Mississippi Contractor License Exam — All Questions
5 questions
What net worth does Mississippi generally require for a major classification versus a specialty classification?
- a.$150,000 major / $75,000 specialty
- b.About $50,000 for a major classification and about $20,000 for a specialty classification✓
- c.No net worth is required
- d.$10,000 for both
Mississippi generally requires about $50,000 net worth for a major classification and about $20,000 for a specialty classification. The applicant documents this on an acceptable CPA financial statement.MSBOC financial-responsibility rules
What kind of financial statement does the MSBOC require to document net worth?
- a.Any handwritten estimate by the owner
- b.A compilation-level statement more than two years old
- c.A bank deposit slip
- d.A CPA-reviewed or audited statement dated within the prior 12 months; a compilation is not accepted✓
The MSBOC requires a financial statement that is reviewed or audited by a CPA and dated within the prior 12 months. A compilation-level statement is not accepted because it does not provide the assurance the board requires.MSBOC financial-statement rule
A candidate passes the NASCLA Accredited Commercial General Building exam and wants a Mississippi commercial license. What else is required on the exam side?
- a.Also passing the Mississippi Business and Law examination✓
- b.Nothing; NASCLA alone licenses the contractor
- c.Passing the Mississippi bar examination
- d.Retaking NASCLA every year
NASCLA covers only the trade/technical portion for the building or electrical scope. To be licensed by the MSBOC, the candidate must also pass the separate Mississippi Business and Law examination and meet the financial requirements.NASCLA + MSBOC Business and Law requirement
The Mississippi Business and Law examination administered by PSI is best described as:
- a.A closed-book oral interview before the board
- b.A take-home essay graded by a county clerk
- c.An open-book, multiple-choice exam covering Mississippi licensing law and business-management topics✓
- d.A hands-on field skills test only
The Mississippi Business and Law exam is an open-book, multiple-choice test administered by PSI, covering Mississippi licensing law along with estimating, contracts, finance, labor, tax, project management, risk, and safety. Open-book format rewards fast reference navigation.MSBOC / PSI examination format
Why must a Mississippi company keep a qualifying individual who holds the Certificate of Responsibility?
- a.Because each field worker must be individually certified
- b.Because the company contracts under that individual's certificate, which authorizes its covered commercial work✓
- c.Because the certificate is only decorative
- d.Because the certificate replaces the need to pass any exam
A Mississippi company performs covered commercial work under the Certificate of Responsibility held by its qualifying individual. If that person leaves, the company must have another qualified certificate holder to keep contracting on covered work.Miss. Code Title 31, Ch. 3 (Certificate of Responsibility)