Michigan Residential Builders Study guides, Class notes & Summaries

Verification Form I-9 must be completed by applicants providing proof of identity and employment eligibility within ______ of employment. 3 days What type of business is the easiest to establish and allows the owner to determine how profits are used although they are personally liable for all debt and assets? Sole Proprietorship A ______is a joint co-owner partnership established to specifically increase bonding and bidding capacities and profits. General Proprietorship P...

only one at a time A licensed salesman can work for how many builder or contractor at one time? Notes Payable A company's assets should include all of the following except... An account payable A debt owed to a supplier for goods or services purchased is called... under no circumstances A licensed builder can legally accept a job or contract from an unlicensed salesperson... Fined and Imprisoned A salespersons in violation of the Occupational Code may be... ...

Between $110,000 and $120,000 In the previous year, a company had revenues of $500,000, project overhead of $40,000 and company overhead of $75,000. The company expects the percentage for project and company overhead to remain the same for the current year. The company desires to make a 10% profit on a project it is bidding. The project would have $80,000 in direct costs. What should the bid price be? Failing to disclose one subcontractor's bid to another Which of the following is cons...

builders license michigan 2023 practice exam with 100% correct answers already graded A+

penalty for engaging in practice of residential building without a license? not less than $5000 and not more than $25,000 and/ or one year whats the penalty for engaging in the practice of residential builders license resulting in a death? not less than $5000 and not more than $25000 and/or 4 years on individual builders license application what should you write as your business address? your personal address what is the cost for the individual builders license? $195 ...

SUSPENSION OF PERMIT: Your permit remains VALID if work is progressing, and inspections are requested and conducted. A permit shall become INVALID if the authorized work is not commenced within 6 months after issuance of the permit or if the authorized work is suspended or abandoned for a period of 6 months after the time of commencing the work. A Temporary Certificate of Occupancy may be issued provided Inspections disclose that a full bath room is operational with privacy doors instal...

When it comes to comparing short-term and long-term income with the timeframe when costs and expenses were incurred, it would be best to match the inflow and outflow of cash and place both in the same tax period. What is the disadvantage of using the accrual method of accounting? this system requires more recordkeeping The ________ summarizes the cash inflows and outflows from operating, investing, and financing activities during a specific time. cash flow statement What ...

M&A contractors include: A = Carpentry B = Concrete D = Excavation G = Insulation Work I = Masonry J = Painting & Decorating K = Siding M = Roofing If more than one office is used for work, the branch office must be __________ Licensed The one who obtains the residential builder's license is called a _____________ ____________ Qualifying Officer First Offense for practicing without a license Misdemeanor fine of $5,000 - $25,000 or prison for not more than 1 year...

12" A foundation drain shall extend past the outside edge of the footing at least how far? 3/8" A concrete masonry foundation wall extends below grade and will require parge coating using Portland cement mortar. What is the minimum allowable thickness? contacting the local utility companies Which is the first step that needs to be taken prior to starting any excavation work? conducting test borings Before excavating for a new building, how should subsoil conditions be ...

5 days Time allotted for a residential builder to return sales person's license and for sales person to return I.D. card by certified mail 10 days The department, after investigation, may request a licensee to appear at such investigative conference. Notice of a request for a conference shall be in writing and mailed to the address appearing on the license not less than ----- before the conference and shall set the time and place of the conference. The notice shall be recorded in the f...