VA Contractor Study guides, Class notes & Summaries

1. Which of the following estimating methods is typically used by the architect rather than the contractor? ANS Conceptual estimate 2. An agreement that calls for a contractor to be paid actual costs for labor and materials plus a fixed fee for the contractor's overhead and profit is called a... ANS cost plus contract 3. Equipment needs for a project are BEST estimated by... ANS Calculating the number of hours or days it is needed 4. What type of insurance is needed for a partnership to i...

1. A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible for when the contractor does not renew his license on time? ANS The Licensee Contractor 2. A Designated Employee should be? ANS At least 18, Full Time, Passed Required Exams 3. What is the initial Recovery Fund fee? ANS $25.00 4. If a contractor ears more that $ per year, then the contractor is required to have a Class A. ANS $750,000.00 5. If a contract awards more ...

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...

1. A lump sum contract on a project has a total contract price of $160,000. Retainage has been held back at 10%. The contractor has received progress payments for 75% of the project. The contractor submits a request for final payment for the new completed project. The final payment amount should be for... ANS More than $50,000 2. What is the total value of current assets for an accrual basis company that has the following? Checking account cash balance is $4,800; materials inventory for work-i...

A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible for when the contractor does not renew his license on time? - ANSWER-The Licensee Contractor

A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible for when the contractor does not renew his license on time? -ANSWER The Licensee Contractor A Designated Employee should be? -ANSWER At least 18, Full Time, Passed Required Exams What is the initial Recovery Fund fee? -ANSWER $25.00 If a contractor ears more that $_______ per year, then the contractor is required to have a Class A. -ANSWER $750,000.00 If a contract ...

VA Contractor General Questions and Answers 2024

A contractor does not notify a change of address and so does not receive a timely Notice of Renewal. Who is responsible for when the contractor does not renew his license on time? - The Licensee Contractor A Designated Employee should be? - At least 18, Full Time, Passed Required Exams What is the initial Recovery Fund fee? - $25.00 If a contractor ears more that $_______ per year, then the contractor is required to have a Class A. - $750,000.00 If a contract awards more than $_________ p...