1 of 150
Term
What does a notice of commencement contain? (3)
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money paid to a contractor/subcontractor should be considered to be a "trust fund"
for the benefit of the person making the payment. The contractor who is paid is
considered the trustee.
, 1. A legal description of the property
2. Name and address of the owner or lessee of the property
3. Name and address of the contractor.
a set of plans
a bond that guarantees that you will accept the work if you win the contract. The bid
fee (usually 5% or 10%) is a damages calculation that is paid when you win the bid,
but then decide not to take the work.
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2 of 150
Term
who reissues licenses for salespeople?
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LARA (The Department) 1/4" = 1'
Laborers, subcontractors, material
Distances, angular Measurements.
men. felony.
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, 3 of 150
Term
Define general partnership
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All members share equally in
Members take turns managing the profits and losses as well as
partnership without sharing profits. liabilities and management
decisions.
Only one member manages the Members have limited liability and do
partnership while others invest. not share losses.
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4 of 150
Term
another name for an alternative dispute resolution written into
contracts
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an arbitration clause an adjudication clause
, a promise is exchanged for an act a domestic-dispute clause
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5 of 150
Term
unlicensed builders cannot impose a _______ on properties
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contract lien
mortgage tax
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6 of 150
Definition
The minimum distance from the lot line where a building can be
erected.
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Term
What does a notice of commencement contain? (3)
Give this one a try later!
money paid to a contractor/subcontractor should be considered to be a "trust fund"
for the benefit of the person making the payment. The contractor who is paid is
considered the trustee.
, 1. A legal description of the property
2. Name and address of the owner or lessee of the property
3. Name and address of the contractor.
a set of plans
a bond that guarantees that you will accept the work if you win the contract. The bid
fee (usually 5% or 10%) is a damages calculation that is paid when you win the bid,
but then decide not to take the work.
Don't know?
2 of 150
Term
who reissues licenses for salespeople?
Give this one a try later!
LARA (The Department) 1/4" = 1'
Laborers, subcontractors, material
Distances, angular Measurements.
men. felony.
Don't know?
, 3 of 150
Term
Define general partnership
Give this one a try later!
All members share equally in
Members take turns managing the profits and losses as well as
partnership without sharing profits. liabilities and management
decisions.
Only one member manages the Members have limited liability and do
partnership while others invest. not share losses.
Don't know?
4 of 150
Term
another name for an alternative dispute resolution written into
contracts
Give this one a try later!
an arbitration clause an adjudication clause
, a promise is exchanged for an act a domestic-dispute clause
Don't know?
5 of 150
Term
unlicensed builders cannot impose a _______ on properties
Give this one a try later!
contract lien
mortgage tax
Don't know?
6 of 150
Definition
The minimum distance from the lot line where a building can be
erected.
Give this one a try later!
