COMPLETE STUDY GUIDE & PRACTICE
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Updated 2026 Questions and Answers
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,Fire sprinkler contractor Contractor that provides for the installation, repair, alteration, addition, testing,
maintenance etc of of fire suppression sprinkler system
Owner-developer Any person who for a 3rd party purchaser, orders and supervises construction ,
repairs etc of any building
person Any individual, partnership, firm,
corporation, association, government or governmental subdivision or agency or
other legal entity
value Fair market value, the contract price shall be prima facile evidence of value
Prior to a joint venture engaging in, or offering to engage Licensed under the provision of this chapter m
in, contracting work with the commonwealth, each
contracting party shall be what?
When the contracting work is for the purpose of Licensed regardless of the contract amount as either A/B/C
landscape irrigation or the construction of a water well
the contractor shall be what?
Unless the context requires a different meaning what Virginia contractor transaction recovery act
does ACT mean?
The two year period beginning on July 1 of an even Biennium
numbered year and continuing through June 30 of the
next even numbered year
"Fund" relates to which recovery fund? Virginia Contractor Transaction Recovery Fund
What is the minimum balance of the Contractor $400,000
transaction recovery fund?
After the second notice of the required assessment has Suspended until the actual receipt by the director of the delinquent assessment
been sent and no payment has been received by the
board within 30 days what happens to the contractors
license?
What is the maximum claim of one claimant against the $20,000
fund based on unpaid judgment regardless of the unpaid
judgement of the claimant?
, What does full time employee mean? An employee that spends a minimum of 30 hours a week carrying out the work of
the licensed contracting business
What term refers to "providing guidance or direction of a Supervision
delegated task or procedure by a tradesman licensed in
accordance with chapter 11 of title 54.1
What term refers to "the licensed master or journeyman Supervisor
tradesman who has the responsibility to ensure that the
installation is IAW applicable provisions of the Va building
code?
The license holders completed renewal form and 30
appropriate fees must be received within how many days
of the license expiration?
What two things are required for class B license renewal? Renewal application and $225
What happens is the renewal application is received The licensee shall be required to reinstate the license
within 30 days of license expiration?
What two things are needed for a class B license Reinstatement application and $460
reinstatement?
Licenses are issued to firms as defined in this chapter and Transferable
are not what?
What happens to the original license if the business is License becomes void and must be returned to the board within 30 days
dissolved or altered to form a new business?
How many days do you have to report changes in the Within 120 days of the change
officers of a corporation, managers of an LLC or
officers/directors of an association?
Any change of a designated employee shall be reported 45
on a form provided by the board within how many days?