Michigan Residential Builder & Salesperson Licensing and Blueprint Fundamentals Actual Exam Study Guide with 100% Correct Answers

Michigan Residential Builder & Salesperson Licensing and Blueprint Fundamentals Actual Exam Study Guide with 100% Correct Answers 1. Residential Builder - ANSWER A person licensed to construct or alter residential structures 2. Builder Salesperson - ANSWER Must work under a licensed residential builder and cannot act independently 3. Michigan Occupational Code - ANSWER Law governing builders and salespersons in Michigan 4. License Supervision - ANSWER Salesperson must be supervised by a licensed builder 5. Title Block - ANSWER Area of blueprint with project details 6. Legend (Blueprint) - ANSWER Explains symbols used on the plan 7. Floor Plan - ANSWER Top-down view of room layout 8. Door Symbol - ANSWER Arc showing door swing 9. Window Symbol - ANSWER Thin rectangle in wall 10. Dimensions - ANSWER Measurements shown on blueprints 11. Room Abbreviations - ANSWER BR=Bedroom BA=Bathroom KIT=Kitchen LR=Living Room 12. Stair Symbol - ANSWER Steps with directional arrow 13. Builder Responsibility - ANSWER Builder is legally responsible for salesperson actions 14. Calculator Use - ANSWER Calculator is allowed on the exam 15. Basic Math - ANSWER Addition subtraction multiplication division percentages 16. Contract Parties - ANSWER Buyer and licensed builder 17. Permit Awareness - ANSWER Salesperson should know permits exist but not obtain them 18. Ethics - ANSWER Honest and fair dealing with consumers 19. In a typical construction loan, the interest rate is locked for the entire term of the loan. - ANSWER True 20. Both company overhead and project overhead should be accounted for in a projects estimate. - ANSWER True 21. Salespeople shall not begin selling until they receive their license and pocket ID card. - ANSWER True 22. A material breach of contract is the most serious of contract breaches. - ANSWER True 23. 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 24. If a contract is negotiated on the premise of price per square foot of material installed, this would be a ____________ - ANSWER Unit Price contract 25. Costs that a contractor incurs such as administrative costs to service the project while under construction are called _________ - ANSWER Company Overhead 26. Independent Contracting - ANSWER A salesperson may NOT contract on their own 27. Misrepresentation - ANSWER False or misleading statements or omission of facts 28. False Advertising - ANSWER Advertising that deceives or misleads consumers 29. Written Contract - ANSWER A contract required for residential construction agreements