Cnst Cont. T1 questions and answers
How best can an owner be certain to obtain a high-quality finished project from design-build? -
<CORRECT ANSWER >>Having design excellence as a major factor in contractor selection
process
It is to the advantage of all of us involved in the construction industry to discourage others from
pursuing a career in our profession. The more people who enter our profession, the fewer
opportunities exist. - <CORRECT ANSWER >>False
Who are the two insurers for the three major financial institutions that furnish mortgage
money to the residential construction market in the U.S.? (Provide your answers as
unpunctuated acronyms and separate answers by a comma and a single space (i.e.: xxx, xxx)) -
<CORRECT ANSWER >>VA, FHA
The three major financial institutions that furnish mortgage money to the residential
construction market in the U.S. are _______. (Separate answers by a comma and a single space
(i.e.: xxx, xxx, xxx). Must get all three correctly to earn the point) - <CORRECT ANSWER >>Ginnie
Mae, Freddie Mac, Fannie Mae
Charged with the responsibility to promote leadership in energy and environmental design is
______________. - <CORRECT ANSWER >>The United States Green Building Council
Private-sector projects are funded by tax dollars through cities, towns, states, and the federal
government. - <CORRECT ANSWER >>False
Construction financing is most likely to be ______________. - <CORRECT ANSWER >>Short term
_________________ often makes use of multiple prime contracts. - <CORRECT ANSWER
>>phased construction
, Young people presently view a career in construction as highly desirable. - <CORRECT ANSWER
>>False
Conformity with the applicable building code is primarily the responsibility of the ______ party.
- <CORRECT ANSWER >>Design
SBC Construction, Inc. and John Smith Electrical sole proprietor completed a project for Mr.
Green in which a claim for liability is being made for negligence on the part of the joint venture.
Which statement is incorrect with regard to this claim of liability? - <CORRECT ANSWER >>SBC
Construction, Inc.is liable to Mr. Green beyond the assets of his business
A single individual can own all the stock of a corporation. - <CORRECT ANSWER >>True
Which one of the following statements is incorrect? - <CORRECT ANSWER >>Only two firms can
form a joint venture
SBC Construction is a corporation practicing mainly in eastern Michigan. Seeking to expand to
other states, it is bidding to take on construction of a dam across the Mississippi River in
Minnesota. What business entity will most enable SBC to obtain this project without registering
in Minnesota? - <CORRECT ANSWER >>Joint venture
Which business type is most prevalent among construction firms? - <CORRECT ANSWER >>Sole
proprietor
The partnership is automatically dissolved by the death of a limited partner, as in the case of a
general partner. - <CORRECT ANSWER >>False
Which business type has the requirement for shareholders to be U.S. citizens? - <CORRECT
ANSWER >>Subchapter corporations
How best can an owner be certain to obtain a high-quality finished project from design-build? -
<CORRECT ANSWER >>Having design excellence as a major factor in contractor selection
process
It is to the advantage of all of us involved in the construction industry to discourage others from
pursuing a career in our profession. The more people who enter our profession, the fewer
opportunities exist. - <CORRECT ANSWER >>False
Who are the two insurers for the three major financial institutions that furnish mortgage
money to the residential construction market in the U.S.? (Provide your answers as
unpunctuated acronyms and separate answers by a comma and a single space (i.e.: xxx, xxx)) -
<CORRECT ANSWER >>VA, FHA
The three major financial institutions that furnish mortgage money to the residential
construction market in the U.S. are _______. (Separate answers by a comma and a single space
(i.e.: xxx, xxx, xxx). Must get all three correctly to earn the point) - <CORRECT ANSWER >>Ginnie
Mae, Freddie Mac, Fannie Mae
Charged with the responsibility to promote leadership in energy and environmental design is
______________. - <CORRECT ANSWER >>The United States Green Building Council
Private-sector projects are funded by tax dollars through cities, towns, states, and the federal
government. - <CORRECT ANSWER >>False
Construction financing is most likely to be ______________. - <CORRECT ANSWER >>Short term
_________________ often makes use of multiple prime contracts. - <CORRECT ANSWER
>>phased construction
, Young people presently view a career in construction as highly desirable. - <CORRECT ANSWER
>>False
Conformity with the applicable building code is primarily the responsibility of the ______ party.
- <CORRECT ANSWER >>Design
SBC Construction, Inc. and John Smith Electrical sole proprietor completed a project for Mr.
Green in which a claim for liability is being made for negligence on the part of the joint venture.
Which statement is incorrect with regard to this claim of liability? - <CORRECT ANSWER >>SBC
Construction, Inc.is liable to Mr. Green beyond the assets of his business
A single individual can own all the stock of a corporation. - <CORRECT ANSWER >>True
Which one of the following statements is incorrect? - <CORRECT ANSWER >>Only two firms can
form a joint venture
SBC Construction is a corporation practicing mainly in eastern Michigan. Seeking to expand to
other states, it is bidding to take on construction of a dam across the Mississippi River in
Minnesota. What business entity will most enable SBC to obtain this project without registering
in Minnesota? - <CORRECT ANSWER >>Joint venture
Which business type is most prevalent among construction firms? - <CORRECT ANSWER >>Sole
proprietor
The partnership is automatically dissolved by the death of a limited partner, as in the case of a
general partner. - <CORRECT ANSWER >>False
Which business type has the requirement for shareholders to be U.S. citizens? - <CORRECT
ANSWER >>Subchapter corporations
