Michigan Residential Builder Licensing Exam 2024 with Updated Answers

Michigan Residential Builder Licensing Exam 2024 with Updated Answers M&A contractors include: - CORRECT ANSWER-A = Carpentry B = Concrete D = Excavation G = Insulation Work I = Masonry J = Painting & Decorating K = Siding M = Roofing If more than one office is used for work, the branch office must be __________ - CORRECT ANSWER-Licensed The one who obtains the residential builder's license is called a _____________ ____________ - CORRECT ANSWER-Qualifying Officer First Offense for practicing without a license - CORRECT ANSWER-Misdemeanor fine of $5,000 - $25,000 or prison for not more than 1 year, or both. Second offense for practicing without a license - CORRECT ANSWER-Misdemeanor fine of $5,000 - $25,000 or prison for not more than 2 years, or both. Death or serious injury - CORRECT ANSWER-Felony fine of $5,000 - $25,000 or prison for not more than 4 years, or both. Define a Residential Builder - CORRECT ANSWER-A person or entity who is involved in the construction of a residential structure or a combination residential and commercial structure. Define M&A contractor - CORRECT ANSWER-Person who for a fixed sum/price other than wages for personal labor for the repair, alteration, or addition/improvement to residential/commercial or residential structure. Salesperson - CORRECT ANSWER-employee of agent other than a qualifying officer who sells business for the contractor. who reissues licenses for salespeople? - CORRECT ANSWER-LARA (The Department) Which types of trade work require a different type of license other than the resi license? - CORRECT ANSWER-Plumbing, Electrical, and Mechanical. Who issues the license? - CORRECT ANSWER-LARA How is the director of LARA appointed? - CORRECT ANSWER-by the governor What types of people make up the Board of Residential Builders? - CORRECT ANSWER-4 Licensed residential builders 2 M&A contractors 3 members of the public What are the duties of the board of residential builders? (4) - CORRECT ANSWER-1. Interpretation of a license requirement 2. Aid in investigations 3. Set acceptable practice standards 4. Assess penalties for those who are licensed and are in violation of rules What happens if the qualifying officer's license is revoked? - CORRECT ANSWER-The entity's license is revoked as well. How can a foreign entity get a license? - CORRECT ANSWER-Only if authorized by the Corporations and Securities Commission. Non residents must file this to be considered for a license. - CORRECT ANSWER-An Irrevocable consent to service of process T or F, Builders must maintain a place of business in the state they operate in. - CORRECT ANSWER-True T of F, Contractors must maintain an accurate set of books/records open to inspection by the department (LARA). - CORRECT ANSWER-True If the department inquires, licensees must submit ___________ _____________ ___________ showing licensee's current financial status, and must do so within 30 days of inquiry. - CORRECT ANSWER-sworn financial statements T or F, Advertising must not misrepresent material facts. - CORRECT ANSWER-True Licensee shall include ____________, _______________, and ________________ in all advertising - CORRECT ANSWER-name, license number, and actual business address Is it legal to pay money or give gifts to customers in exchang