CONTRACTORS TEST BUSINESS LAW
EXAM 2025 QUESTIONS AND ANSWERS
100% SOLVED.
, You must notify Commissioner of changes in name,trade name, address, or business
location no later then... - ANSWER15 days
A contract is - ANSWERA legally enforceable agreement to do or not to do.
Contractor name different then legal name you must have... - ANSWERCertificate of
Asaned name filed and stamped by Minnesota Secretary of State
For DBA name different then legal name of business or if DBA does not include each
partner name you must have... - ANSWERFortifications of Assumed Name submitted
with contractors licensing application.
You must maintain insurance file with - ANSWERCommissioner
Must notify Commissioner if policy is cancelled when? - ANSWERAt the same time that
the cancellation request is received from the insured.
Roofer must post bond of - ANSWER$15,000
A contract must have... (3 items) - ANSWER1.detailed summary of services performed
2. Description of specific materials used or list of standard features
3. Total contract price or basis on which the price will be calculated
Basic owner contractor agreement include... - ANSWERDescription of word, time for
performance, contract price and payment schedule and lien notice
General Conditions - ANSWERUsually on forms with standard provisions included in
excludes notifications and representations not specifically made part of the agreement
Supplementary or Special Conditions - ANSWERUsed to tailor the agreement
Addenda - ANSWERAre additions and or deletions of the contract doc.
General Liability Insurance must have - ANSWER1 at least $100,000 per occurrence
2 $300,000 aggregate limit for bodily injury
3 property damage insurance of
A limits of at least $25,000
B limit bodily injury and property damage $300,000 per occurrence and $300,000
aggregate limits.
Manufactured home installer post bond of - ANSWER$2,500
Contractors recovery fund recovery max per claimant - ANSWER$75,000
EXAM 2025 QUESTIONS AND ANSWERS
100% SOLVED.
, You must notify Commissioner of changes in name,trade name, address, or business
location no later then... - ANSWER15 days
A contract is - ANSWERA legally enforceable agreement to do or not to do.
Contractor name different then legal name you must have... - ANSWERCertificate of
Asaned name filed and stamped by Minnesota Secretary of State
For DBA name different then legal name of business or if DBA does not include each
partner name you must have... - ANSWERFortifications of Assumed Name submitted
with contractors licensing application.
You must maintain insurance file with - ANSWERCommissioner
Must notify Commissioner if policy is cancelled when? - ANSWERAt the same time that
the cancellation request is received from the insured.
Roofer must post bond of - ANSWER$15,000
A contract must have... (3 items) - ANSWER1.detailed summary of services performed
2. Description of specific materials used or list of standard features
3. Total contract price or basis on which the price will be calculated
Basic owner contractor agreement include... - ANSWERDescription of word, time for
performance, contract price and payment schedule and lien notice
General Conditions - ANSWERUsually on forms with standard provisions included in
excludes notifications and representations not specifically made part of the agreement
Supplementary or Special Conditions - ANSWERUsed to tailor the agreement
Addenda - ANSWERAre additions and or deletions of the contract doc.
General Liability Insurance must have - ANSWER1 at least $100,000 per occurrence
2 $300,000 aggregate limit for bodily injury
3 property damage insurance of
A limits of at least $25,000
B limit bodily injury and property damage $300,000 per occurrence and $300,000
aggregate limits.
Manufactured home installer post bond of - ANSWER$2,500
Contractors recovery fund recovery max per claimant - ANSWER$75,000
