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Michigan Builders Business/Law/Accounting Exam Questions & Answers
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Michigan Builders Business/Law/AccountingExam Questions & Answers
Verification Form I-9 must be completed by applicants providing proof of
identity and employment eligibility within ______ of employment. - -3 days
-What type of business is the easiest to establish and allows the owner to
determine how profits are used although they are personally liable for all
debt and assets? - -Sole Proprietorship
-A ______is a joint co-owner partnership established to specifically increase
bonding and bidding capacities and profits. - -General Proprietorship
-Provisions of the Americans with Disabilities (ADA) Law apply to employers
having _____ employees. - -15 or more
-What Federal Act requires those working on federal and federally funded
construction projects to be paid a minimum prevailing wage for their trade? -
-Davis Bacon
-Which of the following are fringe benefits that supplement an employee's
hourly wage? - -Paid vacation, sick leave, 401k plan company vehicle
-To avoid being held liable, the contractor must file a _______ once the lien
payment is received. - -Lien release
-What is the Michigan Act 230? - -It creates the Commission and regulates
code and inspections in the State.
-What unit is issued a Certificate of Acceptability and will not be inspected at
the site? - -Manufactured home
-What is the purpose of the subcontractor completing a Sworn Statement? -
-To get paid by the contractor
-What is the purpose of a Partial Unconditional Waiver? - -To prove that
partial payment to subs or suppliers has been received.
-The subcontractor has ______ to file a lien against the property for non-
payment from the contractor. - -90 days
-What is the penalty to contractors or subcontractors for intentionally trying
to defraud employees or a customer? - -A fine of no more than $5,000
and/or 3 yrs in prison
, -In accordance with the Michigan Construction Lien Act, the homeowner has
_____ to provide signed copies of the Commencement Agreement to the all
parties that request it. - -10 days
-The contractor provides a blank Notice of Furnishing to whomever requests
the Commencement Agreement. It must be completed and returned to the
contractor every ________. - -20 days if they are a supplier; 30 days if they
are a laborer
-If a builder is required to be licensed, the penalty for working without a
license ____. - -is a fine no less that $5,000 or greater than $25,000
-Upon final order of license suspension or revocation, the licensee has _____
in which to surrender their license to the Department. - -10 days
-Failing to renew one's license before the deadline will result in a _____. - -
$20 late fee
-How long does the homeowner/business have to file a complaint after the
project is completed? - -18 months
-What aids and protects the contractor from accusations of project
abandonment without a good legal excuse? - -The arbitration clause
-To avoid being fined, the contractor must notify the Department within
_____ of relocating their business or changing the business' name. - -10 days
-Definitively, a _______ is a person that constructs, replaces, improves, or
demolishes residential or commercial structures for a fixed or lump sum
price or fee. - -Licensed Residential Builder
-When can a subcontractor work without being licensed? - -When they are
working under a licensed contractor that is not a mechanical contractor
-An owner/landlord is not permitted to do their own building alterations
_______. - -When the repairs are structural in nature
-A complaint is _______ when it cannot be resolved at the informal
investigative hearing. - -referred to the Administrative Law Hearing
Examiner
-What body assesses the penalty and issues the "Final Order" to settle the
complaint? - -The Board
-How long does the Respondent have to appeal the "Final Order" decision? -
-30 days
, -Who appoints the Director of the Department? - -The Governor with
consent of the Senate
-How long does the Board serve? - -4 yrs
-A Builder's incompetence refers to _________. - -failure to conform to
minimum accepted professional standards
-What required bond is a percentage of the project cost put up by the
builder to ensure the homeowner or business the project will eventually be
completed? - -Performance Bond
-What is the biggest environmental/human concern created during masonry
construction? - -Silicon dust
-What is the layer of flashing installed over base flashing called? - -Counter
Flashing
-Who pays for planned or unforeseen changes made to the contract scope of
work? - -Whomever is specified in the contract
-How much retainage may be held? - -Whatever is specified in the contract
-What determines your working capital? - -Assets - Liabilities
-How long does the contractor have to complete both sections of the
licensing exam? - -1 year from stamped date on license application
-Why is it unwise to do business as a sole proprietorship? - -The risk of
losing all personal assets if the project goes wrong
-Two contractors that combine their commercial resources form a ______ . - -
joint venture
-Who regulates the building profession, including the work and licensing? - -
The Department of Licensing and Regulatory Affairs
-Why is a builder's license required to perform residential work and not for
commercial building? - -There is more fraud in residential building
-What does a builder's license qualify the licensed builder to do? - -Build all
of the home except for mechanical features
-Which type of bond guarantees the contractor will perform the scope of
work quoted if they win the bid? - -Bid Bond
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