VA Contractor General Questions With Complete Solutions.

A class A license is required when a single contract is worth more than? - $120,000.00 A construction project does not require inspection if the cost is less this maximum amount. - $2500 A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible for when the contractor does not renew his license on time? - The Licensee Contractor A contractor is required to submit a renewal within____ days of the expiration date? - 30 A contractor must apply for reinstatement rather than renewal if the renewal application and fee are not submitted within how many days of expiration? - 30 days A copy of the building permit must be - posted at the site A designated employee must work a minimum of how many hours for licensed contracting business? - 30 Hours A Designated Employee should be? - At least 18, Full Time, Passed Required Exams A license was issued on 10/15/2003. The expiration date is? - 10/31/2005 A new building may be used after ______________ is issued. - certificate of occupancy A notification that funds are due is issued, but the funds are not paid. After a second notice, the funds must be paid in ______ days. If there is still no payment, then the license is ____________. - 30 days, SuspendedA permit has been issued and construction is underway. The inspection must take place in? - six months Accrual Basis Accounting - reporting income when it is earned After notification by the code official, an application for a permit shall be considered to have been abandoned for _____ months - 6 All of the following are required on a written contract EXCEPT - permit numbers An appeal of the local building officials decision to refuse to grant a modification to the USBC MUST be made within how many days? - 90 Days An Erosion control conservation plan needs to be approved within ____ days. - 45 An erosion control conservation specification needs to be approved within_____ days - 60 days An owner wantsa swimming pool built in a specified location,. The location is in violation of the local code. The contractor should. - Not agree to build the pool Any issued permit shall become invalid if work is not commenced within _________ Months after issuance. - 6 Months Assets - Liabilities + Owner's Equity Bid Price - (Dir Cost * 100 ) / (100-%) Bids are - compteitive Cash Method - revenue is not recorded until cash (or a check) is actually received