Michigan Residential Builder Construction Business Law practice exam with 100% correct answers

only one at a time A licensed salesman can work for how many builder or contractor at one time? Notes Payable A company's assets should include all of the following except... An account payable A debt owed to a supplier for goods or services purchased is called... under no circumstances A licensed builder can legally accept a job or contract from an unlicensed salesperson... Fined and Imprisoned A salespersons in violation of the Occupational Code may be... For willful refusal to cooperate in the investigation of a complaint A contempt of court citation can be issued against a builder who is the object of a complaint. subpoena A court order requiring a builder to present books an records to the Bureau following a complaint is called County register of deeds A lien claim is filed with the Accounts payable A builder needs a loan from a bank. what is not acceptable as collateral 30 days A proper notification of change of address to the Department of licensing and regulation (BOPR) must be made within by mutual agreement A building contract can be cancelled have his new employer apply to the board for transfer of the salespersons license A salesperson leaves the builder under whom he's licensed and enters the employment of a new builder . What must the salesperson do... Payment bond or performance bond prior to serving notices, primes, subcontractors and materials supplier should consider the effect of a _____or joint control. records During litigation, properly documented ______may be used to ascertain the true impact, and determine damages and settlement. 90 days A subcontractor has _____ days in which to file a lawsuit to foreclose on a lien. an extension After the lien foreclosure action is filed, but before 90 days have elapsed, the owner may be given credit. Credit should be recorded, and at the time, ________may be granted. Not required to but advised As a sole proprietor, you are ________to have an attorney represent you in court Not required to but advised to hire Corporations are _____ an attorney represent them in court litigation proceedings. is able to If a contractor or subcontractor fails to comply with statutory requirements, he/she _____ file suit in court in order to resolve a dispute. Construction and permanent loan Except for small jobs, financing for construction projects usually take the form of what type of loans? Private employers with 15 or more employees - state and local governments, employment agencies, and labor unions What employers are covered by title one of the Americans Disabilities Act ADA ? No Under the Americans with Disabilities Act ADA, can you request a job applicant take a medical examination prior to making him or her a job offer? No, but you can condition a job offer on the satisfactory result of a post offer medical examination or medical inquiry, if this is required of all entering employees in the same job category As an employer during a job interview with the applicant, can you inquire about a disability or the nature or severity of the applicant's disability? Yes As an employer, can you require an employee to take a test for illegal use of drugs without violating ADA? The owners and occupants The lead based paint pre renovation education rule Lead PRE requires construction contractors to distribute the lead pamphlet, protect your family from lead in your home, to _______before starting the renovation work. Keeping the objective in mind Negotiation guidelines, which gain a tactical advantage, include _______. Arbitration _______ is considered an informal and equitable approach to dispute resolution. Facts, Laws and Procedures The arbitrator has broad powers to determine matters of _______ be in writing Arbitration awards must determine the names of the owner an extent of the owners interest in the property, obtain the legal description of the property, consider the effect of a bond or joint control Prior to serving mechanics liens and stop notices, it is important to ________. civil lawsuit In addition to a mechanics lean and stop notice, a ______ may be filed for breach of contract. consider the overall method as a whole, elect to resolve each of the issues separately, strive to resolve issues sequentially One way to approach negotiations is to reach an overall determination A basic principle o