NM CID Business And Law Practice Questions - New Mexico CID Business And Law Examination Exam

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What proof of financial responsibility must a New Mexico contractor furnish at initial licensure and as a condition of each renewal?

A cash deposit of USD 5,000 with CID A USD 10,000 surety bond underwritten by a corporate surety authorized to transact business in New Mexico A personal guarantee from the qualifying party for USD 25,000 A certificate of deposit equal to 10 percent of the prior year's volume

Correct Answer:

A USD 10,000 surety bond underwritten by a corporate surety authorized to transact business in New Mexico

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