Under ORS 701, what is the minimum net worth requirement for a CCB license in Oregon?
Correct Answer
D) $15,000
ORS 701 requires a minimum net worth of $15,000 for CCB licensing in Oregon.
Why This Is the Correct Answer
Option D is correct. ORS 701 establishes a minimum net worth requirement of $15,000 for contractors seeking a CCB (Construction Contractors Board) license in Oregon. This financial threshold is intended to demonstrate that a contractor has sufficient financial standing to operate responsibly.
Why the Other Options Are Wrong
Option A: $25,000
$25,000 exceeds the actual minimum net worth requirement. This figure may be confused with bond amounts or other financial thresholds, but the ORS 701 net worth floor is specifically $15,000.
Option B: $30,000
$30,000 is significantly higher than the required minimum. This is not a recognized threshold under ORS 701 for the net worth requirement.
Option C: $20,000
$20,000 is higher than the actual requirement of $15,000. While closer than the other distractors, it is still incorrect—the statute specifically sets the floor at $15,000.
Memory Technique
Associate '$15,000' with 'fifteen' and 'CCB' — think: 'CCB starts at fifteen grand.' You can also remember it as the lowest of all the options offered, since ORS 701 sets a modest floor to encourage contractor participation.
More Oregon Questions
Under ORS 701, what is the minimum amount of public liability insurance required for a CCB licensed contractor?
An employee is injured on a job site. The contractor's workers compensation premium was $2,400 annually. If they were operating without coverage, what is the minimum penalty multiplier applied to the premium?
A contractor completes a $12,000 deck project but the homeowner claims defective work. Under ORS 87, how long does the contractor have to file a lien for unpaid amounts?
Under ORS 701, what is the maximum amount a residential contractor can collect as a down payment before starting work?
A homeowner cancels a $8,000 roofing contract within the 3-day right to cancel period. The contractor had already ordered $1,200 in custom materials. How much can the contractor retain?
A general contractor hires a subcontractor who performs $15,000 worth of electrical work. The property owner pays the general contractor but the general contractor fails to pay the subcontractor. Calculate the subcontractor's maximum lien claim under ORS 87.
A renovation project in a 1972 home will disturb 15 square feet of painted trim. The contractor is not RRP certified. What must they do under Oregon lead regulations?
What is the minimum experience requirement for obtaining an Oregon CCB contractor license?
A homeowner hired an unlicensed contractor who abandoned a $25,000 project. The homeowner wants to file a claim with the CCB. What is the likely outcome?
A residential contractor completes a $35,000 kitchen remodel but fails to obtain required permits. Under Oregon law, what is the potential penalty?
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