ExAC Section 4 - Exam Questions &
Answers (Grade A+)
Bond -
correct answer ✅- A financial security that represents a promise to
repay a fixed amount of funds
- Financial security for the performance of an obligation; usually a
written document supported by a pledge of collateral.
Surety -
correct answer ✅The party (company) that issues a bond which
guarantees the performance of the person bonded (in construction,
the contractor) to fulfill obligations under contract within the
financial and time limitations stated in the bond.
Warranty (warranty against the quality) -
correct answer ✅A statement of fact or quality intended to be
relied upon by another party, carrying with it an implied or express
promise to make good any breach
Certificate of Substantial Performance -
correct answer ✅A certificate issued under the appropriate lien
legislation attesting that the contract between the owner and the
contractor is substantially complete.
,ExAC Section 4 - Exam Questions &
Answers (Grade A+)
Holdback -
correct answer ✅"A percentage of the monetary amount payable
under a (construction) contract, which is held back as security for a
certain period of time. The percentage and period of time are
based on the provincial lien legislation."
Lien -
correct answer ✅- legal claim on real property to satisfy a debt
owed to the lien claimant by the property owner. This claim can
carry the right to sell the property upon default.
- a right to keep possession of property belonging to another
person until a debt owed by that person is discharged.
Shop Drawings -
correct answer ✅A drawing, prepared on behalf of the contractor
to indicate precise details of the construction materials, for
fabrication, production or installation.
Shop Drawing Review -
correct answer ✅First, Gen. Contractor reviews shop drawings.
Second, architect and consultant review (snd approved
construction dwgs prior to fabrication). Lastly, shop drawings are
returned to contractor for use, use w/ change, or resubmission.
, ExAC Section 4 - Exam Questions &
Answers (Grade A+)
General Review/ Field Review -
correct answer ✅"Review during visits to the Project site (at
intervals appropriate to the stage of the construction)" ... "to
determine that the Work is in general conformity with the
construction documents."
Project Management -
correct answer ✅"The process of planning, scheduling, directing,
organizing and controlling all resources (financial, physical and
human) from the start to the completion of the project goals and
objectives." In many projects, the owner is, by default, the Project
Manager (PM)."
Construction Management -
correct answer ✅- Construction manager (CM) may take on the
roles and responsibilities of an advisor, an agent or a constructor.
The CM is most frequently confined to:
- Advising on, or preparing schedules, budgets, material selection
and detailing, during the design phase
- Advising on and arranging for all services and trade and
supervising the activities of all trade contractors
Answers (Grade A+)
Bond -
correct answer ✅- A financial security that represents a promise to
repay a fixed amount of funds
- Financial security for the performance of an obligation; usually a
written document supported by a pledge of collateral.
Surety -
correct answer ✅The party (company) that issues a bond which
guarantees the performance of the person bonded (in construction,
the contractor) to fulfill obligations under contract within the
financial and time limitations stated in the bond.
Warranty (warranty against the quality) -
correct answer ✅A statement of fact or quality intended to be
relied upon by another party, carrying with it an implied or express
promise to make good any breach
Certificate of Substantial Performance -
correct answer ✅A certificate issued under the appropriate lien
legislation attesting that the contract between the owner and the
contractor is substantially complete.
,ExAC Section 4 - Exam Questions &
Answers (Grade A+)
Holdback -
correct answer ✅"A percentage of the monetary amount payable
under a (construction) contract, which is held back as security for a
certain period of time. The percentage and period of time are
based on the provincial lien legislation."
Lien -
correct answer ✅- legal claim on real property to satisfy a debt
owed to the lien claimant by the property owner. This claim can
carry the right to sell the property upon default.
- a right to keep possession of property belonging to another
person until a debt owed by that person is discharged.
Shop Drawings -
correct answer ✅A drawing, prepared on behalf of the contractor
to indicate precise details of the construction materials, for
fabrication, production or installation.
Shop Drawing Review -
correct answer ✅First, Gen. Contractor reviews shop drawings.
Second, architect and consultant review (snd approved
construction dwgs prior to fabrication). Lastly, shop drawings are
returned to contractor for use, use w/ change, or resubmission.
, ExAC Section 4 - Exam Questions &
Answers (Grade A+)
General Review/ Field Review -
correct answer ✅"Review during visits to the Project site (at
intervals appropriate to the stage of the construction)" ... "to
determine that the Work is in general conformity with the
construction documents."
Project Management -
correct answer ✅"The process of planning, scheduling, directing,
organizing and controlling all resources (financial, physical and
human) from the start to the completion of the project goals and
objectives." In many projects, the owner is, by default, the Project
Manager (PM)."
Construction Management -
correct answer ✅- Construction manager (CM) may take on the
roles and responsibilities of an advisor, an agent or a constructor.
The CM is most frequently confined to:
- Advising on, or preparing schedules, budgets, material selection
and detailing, during the design phase
- Advising on and arranging for all services and trade and
supervising the activities of all trade contractors
