Final answer:
A licensee with a "limited" general contractor license in NC can bid on single projects up to $500,000, as per the state's GC statute, that are limited in scope and value based on the terms set by the licensing board.
Step-by-step explanation:
In accordance with North Carolina's (NC's) General Contractor (GC) statute, a licensee who has been granted a "limited" license to practice general contracting can bid on single projects where the total value of the construction project does not exceed $500,000.
This is a stipulation set forth to differentiate the limits of capability between limited, intermediate, and unlimited licensing. The purpose behind these tiers of licensure is to help ensure that contractors are taking on projects that align with their level of expertise, financial stability, and capability.