Florida Contractor Practice Exam

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Prepare for the Florida Contractor Exam with practice tests featuring multiple choice questions and answers. Enhance your knowledge to succeed in various categories of contractor licensing in Florida.

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What is one requirement a contractor must fulfill to receive final payment?

Submission of a completed project timetable
Filing a notice of completion
Providing a contractor's final affidavit
Confirmation of subcontractor funding

The correct answer is: Providing a contractor's final affidavit

To receive final payment, a contractor must provide a contractor's final affidavit. This affidavit serves as a significant document in the construction process, indicating that all payments to subcontractors, suppliers, and laborers have been made as per the contract terms. By submitting this affidavit, the contractor assures the project owner or client that there are no outstanding financial obligations that could lead to mechanic's liens or claims against the property. Filing a notice of completion is a procedural task that marks the completion of the project but does not pertain directly to the financial settlement of the contractor's obligations. A completed project timetable, while important for project management, does not fulfill the requirement for final payment. Confirmation of subcontractor funding is related but does not provide the necessary assurances concerning the contractor's payment responsibilities. Therefore, the contractor's final affidavit is crucial to ensure that all parties involved in the project have been compensated and that the contractor has completed his obligations satisfactorily before receiving final payment.