General Contractor's License Exam questions with correct answers

Minnesota requires that all builders continue their education by attending 7 hours of classroom study per year, with at least 1 hour dedicated to: CORRECT ANSWER Energy efficiency It is a law that you must notify, in writing, if you change your business name or your address where you conduct business, within CORRECT ANSWER 15 days Penalties for violation of laws relating to the residential building industry include CORRECT ANSWER 1. Civil penalties up to $10,000, per violation 2. Denial of a license at application or renewal 3. License suspension up to 2 years or license revoked at least 2 years 4. Void of lien rights ***5. All of the above A person can be a qualifying person for two corporations 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 CORRECT ANSWER True A company has __________ days from the departure of a qualifying licensee to obtain a new qualifying person. CORRECT ANSWER 120 By law, you must display the license number on all building permits, applications, business cards, contracts, lien claims and display advertising. CORRECT ANSWER True