Law and Business Management Exam Prep | New Mexico


Exam Prep | Online Text Course | J MacDowell
Regardless of whether you are seeking a residential or a commercial contractor license, you will be required to pass the Business and Law exam.  Prepare for the exam with this course which is mobile friendly so you can study anytime, anywhere!

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This course will prepare students for the Business and Law portion of the exam and is based on the relevant chapters found in the NASCLA Contractors Guide to Business, Law and Project Management, 12th Edition.

New Mexico Licensing Law

Contractor Licensing Law

Licensing and Qualifying Party Requirements
Construction Industries Comission
Licensing Requirements, Fees, and Expiration
Divison, Qualifying Party, Examinations, Certificate
Revocation and Suspension
Adminstrative Penalty
Payment of Penalty
Complaints, Investigations, Informal Resolution
Suspension Period
Application for License Following revocation
Inspectors, Designated Inspection Agencies
Building Permits, Contents, Display

Bidding and Estimating

Bid Documents
Estimate Framework
Process of Estimating
Determining Costs
Common Sources of Error
Submitting the Bid
Job Cost Recording
Technology Tools for Estimating
Making a Profit

Lien Law

Lien Defined
Lien Preference
Filing timeline
Recording of lien
Limitation of action to enforce
Notice of non-responsibility
Contractor Liens of subcontractors
Rank of Liens
Joinder of Actions

Financial Management

Accounting Cycle
Financial Ratios and Trend Analysis
Methods of Accounting
Contract Accounting
Cash Management
Equipment Records
Accounting for Materials
Payroll Accounting

Tax Law

Employer Identification number
Federal Business Taxes
Income Taxes
Federal Employment taxes
1099 information reporting
Tax calendar

Employee Management

Hiring Employees
Hiring Minors for Construction
Employee Documentation
Fair Labor Standards Act
Immigration and Nationality Act.
Americans With Disabilities Act (ADA)
Other Labor Laws
Workers and Unemployment Compensation
Consolidated Omnibus Budget Act of 1985 (COBRA)
Health Insurance Portability and Accountability Act of 1996 (HIPAA)

Project Management

Project Schedule
Scheduling and Cash Flow
Project Management
Project Life Cycle
Tracking the Progress of the Project
Budget and Cost Controls
Tracking the Budget
Quality Control
Value Engineering

Contract Management

Required Contract Elements
Contract Provisions
Breach of Contract
Provisions to Limit Risk
Types of Contracts
Contracting Methods
Change Orders
Resolving Claims
Contract Documents and Project Manual
Oral vs. Written Contracts

Business Organization

New Business Start-up
Establishing a Business Entity

Risk Management

Employment Insurance
Contract Surety Bonds
Federal Construction Projects

Jobsite Safety and Environmental Factors 

Safe hiring and training
Substance Abuse Policy
Safety Equipment and Conditions
Emergency Action Plan
Hazardous and Toxic Substances
Underground Utility Safety
Employee Rights
Underground Storage Tanks
Heating Oil Tanks
Lead Based Paint

What to do next?

Customer service will be available by email or telephone between 8am and 6pm Eastern Standard Time. They will assist you with questions regarding course content.

If you have any questions, please call us at 1-800-727-7104 or send an email to Email responses will usually be returned promptly, but guaranteed within one business day.

Student policies and procedures are always available by going to our website and scrolling to the bottom of the page (See Attendance, Privacy and Refund Policy).