Virginia contractors - Study guides, Class notes & Summaries

VA Contractors: Virginia (Class A or B) Latest Version Already Passed All Class A contractor licensure applications MUST include... Information on the knowledge, skills, and abilities of the applicant Which of the following is a requirement for a joint venture? Either the joint venture or each contracting party of the joint venture must be licensed All of the following must be licensed EXCEPT... A material supplier who advises a contractor Payments made by the Transaction Recover...

A lump sum contract on a project has a total contract price of $200,000. Retainage has been held back at 10%. The contractor has received progress payments of 90% of the project. The contractor submits a request for the final payment for the now completed project. The final payment amount should be for A. less than 25,000$ b. between 25,000$ & 35,000$ c. between 35,000$ & 40,000$ d. more than 40,000$ Ans: c. between 35,000$ & 40,000$ A contractor agrees to unit price contract to Prod...

Nascla Contractors Guide | Virginia 8th Edition & Virginia Uniform Statewide Building Code "USBC" (2000 Edition) What are some of the advantages of a sole proprietor? - Answer -Business can be sold at will Freedom in Decision Making Process Sole Ownership of Profits Low startup cost Simple Ownership Form Minimal Legal Restriction What are some of the disadvantages of a Sole Proprietor? - Answer -Less Available capital Unlimited Personal Liability Possible difficulty obtaining long te...

VA Contractors Virginia (Class A or B) 2024 Actual Questions with Verified Answers, 100% Guarantee Pass

What are some of the disadvantages of a Sole Proprietor? - ANSWER-Less Available capital Unlimited Personal Liability Possible difficulty obtaining long term financing dissolution of the business in the event of the owner's death This is the relationship between two or more persons who join to carry on a trade or business. Each person contributes money, property,labor, or skill and each partner expects to share in the profits and losses of the business. - ANSWER-Is classified as a Partne...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - $500 fine per day for each day of violation plus penalties for a misdemeanor. What is the PRIMARY purpose of licensing? - Protect the health and welfare of the public. The application for licensure MUST include - the business address of the proposed designated employee. All of the following must be licensed EXCEPT - a material supplier who advises a contractor. When a claimant is paid fu...

VA Contractors: Virginia (Class A or B) – Q’s And A’s

VA Contractors: Virginia (Class A or B) – Q’s & A’s (100% Correct)

What are some of the advantages of a sole proprietor? - ANSWER-Business can be sold at will Freedom in Decision Making Process Sole Ownership of Profits Low startup cost Simple Ownership Form Minimal Legal Restriction What are some of the disadvantages of a Sole Proprietor? - ANSWER-Less Available capital Unlimited Personal Liability Possible difficulty obtaining long term financing dissolution of the business in the event of the owner's death This is the relationship between two...

1. All Class A contractor licensure applications MUST include... ANS Information on the knowledge, skills, and abilities of the applicant 2. Which of the following is a requirement for a joint venture? ANS Either the joint venture or each contracting party of the joint venture must be licensed 3. All of the following must be licensed EXCEPT... ANS A material supplier who advises a contractor 4. Payments made by the Transaction Recovery Fund to claimants may include an amount for... ANS At...