Under NRS 624, what is the minimum net worth requirement for a Class A contractor license in Nevada?
Correct Answer
B) $45,000
NRS 624 requires a minimum net worth of $45,000 for Class A contractor licenses in Nevada.
Why This Is the Correct Answer
NRS 624 establishes a minimum net worth of $45,000 for Class A contractor licenses. This financial requirement ensures that Class A contractors — who may undertake projects of any size — have sufficient financial capacity to complete their contractual obligations.
Why the Other Options Are Wrong
Option A: $75,000
$75,000 exceeds the actual requirement. This distractor tests whether candidates confuse Class A net worth requirements with bonding amounts or other financial thresholds. The correct minimum is $45,000.
Option C: $25,000
$25,000 is below the Class A threshold. This lower figure might apply to a Class C license or other lower-tier licensing categories. Class A, which authorizes unlimited project size, requires the higher $45,000 minimum.
Option D: $100,000
$100,000 is significantly above the $45,000 requirement. This figure might be confused with bonding requirements for large public works projects or with financial requirements in other states. The NRS 624 Class A net worth minimum is specifically $45,000.
Memory Technique
Remember '$45K for Class A' — think of 45 as the highway speed limit, and Class A is the fast lane (no project size limit). '45 to drive in the A lane.' Alternatively: A = $45,000, B = less, C = least.
More Nevada Questions
Under NRS 624, what is the minimum net worth requirement for a Class A General Contractor license in Nevada?
A Nevada contractor files a mechanics' lien for $45,000. What is the required bond amount to release this lien under NRS 108?
According to Nevada building codes, which edition of the International Building Code (IBC) is currently adopted for commercial construction?
A contractor receives a Notice of Disciplinary Action from the NSCB. Within how many days can they request a hearing to contest the action?
Which Nevada building code edition is currently adopted for commercial construction in most Nevada jurisdictions?
What is the minimum net worth requirement for a Nevada Class A general contractor license?
A contractor's employee is injured on a Nevada job site. The contractor lacks workers' compensation insurance. What is the potential penalty under NRS 624?
Under Nevada law, a contractor's workers' compensation insurance policy lapses on June 1st, and they continue working until June 15th before renewing. What is the potential consequence?
A general contractor hires a subcontractor who injures a worker on site. The subcontractor has no workers' compensation insurance. Under Nevada law, who is primarily liable for the claim?
A Nevada contractor fails to carry required workers' compensation insurance. What penalty can the Nevada Industrial Insurance System impose per day of non-compliance?
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