Michigan Builders License Law: Frequently Asked Questions, Exams of Construction law

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law Questions And Answers

A complaint must be filed within __ months after occupancy has accrued - correct answer 18 The department has __ days to notify you of complaint - correct answer 15 Operating without a license is what kind of charge - correct answer Misdemeanor What happens second time operating without a license - correct answer 1 year in jail and or a $1,000 fine How long does a licensed builder have to report change of address or change of members - correct answer 30 days How long do you have to send Lara Salesperson license back if decided to go separate ways - correct answer 5 days by certified mail How many members are on the board? How many should represent the general public? - correct answer 9 .. 3 must represent general public

law Questions And Answers

net worth = - correct answer total assets - total liabilities Gross Profit - correct answer The total amount before deductions What's the term of the builders license? - correct answer 3 years How long should a builder keep their books and records? - correct answer 7 years What day does a residential builders license expire? - correct answer May 31st Notice of Commencement - correct answer A document recorded by a property owner indicating the date upon which construction began on the property Notice of Furnishing - correct answer Provides proof that a supplier, subcontractor or laborer has provided labor or materials towards a construction project.

law Questions And Answers

sub/supplier provides w/i 20 days of delivery of goods and services. Laborer w/i 30 days after wages are due sworn statement - correct answer An itemized list of all people who have provided improvements, materials or labor an accounting of all monies due to them Full unconditional waiver - correct answer States that full payment has been received and that there is no claim of lien against the homeowners property Partial unconditional waiver - correct answer A receipt for partial payment which may still have a condition pending, or will be effective as soon as payment is received partial conditional waiver - correct answer a "receipt" for partial payment which may still have a condition pending. C Corporation - correct answer The most common type of corporation, which is a legal business entity that offers limited liability to all of its owners, who are called stockholders

law Questions And Answers

S corporation - correct answer Taxed as a pass through entity. Income, losses, deduction and credit flow through to the shareholders, partners or members What is the social security tax? - correct answer 6.2% What' is the role of a qualifying officer - correct answer To administer day to day operations How long does an employer have to notify state after an fatality or of 1 or more employee suffering from injury or illness from the same incident - correct answer 8 hours What are the three PPE items - correct answer Hard hat, Safety glasses & work boots How many feet should a ladder extend beyond the roof - correct answer 3 feet

law Questions And Answers

How many days prior should you notify adjacent property owners before digging a site - correct answer 10 days To renew your builders license you must take a 21 hour continuous educational course every __ years - correct answer 3 You have __ days to file a claim if lien & 1 year to file a lawsuit - correct answer 90 days What is a cost plus contract? - correct answer contractor is reimbursed for the actual cost of labor and materials and is paid a markup fee for overhead and profit