at least 25% of each corporation has common
ownership, or the second corporation is a subsidiary
of the parent corporation with at least 25% owned by
the parent.
a) True
b) False
3. A person who fails to apply for renewal by March 31st b) False
is considered licensed for 30 days, or until the new
license is issued by the Commissioner.
a) True
b) False
4. Who is responsible for determining who is qualified to a) Department of Labor
be licensed by the State of Minnesota? and Industry
a) Department of Labor and Industry
b) Department of Regulatory Affairs
c) Builders Bureau
d) The Board
, MN Contractors Exam (licensing quiz)
MN Contractors Exam (licensing quiz)
Study online at https://quizlet.com/_8ihh10
5. Anyone in the business of building residential real es- a) True
tate, or who contracts or offers to improve residential
real estate, must be licensed, unless yearly gross re-
ceipts are less than $15,000 and they have received
a Certificate of Exemption from the Department of
Commerce.
a) True
b) False
6. The licensing process requires each company to des- b) qualifying person
ignate one individual who will serve as a ____________
, regardless of whether the licensee is an individual
proprietorship, partnership or corporation.
a) managing partner
b) qualifying person
c) project manager
d) CEO
7. The maximum payment per claim paid out of the Con- c) $75,000
tractor Recovery Fund is:
a) $15,000
b) $20,000
c) $75,000
d) $60,000
8. The maximum payment per licensee out of the Con- c) $150,000
tractor Recovery Fund (not the accelerated process) is
__________ .
a) $10,000
MN Contractors Exam (licensing quiz)
Study online at https://quizlet.com/_8ihh10
1. Who applies for a license? D) All of the above
a)The owner of a sole proprietorship
b)At least one general partner or managing employee
of a partnership
c)A Chief Executive Officer, responsible managing em-
ployee or qualifying person in a corporation
d)All of the above
2. A person can be a qualifying person for two corpora- a) True
tions if at least 25% of each corporation has common
ownership, or the second corporation is a subsidiary
of the parent corporation with at least 25% owned by
the parent.
a) True
b) False
3. A person who fails to apply for renewal by March 31st b) False
is considered licensed for 30 days, or until the new
license is issued by the Commissioner.
a) True
b) False
4. Who is responsible for determining who is qualified to a) Department of Labor
be licensed by the State of Minnesota? and Industry
a) Department of Labor and Industry
b) Department of Regulatory Affairs
c) Builders Bureau
d) The Board
, MN Contractors Exam (licensing quiz)
MN Contractors Exam (licensing quiz)
Study online at https://quizlet.com/_8ihh10
5. Anyone in the business of building residential real es- a) True
tate, or who contracts or offers to improve residential
real estate, must be licensed, unless yearly gross re-
ceipts are less than $15,000 and they have received
a Certificate of Exemption from the Department of
Commerce.
a) True
b) False
6. The licensing process requires each company to des- b) qualifying person
ignate one individual who will serve as a ____________
, regardless of whether the licensee is an individual
proprietorship, partnership or corporation.
a) managing partner
b) qualifying person
c) project manager
d) CEO
7. The maximum payment per claim paid out of the Con- c) $75,000
tractor Recovery Fund is:
a) $15,000
b) $20,000
c) $75,000
d) $60,000
8. The maximum payment per licensee out of the Con- c) $150,000
tractor Recovery Fund (not the accelerated process) is
__________ .
a) $10,000
