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MHIC (MARYLAND HOME
IMPROVEMENT COMMISSI ON)
NEWEST EXAM WITH ACCURATE A ND
VERIFIED QUESTIONS COVERING
MARYLAND HOME IMPROV EMENT
LAWS, BUSINESS REGUL ATIONS,
CONTRACTS, LICENSING
REQUIREMENTS, SAFETY CODES, AND
PROJECT MANAGEMENT.
Question :Activity Ratio
Correct answer:A formula that measures how effectively
a company manages it's credit. It's calculated by dividing sales per day into current receivables.
Question :Allowance
Correct answer:A specified amount designated in an
estimate for items that are not specified in the project plans, such as finished materials, (carpeting, fixtures, lighting, etc.)
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Question :How many members are there in the MD Home
Improvement Commission?
Correct answer:9
Question :What is the length of term for an individual
who serves on the Commission?
Correct answer:4 years
Question :How long does someone need to reside in
Maryland in order to be appointed to the commission?
Correct answer:5 years
Question :True or false? Is it illegal for a member of the
commission to receive any compensation from a person regulated by the commission?
Correct answer:True
Question :What parties must sign a Home Improvement
contract?
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Correct answer:Home Owner and Contractor
Question :Where is the office of the Commission located?
Correct answer:Baltimore City
Question :Who is responsible for the operations of the
Commission?
Correct answer:Executive Director
Question :What is the best method to give an estimate?
Correct answer:Quantity Take-Off Method
Question :How many inches must the MHIC license # on
vehicle advertising be?
Correct answer:minimum of 3 inches
Question :What is the maximum fine for contracting
without a license - first offense?
Correct answer:$1k, 6 months of jail or both
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Question :If the commission pays a claim from the
guarantee fund base on the actions or omissions of a contractor, the commission can...?
Correct answer:suspend license
Question :Who is considered a salesperson?
Correct answer:The person who carries out the sale
Question :Does a subcontractor require a license?
Correct answer:No, a subcontractor is not required to
obtain a license.
Question :How many contractors can a salesperson
represent or work for?
Correct answer:No more than 2 contractors at the same
time for the same project.
Question :OSHA form 301 must remain on file at
workplace for at least?