VA CONTRACTOR UPDATED EXAM SCRIPT QUESTIONS
AND ANSWERS RATED A+
✔✔Payments made by the Transaction Recovery Fund to claimants may include an
amount for - ✔✔attorneys' fees.
✔✔A contract for which of the following types of structures may be subject to recovery
from the Transaction Recovery Fund? - ✔✔Residential only
✔✔An appeal of a final decision of a county on an erosion control plan MUST be filed
within a MAXIMUM of how many days? - ✔✔30 days.
✔✔Temporary erosion and sediment control measures MUST be removed within a
MAXIMUM of how many days after the final site stabilization? - ✔✔30 days.
✔✔Which of the following statements about a sole proprietorship is TRUE? - ✔✔The
business, or any part of it, can be sold, altered, or exchanged at will.
✔✔What type of business organization allows people to share financial resources? -
✔✔Partnership
✔✔All of the following are considered general conditions that could affect costs directly
associated with a specific project EXCEPT - ✔✔profit margin.
✔✔The two basic laws of construction estimating are - ✔✔low estimates decrease
profits and high estimates decrease volume.
✔✔What should be added to wage rates to ensure accuracy in estimating labor for a
project? - ✔✔Labor burden.
✔✔A reason for using a lower than usual profit markup for a specific project could be to
- ✔✔cover company overhead costs
✔✔What MUST be included in an estimate for a job? - ✔✔Materials, labor, equipment,
and overhead costs.
✔✔Which of the following estimating methods is typically used by the architect rather
than the contractor? - ✔✔Conceptual estimate.
✔✔A contractor should do all of the following when estimating a project EXCEPT -
✔✔assume ideal conditions.
, ✔✔Which of the following is a TRUE statement about estimating? - ✔✔Both
overestimating and underestimating costs could have disastrous consequences.
✔✔Equipment needs for a project are BEST estimated by - ✔✔calculating the number
of hours or days it is needed
✔✔Costs that relate to construction activity but are NOT easily identifiable for a specific
project are considered - ✔✔project overhead.
✔✔Generally, who is responsible for ensuring that a project meets all zoning
requirements? - ✔✔Project owner.
✔✔The three PRIMARY elements of a contract are - ✔✔offer, acceptance, and
consideration
✔✔A bid that does NOT specifiy how long it remains open or in effect is considered to
be open for - ✔✔reasonable amount of time.
✔✔A contractor plans to use materials or methods other than those standard in the
industry. The contractor should - ✔✔verify that the representative has the authority to
bind the corporation.
✔✔What may be covered by an allowance in a contract? - ✔✔Light fixture costs.
✔✔The prime contractor is one who - ✔✔is responsible for the overall construction of
the project.
✔✔An owner hires a construction manager for a project. Which of the following is TRUE
with regard to subcontractors? - ✔✔The subcontractors are prime contractors.
✔✔A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered - ✔✔part of the contract.
✔✔An agreement that calls for a contractor to be paid actual costs for labor and
materials plus a fixed fee for the contractor's overhead and profit is called a - ✔✔cost
plus contract.
✔✔All of the following are advantages of good scheduling EXCEPT - ✔✔reduced
training costs.
✔✔An important factor in ensuring that a schedule is followed is to - ✔✔make sure the
superintendent agrees with it.
AND ANSWERS RATED A+
✔✔Payments made by the Transaction Recovery Fund to claimants may include an
amount for - ✔✔attorneys' fees.
✔✔A contract for which of the following types of structures may be subject to recovery
from the Transaction Recovery Fund? - ✔✔Residential only
✔✔An appeal of a final decision of a county on an erosion control plan MUST be filed
within a MAXIMUM of how many days? - ✔✔30 days.
✔✔Temporary erosion and sediment control measures MUST be removed within a
MAXIMUM of how many days after the final site stabilization? - ✔✔30 days.
✔✔Which of the following statements about a sole proprietorship is TRUE? - ✔✔The
business, or any part of it, can be sold, altered, or exchanged at will.
✔✔What type of business organization allows people to share financial resources? -
✔✔Partnership
✔✔All of the following are considered general conditions that could affect costs directly
associated with a specific project EXCEPT - ✔✔profit margin.
✔✔The two basic laws of construction estimating are - ✔✔low estimates decrease
profits and high estimates decrease volume.
✔✔What should be added to wage rates to ensure accuracy in estimating labor for a
project? - ✔✔Labor burden.
✔✔A reason for using a lower than usual profit markup for a specific project could be to
- ✔✔cover company overhead costs
✔✔What MUST be included in an estimate for a job? - ✔✔Materials, labor, equipment,
and overhead costs.
✔✔Which of the following estimating methods is typically used by the architect rather
than the contractor? - ✔✔Conceptual estimate.
✔✔A contractor should do all of the following when estimating a project EXCEPT -
✔✔assume ideal conditions.
, ✔✔Which of the following is a TRUE statement about estimating? - ✔✔Both
overestimating and underestimating costs could have disastrous consequences.
✔✔Equipment needs for a project are BEST estimated by - ✔✔calculating the number
of hours or days it is needed
✔✔Costs that relate to construction activity but are NOT easily identifiable for a specific
project are considered - ✔✔project overhead.
✔✔Generally, who is responsible for ensuring that a project meets all zoning
requirements? - ✔✔Project owner.
✔✔The three PRIMARY elements of a contract are - ✔✔offer, acceptance, and
consideration
✔✔A bid that does NOT specifiy how long it remains open or in effect is considered to
be open for - ✔✔reasonable amount of time.
✔✔A contractor plans to use materials or methods other than those standard in the
industry. The contractor should - ✔✔verify that the representative has the authority to
bind the corporation.
✔✔What may be covered by an allowance in a contract? - ✔✔Light fixture costs.
✔✔The prime contractor is one who - ✔✔is responsible for the overall construction of
the project.
✔✔An owner hires a construction manager for a project. Which of the following is TRUE
with regard to subcontractors? - ✔✔The subcontractors are prime contractors.
✔✔A contract refers to an insurance agreement that the contractor is REQUIRED to
have. This is considered - ✔✔part of the contract.
✔✔An agreement that calls for a contractor to be paid actual costs for labor and
materials plus a fixed fee for the contractor's overhead and profit is called a - ✔✔cost
plus contract.
✔✔All of the following are advantages of good scheduling EXCEPT - ✔✔reduced
training costs.
✔✔An important factor in ensuring that a schedule is followed is to - ✔✔make sure the
superintendent agrees with it.
