MHIC NASCLA Contractors Guide
UPDATED ACTUAL Exam Questions and
CORRECT Answers
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
UPDATED ACTUAL Exam Questions and
CORRECT Answers
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
