Bids & Contracts (CMCA Test Preparation)
UPDATED ACTUAL Exam Questions and
CORRECT Answers
b. governing law provision - CORRECT ANSWER This states that the law of a particular
state will be applied if there are any disputes about the contract after it is signed. This is
particularly useful when the community association and the contractor are based in different
states.
a. progress payments
b. governing law provision
c. severability provision
d. entire obligation provision
a. progress payments - CORRECT ANSWER Partial payments based on some demonstrable
progress in completing the work involved.
a. progress payments
b. governing law provision
c. severability provision
d. entire obligation provision
a. Prospective bidder's questionnaire - Also known as qualifications sheet. - CORRECT
ANSWER This is a document that asked for certain types of information to determine if the
bidder is technically and financially qualified to handle a job of this scope.
a. Prospective bidder's questionnaire
b. performance bond
c. payment bond
, d. warranty
e. waiver provision
b. waiver of lien - CORRECT ANSWER A document which gives up the right to make a
claim against the community association for payments not received.
a. modification provision
b. waiver of lien
c. qualifications sheet
d. request for proposal (RFP)
b. performance bond - CORRECT ANSWER This is a guarantee by a surety (a third party) to
protect the community association if the contractor fails to perform or finish the work.
a. Prospective bidder's questionnaire
b. performance bond
c. payment bond
d. warranty
e. waiver provision
c. qualifications sheet - Also known as a Prospective bidder's questionnaire. - CORRECT
ANSWER This is a document that asked for certain types of information to determine if the
bidder is technically and financially qualified to handle a job of this scope.
a. modification provision
b. waiver of lien
c. qualifications sheet
d. request for proposal (RFP)
UPDATED ACTUAL Exam Questions and
CORRECT Answers
b. governing law provision - CORRECT ANSWER This states that the law of a particular
state will be applied if there are any disputes about the contract after it is signed. This is
particularly useful when the community association and the contractor are based in different
states.
a. progress payments
b. governing law provision
c. severability provision
d. entire obligation provision
a. progress payments - CORRECT ANSWER Partial payments based on some demonstrable
progress in completing the work involved.
a. progress payments
b. governing law provision
c. severability provision
d. entire obligation provision
a. Prospective bidder's questionnaire - Also known as qualifications sheet. - CORRECT
ANSWER This is a document that asked for certain types of information to determine if the
bidder is technically and financially qualified to handle a job of this scope.
a. Prospective bidder's questionnaire
b. performance bond
c. payment bond
, d. warranty
e. waiver provision
b. waiver of lien - CORRECT ANSWER A document which gives up the right to make a
claim against the community association for payments not received.
a. modification provision
b. waiver of lien
c. qualifications sheet
d. request for proposal (RFP)
b. performance bond - CORRECT ANSWER This is a guarantee by a surety (a third party) to
protect the community association if the contractor fails to perform or finish the work.
a. Prospective bidder's questionnaire
b. performance bond
c. payment bond
d. warranty
e. waiver provision
c. qualifications sheet - Also known as a Prospective bidder's questionnaire. - CORRECT
ANSWER This is a document that asked for certain types of information to determine if the
bidder is technically and financially qualified to handle a job of this scope.
a. modification provision
b. waiver of lien
c. qualifications sheet
d. request for proposal (RFP)
