VIRGINIA PRACTICE EXAM
QUESTIONS AND ANSWERS
Contractors who are assessed a fee to support the Transaction Recovery Fund MUST
pay this fee within a MINIMUM of how many days from when the assessment fee notice
was mailed? -ANS45 days
An appeal of a final decision of a county on an erosion control plan MUST be filed with a
MAXIMUM of how many days? -ANS30 days
All Class A contractor licensure applications MUST include: -ANSInformation on the
knowledge, skills, abilities of the applicant
When a claimant is paid funds from the Contractors Recovery Trust Fund -ANSThe
contractors license is revoked
Which of the following is a requirement for a joint venture? -ANSEither the joint venture
or each contracting party of joint venture must be licensed
Contractors will be assessed a fee for the Transaction Recovery Fund whenever the
Fund balance is less than -ANS$400,000
according to the board rules and regulations, which if the following could be a qualified
individual -ANSAny full-time employee
A verified claim for the payment from the Transaction Recovery Fund MUST occur
within a MAXIMUM of what period of time from the date the claimant was awarded a
final judgement -ANS12 months
A contract for which of the following types of structures may be subject to recovery from
the Transaction Recovery Fund -ANSResidential only
according to the board rules and regulations, a full-time employee is one who works a
MINIMUM of how many hours per week -ANS30 hours
A firm desiring to be licensed as a Class B contractor MUST have a MINIMUM net
worth of -ANS$15,000
How much is the Class A initial license fee -ANS$360
QUESTIONS AND ANSWERS
Contractors who are assessed a fee to support the Transaction Recovery Fund MUST
pay this fee within a MINIMUM of how many days from when the assessment fee notice
was mailed? -ANS45 days
An appeal of a final decision of a county on an erosion control plan MUST be filed with a
MAXIMUM of how many days? -ANS30 days
All Class A contractor licensure applications MUST include: -ANSInformation on the
knowledge, skills, abilities of the applicant
When a claimant is paid funds from the Contractors Recovery Trust Fund -ANSThe
contractors license is revoked
Which of the following is a requirement for a joint venture? -ANSEither the joint venture
or each contracting party of joint venture must be licensed
Contractors will be assessed a fee for the Transaction Recovery Fund whenever the
Fund balance is less than -ANS$400,000
according to the board rules and regulations, which if the following could be a qualified
individual -ANSAny full-time employee
A verified claim for the payment from the Transaction Recovery Fund MUST occur
within a MAXIMUM of what period of time from the date the claimant was awarded a
final judgement -ANS12 months
A contract for which of the following types of structures may be subject to recovery from
the Transaction Recovery Fund -ANSResidential only
according to the board rules and regulations, a full-time employee is one who works a
MINIMUM of how many hours per week -ANS30 hours
A firm desiring to be licensed as a Class B contractor MUST have a MINIMUM net
worth of -ANS$15,000
How much is the Class A initial license fee -ANS$360
