UPDATE!!!!2025/2026|GUARANTEED PASS|GRADED
In a typical construction loan, the interest rate is locked for the entire term of the loan. -
ANSWER True
Both company overhead and project overhead should be accounted for in a projects
estimate. - ANSWER True
Salespeople shall not begin selling until they receive their license and pocket ID card. -
ANSWER True
A material breach of contract is the most serious of contract breaches. - ANSWER True
If a sale was initiated and completed by a salesperson at a person's home, the customer has
a right to cancel that contract within __________days. - ANSWER 3
If a contract is negotiated on the premise of price per square foot of material installed, this
would be a ____________ - ANSWER Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while under
construction are called _________ - ANSWER Company Overhead
Company overhead can include - ANSWER Office expenses, facility maintenance
expense, electrical expenses
1
, A complete list of all of the materials and items of work that would be required to complete
a project are ____ - ANSWER Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner? - ANSWER No
Public Act 299 provides for licensing and the right to engage in business as _______ -
ANSWER A salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have to
return it to the Department? - ANSWER Yes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan. - ANSWER Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty -
ANSWER False
If a customer is listed on the National Do-Not-Call Registry, but there is an established
business relationship, a seller can still call within _____________ months of the consumers
last purchase, delivery or payment. - ANSWER 18
If a contract is a lump sum agreement, that means every dollar over budget means a dollar
in your pocket. - ANSWER False
A line on a blueprint drawing with a scale of 1/4" per foot will - ANSWER Be longer
than the line on a print with a scale of 1/8"
2
In a typical construction loan, the interest rate is locked for the entire term of the loan. -
ANSWER True
Both company overhead and project overhead should be accounted for in a projects
estimate. - ANSWER True
Salespeople shall not begin selling until they receive their license and pocket ID card. -
ANSWER True
A material breach of contract is the most serious of contract breaches. - ANSWER True
If a sale was initiated and completed by a salesperson at a person's home, the customer has
a right to cancel that contract within __________days. - ANSWER 3
If a contract is negotiated on the premise of price per square foot of material installed, this
would be a ____________ - ANSWER Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while under
construction are called _________ - ANSWER Company Overhead
Company overhead can include - ANSWER Office expenses, facility maintenance
expense, electrical expenses
1
, A complete list of all of the materials and items of work that would be required to complete
a project are ____ - ANSWER Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner? - ANSWER No
Public Act 299 provides for licensing and the right to engage in business as _______ -
ANSWER A salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have to
return it to the Department? - ANSWER Yes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan. - ANSWER Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty -
ANSWER False
If a customer is listed on the National Do-Not-Call Registry, but there is an established
business relationship, a seller can still call within _____________ months of the consumers
last purchase, delivery or payment. - ANSWER 18
If a contract is a lump sum agreement, that means every dollar over budget means a dollar
in your pocket. - ANSWER False
A line on a blueprint drawing with a scale of 1/4" per foot will - ANSWER Be longer
than the line on a print with a scale of 1/8"
2
