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
