ARE 5.0 PCM EXAM 2025
QUESTIONS AND ANSWERS
Cannon 1 - ....answer ...-general obligations: maintain & advance their knowledge
of the art & science of architecture, contribute to its growth, exercise learned and
compromised professional judgement.
Cannon ii - ....answer ...-obligations to the public: serve the public interest in their
professional and personal activities
Cannon iii - ....answer ...-obligations to the client: serve clients competently and in
a professional manner.
Cannon iv - ....answer ...-obligations to the profession: uphold the integrity and
dignity of the profession.
Cannon v - ....answer ...-obligations to colleagues: respect the rights and
acknowledge the professional aspirations and contributions of their colleagues.
Cannon vi - ....answer ...-obligations to the environment: promote sustainable
design and development principles
Sole proprietorship - ....answer ...-owned by an individual. Easy to setup, total mgt
by owner, possible tax advantages. Disadvantage: owner is personally liable for company
debts and losses
....FOR STUDY PURPOSES...©️2025 ALL RIGHTS RESERVED... 1
, General partnership - ....answer ...-2 or more people, general partners, share mgt,
risk, rpfit. Income is shared & reported on personal tax forms. Each partner is personally
liable for business debts.
Limited partnership - ....answer ...-has one general partner & at least one limited
partner. Gen. Partners invest & manage it & are financially responsible. Limited partners
are silent investors, only liable for their initial investment.
Corporation/ c corp - ....answer ...-a legal entity separate from its members,
requires articles of corp from state office. Members are only responsible for inital
investment.
C corp - ....answer ...-structure: stockholders, directors, officers
Corp - ....answer ...-advantage: members personal assets are not at risk. Taxed at
lower rates but once at the business level on its profits and once for its shareholders for
dividends
S corp - ....answer ...-allocates income and losses directly to shareholders. Limited
to small businesses, less than 100.
Llc or llp - ....answer ...-consist of investors/members and managers. Members
have no personal liability only initial investment. Not a separate entity tax wise so the
business isn't taxed. Profits/losses and taxes are passed on to its members
Joint venture - ....answer ...-temp association of 2 or more persons/firms for the
purpose of completing a project or goal. Typ. Of large project types & outsourcing
expertise. Dissolves after completion.
....FOR STUDY PURPOSES...©️2025 ALL RIGHTS RESERVED... 2
QUESTIONS AND ANSWERS
Cannon 1 - ....answer ...-general obligations: maintain & advance their knowledge
of the art & science of architecture, contribute to its growth, exercise learned and
compromised professional judgement.
Cannon ii - ....answer ...-obligations to the public: serve the public interest in their
professional and personal activities
Cannon iii - ....answer ...-obligations to the client: serve clients competently and in
a professional manner.
Cannon iv - ....answer ...-obligations to the profession: uphold the integrity and
dignity of the profession.
Cannon v - ....answer ...-obligations to colleagues: respect the rights and
acknowledge the professional aspirations and contributions of their colleagues.
Cannon vi - ....answer ...-obligations to the environment: promote sustainable
design and development principles
Sole proprietorship - ....answer ...-owned by an individual. Easy to setup, total mgt
by owner, possible tax advantages. Disadvantage: owner is personally liable for company
debts and losses
....FOR STUDY PURPOSES...©️2025 ALL RIGHTS RESERVED... 1
, General partnership - ....answer ...-2 or more people, general partners, share mgt,
risk, rpfit. Income is shared & reported on personal tax forms. Each partner is personally
liable for business debts.
Limited partnership - ....answer ...-has one general partner & at least one limited
partner. Gen. Partners invest & manage it & are financially responsible. Limited partners
are silent investors, only liable for their initial investment.
Corporation/ c corp - ....answer ...-a legal entity separate from its members,
requires articles of corp from state office. Members are only responsible for inital
investment.
C corp - ....answer ...-structure: stockholders, directors, officers
Corp - ....answer ...-advantage: members personal assets are not at risk. Taxed at
lower rates but once at the business level on its profits and once for its shareholders for
dividends
S corp - ....answer ...-allocates income and losses directly to shareholders. Limited
to small businesses, less than 100.
Llc or llp - ....answer ...-consist of investors/members and managers. Members
have no personal liability only initial investment. Not a separate entity tax wise so the
business isn't taxed. Profits/losses and taxes are passed on to its members
Joint venture - ....answer ...-temp association of 2 or more persons/firms for the
purpose of completing a project or goal. Typ. Of large project types & outsourcing
expertise. Dissolves after completion.
....FOR STUDY PURPOSES...©️2025 ALL RIGHTS RESERVED... 2
