Exam (elaborations)
Michigan Builders Business/Law/Accounting Exam Questions & Answers
- Course
- Institution
Michigan Builders Business/Law/Accounting Exam Questions & Answers
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now