Builders license 100% SOLUTION

Builders license 100% SOLUTION regulates the building profession, including the work and licensing - ANSWER department of licensing and regulatory affairs Why is a builder's license required to perform residential work and not for commercial building? - ANSWER There is more fraud in residential building. What does a builder's license qualify the licensed builder to do? - ANSWER Build all of the home except for mechanical features. How long does the contractor have to complete both sections of the licensing exam? - ANSWER 1 year from the date stamped on the license application Why is it unwise to do business as a sole proprietorship? - ANSWER The risk of losing all personal assets if the project goes wrong. Two contractors that combine their commercial resources form a ______ . - ANSWER joint venture Who pays for planned or unforeseen changes made to the contract scope of work? - ANSWER Whomever is specified in the contract regarding such changes How much retainage may be held? - ANSWER Whatever is specified in the contract What determines your working capital? - 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 - ANSWER Performance bond What is the biggest environmental/human concern created during masonry construction? - ANSWER Silicon dust. What is the layer of flashing installed over base flashing called? - ANSWER Counter flashing Who appoints the Director of the Department? - ANSWER The Governor w/consent of the Senate How long does the Board serve? - ANSWER 4yrs A Builder's incompetence refers to _________. - ANSWER their failure to conform to minimum accepted professional standards A complaint is _______ when it cannot be resolved at the informal investigative hearing. - ANSWER referred to the Administrative Law Hearing Examiner What body assesses the penalty and issues the "Final Order" to settle the complaint? - ANSWER The Board How long does the Respondent have to appeal the "Final Order" decision? - ANSWER 30 days Definitively, a _______ is a person that constructs, replaces, improves, or demolishes residential or commercial structures for a fixed or lump sum price or fee. - ANSWER licensed residential builder When can a subcontractor work without being licensed? - ANSWER When they work for a licensed contractor that is not a mechanical contractor An owner/landlord is not permitted to do their own building alterations _______. - ANSWER when the repairs are structural in nature If a builder is required to be licensed, the penalty for working without a license ____. - ANSWER is a fine no less than $5,000 or greater than $25,000 Upon final order of license suspension or revocation, the licensee has _____ in which to surrender their license to the Department. - ANSWER 10 days Failing to renew one's license before the deadline will result in a _____. - ANSWER $20 late fee How long does the homeowner/business have to file a complaint after the project is completed? - ANSWER 18 months What aids and protects the contractor from accusations of project abandonment without a good legal excuse? - ANSWER The arbitration clause To avoid being fined, the contractor must notify the Department within _____ of relocating their business or changing the business' name. - ANSWER 10 days What is the penalty to contractors or subcontractors for intentionally trying to defraud employees or a customer? - ANSWER A fine of no more than $5,000 and/or 3 yrs. In prison In accordance with the Michigan Construction Lien Act, the homeowner has _____ to provide signed copies of the Commencement Agreement to the all parties that request it. - ANSWER 10 days The contractor provides a blank Notice of Furnishing to whomever requests the Commencement Agreement. It must be completed and returned to the contractor every ________. - ANSWER 20 days if they are a supplier; 30 days if they are a laborer What is the purpose of the subcontractor completing a Sworn Statement? - ANSWER To get paid by the contractor What is the purpose of a Partial Unconditional Waiver? - ANSWER It shows proof that partial payment to subs or suppliers has been received The subcontractor has ______ to file a lien against the property for non-payment from the contractor. - ANSWE