Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

NASCLA Contractors Study Guide with Complete Solutions, Exams of Advanced Education

A study guide for the nascla (national association of state contractors licensing agencies) contractors exam. It covers a wide range of topics related to construction contracting, including licensing requirements, types of bonds, scheduling, accounting, financial ratios, home improvement contracts, and grounds for license denials, reprimands, and suspensions. The guide also provides detailed information on mold remediation licensure and what is and is not considered a home improvement project. The comprehensive nature of the content suggests this document could be a valuable resource for individuals preparing for the nascla contractors exam or seeking to expand their knowledge of construction industry regulations and best practices.

Typology: Exams

2023/2024

Available from 07/16/2024

professoraxel
professoraxel 🇺🇸

3.7

(26)

8.6K documents

1 / 8

Toggle sidebar

Related documents


Partial preview of the text

Download NASCLA Contractors Study Guide with Complete Solutions and more Exams Advanced Education in PDF only on Docsity! NASCLA Contractors study Guide with Complete Solutions 100% Correct | 2024 Other than a serious violation - Correct Answer-Discretionary penalty up to $7k each Serious violation - Correct Answer-Mandatory penalty up to $7k each Willful violation - Correct Answer-Up to $70K w/ minimum penalty of $5k each Repeated violation - Correct Answer-Up to $70k Failure to Abate Prior - Correct Answer-Civil penalty of $7k/day not corrected De minimis violation - Correct Answer-documented but not cited Falsifying records - Correct Answer-up to $10k fine or 6 months in jail pg. 1 professoraxe l Failure to posting - Correct Answer-up to $7k Assaulting a compliance officer - Correct Answer-Up to $5k and 3yr imprisonment Bonds - Correct Answer-Risk transfer methods that covers a contractor's inability to perform a task/job Types of Bonds - Correct Answer--performance -maintenance -bid -payment -completion -fidelity -lien -bank letter of credit -subcontractor's bond Parts of a business plan - Correct Answer-cover page, executive summary, company summary, products and sales, pg. 2 professoraxe l Debt Ratio - Correct Answer-Total Debt/Total Assets Profitability Ratio - Correct Answer-NI/Revenues = Profit Margin Return on Total Assets - Correct Answer-Net Profit (after taxes) / Total Assets Components of Home improvement contract - Correct Answer-- name, address, telephone number, and license number of contractor - name, license number of each salesperson -approx project start dates -description of home improvement to be performed -# of monthly payments and amounts -description of collateral security for the obligation - notice that gives telephone number and web site of the Commission Renewal fees while inactive - Correct Answer-Contractor: $112.50 Subcontractor: $67.50 pg. 5 professoraxe l Salesperson: $37.50 Grounds for denials/reprimands/suspensions of license - Correct Answer-- fraudulently/deceptively helps someone attain license - fraudulently/deceptively uses a license - fails to pass examination - fails to give commission information for license - applicant is convicted of felony, or misdemeanor related to HIC - falsifies account - commits fraud Licensee cannot violate - Correct Answer-- a building law of the State or a political subdivision of the state - a safety/labor law - Maryland's Worker Compensation Act - lead paint abatement accredation Mold Remediation Licensure - Correct Answer-- 2 year license + 2 year renewal (can renew up to 90 days after expiration date) pg. 6 professoraxe l - application + application fee - $1,000,000 liability insurance Grounds for Hearing (Mold) - Correct Answer-- obtaining license illegally/fraudulently - transferring authority of license to another person - willfully disregarded and violated laws - convicted of felony/misdemeanor Whats included as part of a Home Improvement Project - Correct Answer-- Construction, improvement, or replacement on the land adjacent to the residence of a driveway, fall-out shelter, fence, garage, landscaping, pier, deck, porch or swimming pool - A shore erosion control project - Connection/Installation/Replacement in the building or structure of a dishwasher, disposal, or fridge w/ an icemaker, to existing household plumbing - Installation in the residence of an awning, fire alarm, or storm window - Work done on individual condominium units pg. 7 professoraxe l