General Contractor's License Exam Questions And Answers

Minnesota requires that all builders continue their education by attending 7 hours of classroom study per year, with at least 1 hour dedicated to: - correct answer-Energy efficiency It is a law that you must notify, in writing, if you change your business name or your address where you conduct business, within - correct answer-15 days Penalties for violation of laws relating to the residential building industry include - correct answer-1. Civil penalties up to $10,000, per violation 2. Denial of a license at application or renewal 3. License suspension up to 2 years or license revoked at least 2 years 4. Void of lien rights ***5. All of the above A person can be a qualifying person for two corporations if at least 25% of each corporation has common ownership, or the second corporation is a subsidiary of the parent corporation with at least 25% owned by the parent - correct answer-True A company has __________ days from the departure of a qualifying licensee to obtain a new qualifying person. - correct answer-120 By law, you must display the license number on all building permits, applications, business cards, contracts, lien claims and display advertising. - correct answer-True