MHIC NASCLA Study Guide/State Exam Q&A 2024

MHIC NASCLA Study Guide/State Exam Q&A 2024 How long does a claimant have to bring a claim against the guaranty fund? - CORRECT ANSWER-3 years from discovery of the loss or damage How many days does a contractor have to respond in writing to the copy of claim that was sent by the commission? - CORRECT ANSWER-10 days If within ________ after the commission gives notice , a contractor on whose amount a claim was paid does not reimburse the fund in full, the commission may sue the contractor for reimbursement. - CORRECT ANSWER-60 days In addtion to full reimbursement of the fund, a contractor is responsible to pay at least _________interest on the amount to reimburse. - CORRECT ANSWER-10 % The state can record a lien against any real property owners by the contractor for a debt owed to the fund - CORRECT ANSWER-True If the commission pays a claim from the fund base on the actions or omissions of a contractor, the commission may suspend the contractors license until full reimbursement of the fund plus at least 10%interest - CORRECT ANSWER-True A home improvement contract in compliance with the home improvement laws would include all of the following except - CORRECT ANSWER-Names and license numbers of subcontractors A salesperson may not represent 2 contractors at the same time for the same project. - CORRECT ANSWER-True Can a sales person legally accept money for themselves from the customer - CORRECT ANSWER-No It is against the law for building and permits departments to issue a permit to contractor without the contractors license number. - CORRECT ANSWER-True If a contractor fails to correct violation of the building code within reasonable time period, the county or municipality inspecting the project shall notify the commission - CORRECT ANSWER-True What is the maximum fine for contracting without a license-second offense - CORRECT ANSWER-$5,000 and/or 2 years in jail or both Contractor, jack smith, is not getting along with hector jones , his customer. If he decides not to complete the contract, has jack broken any laws? - CORRECT ANSWER-Yes Can a contractor decide to