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MN Contractors Exam (licensing quiz) - Best Verified Study Guide 2023/2024, Exams of Business Administration

A comprehensive overview of the licensing requirements and regulations for contractors in the state of minnesota. It covers topics such as the types of contractors that need to be licensed, the application process, exam requirements, exemptions, and laws governing the industry. Designed as a study guide for individuals preparing to take the minnesota contractors exam, also known as the licensing quiz, in 2023 or 2024. It includes detailed information on the exam content, passing requirements, and the responsibilities of licensed contractors. The guide aims to help aspiring contractors navigate the licensing process and ensure they are compliant with state regulations, ultimately protecting public health, safety, and welfare.

Typology: Exams

2023/2024

Available from 07/27/2024

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Download MN Contractors Exam (licensing quiz) - Best Verified Study Guide 2023/2024 and more Exams Business Administration in PDF only on Docsity! MN Contractors Exam (licensing quiz) Best Verified Study Guide 2023/2024 Who applies for a license? a)The owner of a sole proprietorship b)At least one general partner or managing employee of a partnership c)A Chief Executive Officer, responsible managing employee or qualifying person in a corporation d)All of the above D) 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. a) True b) False a) True A person who fails to apply for renewal by March 31st is considered licensed for 30 days, or until the new license is issued by the Commissioner. a) True b) False b) False Who is responsible for determining who is qualified to be licensed by the State of Minnesota? a) Department of Labor and Industry b) Department of Regulatory Affairs c) Builders Bureau d) The Board a) Department of Labor and Industry Anyone in the business of building residential real estate, or who contracts or offers to improve residential real estate, must be licensed, unless yearly gross receipts are less than $15,000 and they have received a Certificate of Exemption from the Department of Commerce. a) True b) False a) True The licensing process requires each company to designate one individual who will serve as a ____________ , regardless of whether the licensee is an individual proprietorship, partnership or corporation. a) managing partner b) qualifying person c) project manager d) CEO b) qualifying person The maximum payment per claim paid out of the Contractor Recovery Fund is: a) $15,000 b) $20,000 c) $75,000 d) $60,000 c) $75,000 The maximum payment per licensee out of the Contractor Recovery Fund (not the accelerated process) is __________ . a) $10,000 b) $45,000 c) $150,000 d) $75,000 c) $150,000 It is a law that you must notify, in writing, if you change your business name or your address where you conduct business, within: a) 10 days b) 15 days a) Gross misdemeanor b) Federal Crime c) Dishonorable act d) Misdemeanor d) Misdemeanor You do not need a Residential Builders License to construct a detached garage. a) True b) False b) False Duties of the Commissioner include: a) conduct investigations b) obtain injunctions c) deny, suspend or revoke licenses d) all of the above d) all of the above An application for renewal of a license is considered to be timely if postmarked by March 1st. a) True b) False a) True The licensee must display the license number on all building permits, applications, business cards, contracts, lien claims and: a) Display advertising b) License plates c) Company clothing d) none of the above a) Display advertising If a company loses their qualifying person, the licensee must notify the Commissioner in writing within _________________. a) 5 days b) 10 days c) 15 days d) 30 days c) 15 days Which of the following are not required to have a Residential Builders or Remodelers License because they are licensed under a separate law: a) Electrician b) Plumber c) Heating and Cooling d) All of the above d) All of the above The most important difference between a Residential Building Contractor and a Residential Remodeler is that a remodeler is permitted to work only on existing structures. A Residential Building Contractor is permitted to construct new structures and work on existing structures. a) True b) False a) True An application for an assumed name can be found at the _____________ offices. a) County Clerk b) Dept. of Labor and Industry c) Secretary of State d) Township c) Secretary of State If a person elects to receive payment from the Contractors Recovery Fund under the accelerated process, the maximum amount of payment would be: a) $50,000 b) $7,500 c) $10,000 d) $20,000 a) $50,000 The written exam will concentrate on which of the following areas? a) business management b) state laws c) building code d) all of the above d) all of the above The Residential Builders and Remodelers License expires on March 31st every two years. a) True b) False a) True How many days are allowed for a temporary license after the loss of a qualifying person? a) 60 days from the date of departure of qualifying person b) 90 days from the date of departure of qualifying person c) 120 days from the date of departure of qualifying person d) 160 days from the date of departure of qualifying person c) 120 days from the date of departure of qualifying person The expiration date of your builders license will be _____________ of every other year. a) December 31 b) January 1 c) March 31 d) April 15 c) March 31 You can let your license lapse for ________________ without having to retake the exam. a) One year b) Two years c) Three years d) Five years b) Two years The following are requirements to obtain a Building Contractors or Remodelers License: a) Minnesota Workers Compensation Insurance Certificate and Unemployment Insurance account number b) Passing the exam c) Business history for the past 5 years, including bankruptcies or unsatisfied judgments d) Public Liability Insurance Certificate, of at least $300,000 per occurrence and Property Damage Insurance Certificate, of at least $10,000 e) All of the above e) All of the above