BCN 3740 - MIDTERM EXAM
QUESTIONS AND ANSWERS 100% PASS
In order to protect marital assets a married couple's banking account should be held as a -
ANS Joint Tenancy by the entireties
A licensed contractor must, in order to conduct business in Florida must have - ANS An
Occupational License
An individual shareholder who holds 10% of all stocks in the corporation and holds all officer
positions in said corporation is - ANS Both,
-Is not personally liable
-Limited in his/her responsibility to the extent of his/her investment in the corporation
A corporation which calls itself anything other than its official name, as registered with the State
of Florida, is - ANS Is said to be doing business under a fictitious name
An individual acting on behalf of a corporation - ANS Both,
-If doing so without authority shall be personally liable for all the debts and liabilities incurred.
- May be individually liable for fraud even though he or she was acting as an officer of the
corporation.
A certified building contractor may only - ANS Be limited to residential or commercial
structures not exceeding three or more stories in height
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, An individual applying for licensure must - ANS Both,
-Show good moral character.
-Show financial responsibility.
A certified contractor may - ANS May qualify two businesses, but must appear before the
licensing board for approval of the second business unless the licensed qualifier owns 50% of
both the current and proposed business entity.
A claim based on insurance policy allows you - ANS To make a claim only during the policy
period, in other words between the start date and end date of the policy.
A license holder may be disciplined for - ANS Both,
-Allowing a valid lien to be recorded against the property when the owner has paid the
contractor and the contractor has not had the lien removed.
-Failing to obtain permits and inspections.
Construction procurements on a state level are governed by - ANS Chapter 255 of the Florida
Statues.
The government is exempt from certain competitive bidding requirements if - ANS Both,
-State Road Projects
-The government receives no responsive bids or response.
A Request for Proposal (RFP) is used - ANS All of the above,
-When the public authority is incapable of completely defining the scope of work required.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
QUESTIONS AND ANSWERS 100% PASS
In order to protect marital assets a married couple's banking account should be held as a -
ANS Joint Tenancy by the entireties
A licensed contractor must, in order to conduct business in Florida must have - ANS An
Occupational License
An individual shareholder who holds 10% of all stocks in the corporation and holds all officer
positions in said corporation is - ANS Both,
-Is not personally liable
-Limited in his/her responsibility to the extent of his/her investment in the corporation
A corporation which calls itself anything other than its official name, as registered with the State
of Florida, is - ANS Is said to be doing business under a fictitious name
An individual acting on behalf of a corporation - ANS Both,
-If doing so without authority shall be personally liable for all the debts and liabilities incurred.
- May be individually liable for fraud even though he or she was acting as an officer of the
corporation.
A certified building contractor may only - ANS Be limited to residential or commercial
structures not exceeding three or more stories in height
1 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
, An individual applying for licensure must - ANS Both,
-Show good moral character.
-Show financial responsibility.
A certified contractor may - ANS May qualify two businesses, but must appear before the
licensing board for approval of the second business unless the licensed qualifier owns 50% of
both the current and proposed business entity.
A claim based on insurance policy allows you - ANS To make a claim only during the policy
period, in other words between the start date and end date of the policy.
A license holder may be disciplined for - ANS Both,
-Allowing a valid lien to be recorded against the property when the owner has paid the
contractor and the contractor has not had the lien removed.
-Failing to obtain permits and inspections.
Construction procurements on a state level are governed by - ANS Chapter 255 of the Florida
Statues.
The government is exempt from certain competitive bidding requirements if - ANS Both,
-State Road Projects
-The government receives no responsive bids or response.
A Request for Proposal (RFP) is used - ANS All of the above,
-When the public authority is incapable of completely defining the scope of work required.
2 @COPYRIGHT 2025/2026 ALLRIGHTS RESERVED.
