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Contractors Exam (Business and Law)
Questions with Detailed Verified
Answers
Question: If a contractor will be doing business as DBA a different name than
the contractors legal name the contractor must attach to the license
application a certificate of assumed name filed and stamped by who
Answer: Minnesota secretary of state
Question:You must notify the commissioner of any change in personal name
tradename address or business location not later than how many days after
the change
Answer: 15 days
Question:Contract
Answer: Is a legally enforceable agreement to do or not to do a specific thing
the traditional process is a direct relationship between the owner and the
contractor who manages the project through subcontractors
Question:Our oral contracts valid in the construction industry
Answer: Written contracts are required by law
Question:Bidding documents
Answer: Include invitation to bid instructions to bidders letter of intent and
bid forms
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Question:Basic owner contractor agreement
Answer: Includes identity of the parties description of the work time for
performance contract price and payment schedule and lien notice
Question:What does the 10 year warranty cover
Answer: It's a 10 year structural warranty that also includes mold water
leakage
Question:Insurance shall have limits of at least how much per occurrence
Answer: 100,000
Question:Insurance shall have at least blank aggregate limit for bodily injury
Answer: 300,000
Question:Property damage insurance shall include limits of at least how much
Answer: 25,000
Question:Property damage insurance shall include a policy with a single limit
for bodily injury and property damage of blank Per occurrence and blank
aggregate limits
Answer: 300,000 per occurrence and 300,000 aggregate limits
Question:If policies canceled the insurer shall send written notice to who at
the same time that the cancellation request is received from the insured
Answer: The commissioner
Contractors Exam (Business and Law)
Questions with Detailed Verified
Answers
Question: If a contractor will be doing business as DBA a different name than
the contractors legal name the contractor must attach to the license
application a certificate of assumed name filed and stamped by who
Answer: Minnesota secretary of state
Question:You must notify the commissioner of any change in personal name
tradename address or business location not later than how many days after
the change
Answer: 15 days
Question:Contract
Answer: Is a legally enforceable agreement to do or not to do a specific thing
the traditional process is a direct relationship between the owner and the
contractor who manages the project through subcontractors
Question:Our oral contracts valid in the construction industry
Answer: Written contracts are required by law
Question:Bidding documents
Answer: Include invitation to bid instructions to bidders letter of intent and
bid forms
, Page | 2
Question:Basic owner contractor agreement
Answer: Includes identity of the parties description of the work time for
performance contract price and payment schedule and lien notice
Question:What does the 10 year warranty cover
Answer: It's a 10 year structural warranty that also includes mold water
leakage
Question:Insurance shall have limits of at least how much per occurrence
Answer: 100,000
Question:Insurance shall have at least blank aggregate limit for bodily injury
Answer: 300,000
Question:Property damage insurance shall include limits of at least how much
Answer: 25,000
Question:Property damage insurance shall include a policy with a single limit
for bodily injury and property damage of blank Per occurrence and blank
aggregate limits
Answer: 300,000 per occurrence and 300,000 aggregate limits
Question:If policies canceled the insurer shall send written notice to who at
the same time that the cancellation request is received from the insured
Answer: The commissioner
