Net worth requirement - Study guides, Class notes & Summaries

A "COE" generally IS NOT available to - Dishonorably discharged persons A "COE" generally IS NOT available to: - Dishonorably discharged persons A "direct endorsement" lender has the authority to: - Perform underwriting of the loan on their own a $20,000 5-year loan with 5% simple interest will add how much to the loan each year - $1,000 A contract deed is also called a: - Land Contract A conventional rate and term refinance generally DOES NOT offer an opportunity to: - Take out cas...

"Capitalization" is a process to correct answers Convert income into value. If an apartment house valued at $100,000 had an annual net return of 16% what was its net monthly income? correct answers $1,333.33 Ted Franklin has $85,000 to invest and wants a 12% return on his investment. If he invests his money in a real estate project, what net income must the property generate in order for him to satisfy his return requirement? correct answers $10,200 Using the cost approach, if the sit...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - ANSWER $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include - ANSWER information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? - ANSWER Protect the health and welfare of the public. When a claimant is paid funds from the Contractors Recovery Trust F...

Naslca Virginia Exam Practice Questions with Certified Solutions 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. All Class A contractor licensure applications MUST include information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? Protect the health and welfare of the public. When a claimant is pa...

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - correct answer $500 fine. Which of the following is a requirement for a joint venture? - correct answer Either the joint venture or each contracting party of the joint venture must be licensed. The application for licensure MUST include - correct answer the business address of the proposed designated employee. All Class A contractor licensure applications MUST include - correct...

All Class A contractor licensure applications MUST include - ANSWER-information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? - ANSWER-Protect the health and welfare of the public. When a claimant is paid funds from the Contractors Recovery Trust Fund - ANSWER-the contractor's license is revoked. !!! The application for licensure MUST include - ANSWER-the business address of the proposed designated employee. Which of the followin...

Deferred - Answer Withheld or postponed until a specified time or event in the future IRS - Answer Internal Revenue Service, the U.S. government agency responsible for collecting taxes and enforcement of the Internal Revenue Code Life Contingency - Answer Dependent on whether or not the insured is alive Liquidation of an Estate - Answer Converting a person's net worth into a cash flow Natural Person - Answer A human being Qualified Plan - Answer A retirement plan that...

Attained Age correct answer: the insured age at the time the policy is issues or renewed cash value correct answer: a policy's savings element or living benefit face amount correct answer: the amount of benefit stated in the life insurance policy fixed life insurance correct answer: contracts that offer guaranteed minimum or fixed benefits deferred correct answer: withheld or postponed until a specified time or event in the future endow correct answer: the cash value of a w...

Virginia hic Contractor's Exam questions and correct solutions 2024 What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? - CORRECT ANSWER-$500 fine per day for each day of violation plus penalties for a misdemeanor. What is the PRIMARY purpose of licensing? - CORRECT ANSWER-Protect the health and welfare of the public. The application for licensure MUST include - CORRECT ANSWER-the business address of the proposed designated employee....

What is the MAXIMUM penalty for a contractor who undertakes work without the proper class of license? -ANSWER $500 fine per day for each day of violation plus penalties for a misdemeanor. All Class A contractor licensure applications MUST include -ANSWER information on the knowledge, skills, and abilities of the applicant. What is the PRIMARY purpose of licensing? -ANSWER Protect the health and welfare of the public. When a claimant is paid funds from the Contractors Recovery Trust Fund...