RESIDENTIAL BUILDER'S
SALESPERSON PRACTICE EXAM
QUESTIONS WITH CORRECT
ANSWERS GRADED A+ LATEST
UPDATE 2026
In a typical construction loan, the interest rate is locked for the entire term of the loan. -
answer-True
Both company overhead and project overhead should be accounted for in a projects
estimate. - answer-True
Salespeople shall not begin selling until they receive their license and pocket ID card. -
answer-True
A material breach of contract is the most serious of contract breaches. - answer-True
If a sale was initiated and completed by a salesperson at a person's home, the
customer has a right to cancel that contract within __________days. - answer-3
If a contract is negotiated on the premise of price per square foot of material installed,
this would be a ____________ - answer-Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while
under construction are called _________ - answer-Company Overhead
Company overhead can include - answer-Office expenses, facility maintenance
expense, electrical expenses
, A complete list of all of the materials and items of work that would be required to
complete a project are ____ - answer-Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner? - answer-No
Public Act 299 provides for licensing and the right to engage in business as _______ -
answer-A salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have
to return it to the Department? - answer-Yes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan. - answer-Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty - answer-
False
If a customer is listed on the National Do-Not-Call Registry, but there is an established
business relationship, a seller can still call within _____________ months of the
consumers last purchase, delivery or payment. - answer-18
If a contract is a lump sum agreement, that means every dollar over budget means a
dollar in your pocket. - answer-False
A line on a blueprint drawing with a scale of 1/4" per foot will - answer-Be longer than
the line on a print with a scale of 1/8"
Contractors convicted of fraudulent use of contract funds are guilty of a _____ - answer-
Felony
SALESPERSON PRACTICE EXAM
QUESTIONS WITH CORRECT
ANSWERS GRADED A+ LATEST
UPDATE 2026
In a typical construction loan, the interest rate is locked for the entire term of the loan. -
answer-True
Both company overhead and project overhead should be accounted for in a projects
estimate. - answer-True
Salespeople shall not begin selling until they receive their license and pocket ID card. -
answer-True
A material breach of contract is the most serious of contract breaches. - answer-True
If a sale was initiated and completed by a salesperson at a person's home, the
customer has a right to cancel that contract within __________days. - answer-3
If a contract is negotiated on the premise of price per square foot of material installed,
this would be a ____________ - answer-Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while
under construction are called _________ - answer-Company Overhead
Company overhead can include - answer-Office expenses, facility maintenance
expense, electrical expenses
, A complete list of all of the materials and items of work that would be required to
complete a project are ____ - answer-Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner? - answer-No
Public Act 299 provides for licensing and the right to engage in business as _______ -
answer-A salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have
to return it to the Department? - answer-Yes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan. - answer-Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty - answer-
False
If a customer is listed on the National Do-Not-Call Registry, but there is an established
business relationship, a seller can still call within _____________ months of the
consumers last purchase, delivery or payment. - answer-18
If a contract is a lump sum agreement, that means every dollar over budget means a
dollar in your pocket. - answer-False
A line on a blueprint drawing with a scale of 1/4" per foot will - answer-Be longer than
the line on a print with a scale of 1/8"
Contractors convicted of fraudulent use of contract funds are guilty of a _____ - answer-
Felony
