Residential Builder's Salesperson Practice Exam
Study online at https://quizlet.com/_cew2aw
1. In a typical construction loan, the interest rate is locked True
for the entire term of the loan.
2. Both company overhead and project overhead should True
be accounted for in a projects estimate.
3. Salespeople shall not begin selling until they receive True
their license and pocket ID card.
4. A material breach of contract is the most serious of True
contract breaches.
5. If a sale was initiated and completed by a salesperson 3
at a person's home, the customer has a right to cancel
that contract within __________days.
6. If a contract is negotiated on the premise of price Unit Price contract
per square foot of material installed, this would be a
____________
7. Costs that a contractor incurs such as administrative Company Overhead
costs to service the project while under construction
are called _________
8. Company overhead can include Office expenses, facili-
ty maintenance expense,
electrical expenses
9. A complete list of all of the materials and items of work Quantity survey (take off)
that would be required to complete a project are ____
10. Can an unlicensed contractor who is required to be No
licensed impose a lien against a homeowner?
, Residential Builder's Salesperson Practice Exam
Study online at https://quizlet.com/_cew2aw
11. Public Act 299 provides for licensing and the right to A salesperson, residential
engage in business as _______ builder, and M&A contrac-
tor
12. If a salesperson doesn't intend to renew their license Yes
after it has expired, do they have to return it to the
Department?
13. Typically ____________________ are hired by mortgage Title Companies
companies and lenders to represent their interest in
closing a loan.
14. An explicit warranty made by a manufacturer or seller False
is an Implied Warranty
15. If a customer is listed on the National Do-Not-Call Reg- 18
istry, but there is an established business relationship,
a seller can still call within _____________ months of the
consumers last purchase, delivery or payment.
16. If a contract is a lump sum agreement, that means False
every dollar over budget means a dollar in your pocket.
17. A line on a blueprint drawing with a scale of 1/4" per Be longer than the line on
foot will a print with a scale of 1/8"
18. Contractors convicted of fraudulent use of contract Felony
funds are guilty of a _____
19. If a homeowner intends to construct a 300 square foot Yes
shed on their own property, must they apply for a
permit?
20. Project Overhead
Study online at https://quizlet.com/_cew2aw
1. In a typical construction loan, the interest rate is locked True
for the entire term of the loan.
2. Both company overhead and project overhead should True
be accounted for in a projects estimate.
3. Salespeople shall not begin selling until they receive True
their license and pocket ID card.
4. A material breach of contract is the most serious of True
contract breaches.
5. If a sale was initiated and completed by a salesperson 3
at a person's home, the customer has a right to cancel
that contract within __________days.
6. If a contract is negotiated on the premise of price Unit Price contract
per square foot of material installed, this would be a
____________
7. Costs that a contractor incurs such as administrative Company Overhead
costs to service the project while under construction
are called _________
8. Company overhead can include Office expenses, facili-
ty maintenance expense,
electrical expenses
9. A complete list of all of the materials and items of work Quantity survey (take off)
that would be required to complete a project are ____
10. Can an unlicensed contractor who is required to be No
licensed impose a lien against a homeowner?
, Residential Builder's Salesperson Practice Exam
Study online at https://quizlet.com/_cew2aw
11. Public Act 299 provides for licensing and the right to A salesperson, residential
engage in business as _______ builder, and M&A contrac-
tor
12. If a salesperson doesn't intend to renew their license Yes
after it has expired, do they have to return it to the
Department?
13. Typically ____________________ are hired by mortgage Title Companies
companies and lenders to represent their interest in
closing a loan.
14. An explicit warranty made by a manufacturer or seller False
is an Implied Warranty
15. If a customer is listed on the National Do-Not-Call Reg- 18
istry, but there is an established business relationship,
a seller can still call within _____________ months of the
consumers last purchase, delivery or payment.
16. If a contract is a lump sum agreement, that means False
every dollar over budget means a dollar in your pocket.
17. A line on a blueprint drawing with a scale of 1/4" per Be longer than the line on
foot will a print with a scale of 1/8"
18. Contractors convicted of fraudulent use of contract Felony
funds are guilty of a _____
19. If a homeowner intends to construct a 300 square foot Yes
shed on their own property, must they apply for a
permit?
20. Project Overhead
