Builders license question and answers graded A+ 2023 passed

Builders license question and answers graded A+ 2023 passedregulates the building profession, including the work and licensing - correct answer department of licensing and regulatory affairs Why is a builder's license required to perform residential work and not for commercial building? - correct answer There is more fraud in residential building. What does a builder's license qualify the licensed builder to do? - correct answer Build all of the home except for mechanical features. How long does the contractor have to complete both sections of the licensing exam? - correct answer 1 year from the date stamped on the license application Why is it unwise to do business as a sole proprietorship? - correct answer The risk of losing all personal assets if the project goes wrong. Two contractors that combine their commercial resources form a ______ . - correct answer joint venture Who pays for planned or unforeseen changes made to the contract scope of work? - correct answer Whomever is specified in the contract regarding such changes How much retainage may be held? - correct answer Whatever is specified in the contract What determines your working capital? - correct answer Assets - Liabilities What required bond is a percentage of the project cost put up by the builder to ensure the homeowner or business the project will eventually be completed - correct answer Performance bond