Residential Builder's
Salesperson Practice Exam
Questions With Complete
Solutions
, In a typical construction loan, the interest rate is locked for the entire term of the loan. -
CORRECT ANSWERSTrue
Both company overhead and project overhead should be accounted for in a projects
estimate. - CORRECT ANSWERSTrue
Salespeople shall not begin selling until they receive their license and pocket ID card. -
CORRECT ANSWERSTrue
A material breach of contract is the most serious of contract breaches. - CORRECT
ANSWERSTrue
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. - CORRECT
ANSWERS3
If a contract is negotiated on the premise of price per square foot of material installed,
this would be a ____________ - CORRECT ANSWERSUnit Price contract
Costs that a contractor incurs such as administrative costs to service the project while
under construction are called _________ - CORRECT ANSWERSCompany Overhead
Company overhead can include - CORRECT ANSWERSOffice expenses, facility
maintenance expense, electrical expenses
A complete list of all of the materials and items of work that would be required to
complete a project are ____ - CORRECT ANSWERSQuantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner? - CORRECT ANSWERSNo
Public Act 299 provides for licensing and the right to engage in business as _______ -
CORRECT ANSWERSA 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? - CORRECT ANSWERSYes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan. - CORRECT ANSWERSTitle Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty -
CORRECT ANSWERSFalse
Salesperson Practice Exam
Questions With Complete
Solutions
, In a typical construction loan, the interest rate is locked for the entire term of the loan. -
CORRECT ANSWERSTrue
Both company overhead and project overhead should be accounted for in a projects
estimate. - CORRECT ANSWERSTrue
Salespeople shall not begin selling until they receive their license and pocket ID card. -
CORRECT ANSWERSTrue
A material breach of contract is the most serious of contract breaches. - CORRECT
ANSWERSTrue
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. - CORRECT
ANSWERS3
If a contract is negotiated on the premise of price per square foot of material installed,
this would be a ____________ - CORRECT ANSWERSUnit Price contract
Costs that a contractor incurs such as administrative costs to service the project while
under construction are called _________ - CORRECT ANSWERSCompany Overhead
Company overhead can include - CORRECT ANSWERSOffice expenses, facility
maintenance expense, electrical expenses
A complete list of all of the materials and items of work that would be required to
complete a project are ____ - CORRECT ANSWERSQuantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a
homeowner? - CORRECT ANSWERSNo
Public Act 299 provides for licensing and the right to engage in business as _______ -
CORRECT ANSWERSA 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? - CORRECT ANSWERSYes
Typically ____________________ are hired by mortgage companies and lenders to
represent their interest in closing a loan. - CORRECT ANSWERSTitle Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty -
CORRECT ANSWERSFalse
