North Carolina General Contractor Exam — All Questions
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North Carolina ties a contractor's license limitation level to financial strength. Which pairing of level and minimum working capital (or net worth) is correct?
- a.Limited requires $150,000; Unlimited requires $17,000
- b.Limited requires $17,000; Intermediate requires $75,000; Unlimited requires $150,000✓
- c.All levels require exactly $1,000,000
- d.There is no financial requirement in North Carolina
North Carolina sets minimum working capital or net worth by license level: Limited requires $17,000, Intermediate requires $75,000, and Unlimited requires $150,000. A contractor that cannot document the higher figures is issued the lower limitation level, capping the value of projects it may take.
When a company (rather than an individual) holds a North Carolina general contractor license, what is the role of the 'qualifier'?
- a.The qualifier is an outside auditor who reviews the company's taxes
- b.The qualifier is the customer who signs the contract
- c.The qualifier is the individual who passed the examination and is responsible for the company's contracting work✓
- d.There is no qualifier concept in North Carolina
A licensed business must have a qualifier — an individual who took and passed the required examination and who is responsible for the company's construction operations. If the qualifier leaves, the company generally must designate and have a new qualifier pass the exam within a set period to keep the license active.