Virginia Contractor General Practice Test

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Prepare for the Virginia Contractor General Test with confidence. Our comprehensive quizzes feature multiple-choice questions with hints and detailed explanations. Equip yourself for success in obtaining your contractor license.

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What is the initial Recovery Fund fee that contractors must pay?

$10.00
$25.00
$50.00
$75.00

The correct answer is: $25.00

The initial Recovery Fund fee that contractors must pay is $25. This fee is a requirement for those seeking to obtain or renew their contractor's license in Virginia and serves several important functions. The Recovery Fund is designed to protect consumers by providing a means of compensation if a contractor fails to meet their contractual obligations or engages in misrepresentation. By collecting this fee, the state ensures that there are sufficient funds available to reimburse affected parties in cases of contractor misconduct or financial failure. The fee is a one-time charge that contributes to the overall financial stability of the Recovery Fund, allowing it to effectively support individuals who have been wronged in construction-related transactions.