CM 3111 FINAL EXAM COMPLETE QUESTIONS WITH CORRECT VERIFIED ANSWERS UPDATED 2025/2026 VERSION|| ALREADY GRADED SOLUTIONS FOR A 100% GUARANTEED PASS!!!

CM 3111 FINAL EXAM COMPLETE QUESTIONS WITH CORRECT VERIFIED ANSWERS UPDATED 2025/2026 VERSION|| ALREADY GRADED SOLUTIONS FOR A 100% GUARANTEED PASS!!! 1. A statement that shows sales prices for specific items within the project. This statement breaks the project into quantifiable components. - ANSWER Schedule of Values 2. A practice where contractors overvalue the initial items on the project to generate additional cash flow early in the project to cover the construction costs and undervalue items performed at the end of the project. - ANSWER Front-End Loading 3. A percentage of the work that has been completed. - ANSWER Work in Place 4. The amount of retainage withheld throughout the construction period that is given to the contractor upon project completion. - ANSWER Final Payment 5. Written documents that describe the conditions and obligations relating to the agreement. This is not a financial lone or insurance policy, but serves as an endorsement of the contractor. - ANSWER Bonds 6. A person who guarantees payment of another party's obligations. - ANSWER Surety 7. Bond forms that conform to a particular governing statute; They vary from one jurisdiction to another. - ANSWER Statutory Bonds 8. Bonds used when a statutory form is not required. - ANSWER Nonstatutory Bonds 9. This ensures that if a contractor is awarded the bid within the time specified, the contractor will enter into the contract and provide all other specified bonds. - ANSWER Bid Bond 10. This guarantees the owner that the contractor will perform all work in accordance with the contract documents and that the owner will receive the project built in substantial agreement with the documents. - ANSWER Performance Bond 11. This guarantees the payment of the contractor's bill for labor and materials used or supplied on the project. - ANSWER Payment Bond 12. These protect the prime contractor against financial loss and litigation due to default by a subcontractor. - ANSWER Subcontractor Bond 13. This is required of the prime contractor when a state law or municipal ordinance requires a contractor's license or permit. - ANSWER License or Permit Bond 14. This Insurance policy provides benefits to employees or their families if they are killed or injured during the course of work. - ANSWER Worker's Compensation Insurance 15. This Insurance policy protects projects under construction against direct loss due to fire and lightning. This insurance also covers temporary structures, shed and equipment stored at the site. - ANSWER Builder's Risk Insurance 16. This Insurance policy covers liability arising out of negligent actions by the contractor and the company's employees, and includes bodily injury, property damage or loss, and other personal injury such as slander or damage to reputation. - ANSWER Commercial General Liability Insurance 17. This Insurance policy covers vehicles used on public roads including cars, trucks, portable office trailers used on the job site, and construction equipment that drives on public roads, such as dump trucks. - ANSWER Automotive Insurance 18. This Insurance policy covers equipment used in waterways, such as barges and boats and provides similar protection as automotive insurance. - ANSWER Marine Insurance 19. This Insurance policy covers off-road construction equipment, such as backhoes, scrapers, and dump trucks not licensed for use on public road sand provides similar protection to auto insurance. - ANSWER Inland Marine Insurance 20. This Insurance policy covers real property owned by the contractor, such as office buildings, shops, and warehouses. - ANSWER Property Insurance 21. This Insurance policy covers the contents of a building, such as computers and furniture. - ANSWER Business Personal Property Insurance 22. This Insurance policy covers liability arising from errors or omissions by the designers of a project. - ANSWER Errors and Omissions Insurance 23. This Insurance policy goes on top of all the company's insurance, increasing the limits of coverage. - ANSWER Umbrella Insurance 24. This Insurance policy may be taken out by a company for key personnel where the company is the beneficiary to protect the company against losses due to the death of the employee - ANSWER Life Insurance 25. These set out the obligations and responsibilities of the parties to the contract. - ANSWER Contract Documents 26. This provides cost information to the construction industry so contractors in the industry can provide accurate estimates and projections for their project costs. It has become a data standard for government work in terms of pricing, and is widely used by the industry as a whole - ANSWER R.S. Means 27. This is work that is added to or deleted from the original scope of work of a contract, which alters the original contract amount and/or completion date. - ANSWER Change Order 28. A document that accompanies the drawings and includes information on how to bid the project, the contractual obligations of the successful contractor, and the specifications for the materials used in the construction. - ANSWER Project Manual 29. An organization that formed in 1948 to improve the quality of construction specifications, they have developed a standard format for organizing the specification known as the MasterFormat, which consists of 50 divisions for specific areas in construction. - ANSWER Construction Specification Institute (CSI) 30. When Awarding the Bid, the Owner reserves the right do to what 3 things? - ANSWER 1) Reject any or all bids 2) Accept a bid other than the lowest 3) Reject any proposal not prepared and submitted in accordance with the contract documents. 31. This stipulates the price for which the contractor agrees to perform all of the work described in the contract documents. - ANSWER Proposal Form 32. The written descriptions of materials, construction systems, and workmanship. The purpose of these are to define the quality of materials and the results to be provided by the application of construction methods. - ANSWER Specifications 33. This is the time period after the basic contract documents have been issued to the bidders and before the bids are due. - ANSWER Bidding Period 34. Is a collection of programs, processes and information used to perform a part of the cost estimating process in the construction industry. - ANSWER OnScreen Takeoff 35. The estimator must maintain a high degree of ________________ throughout the estimate development stage. - ANSWER Organization 36. Each estimate prepared should have this. It should be broken down into several areas: the workup sheets, summary sheets, errors and omissions sheets, proposals received from subcontractors, proposals received from material suppliers and manufacturers' representatives, and notes pertaining to the project. - ANSWER Notebook 37. What are the 4 key activities for planning the estimate? - ANSWER 1) Review of the Construction Documents 2) Site Visit 3) Divide into work Packages 4) Schedule the Estimate 38. A notification received by the Subcontractor from the General Contractor which includes the scope of work for which the contractor is requesting a bid. - ANSWER Request for Quote 39. The Subcontractor practice of calling in at the last minute with a proposal, because the Subcontractors fear that the Contractor will tell other Subcontractors the proposal price and encourage lower bids. - ANSWER Bid Peddling or Bid Shopping 40. This is used to equalize the scope between subcontractors so that the most advantageous subcontractor's bid can be included in the Prime Contractor's Bid. - ANSWER Bid Tabulation 41. This is used to make calculations and sketches and to generally "work up" the cost of each item. - ANSWER Workup Sheet 42. All costs contained on the workup sheets are condensed, totaled and included in this. - ANSWER Summary Sheet 43. What is the Role of Estimating? - ANSWER Secure work for the company 44. Bid too high--- - ANSWER Lose Work 45. Bid too low---- - ANSWER Lose Money 46. This is often expressed as a number of labor hours per unit of work, although it may also be expressed as the quantity of work performed by a crew during a standard eight-hour day. - ANSWER Productivity Rate 47. = Quantity Takeoff x Productivity Rate - ANSWER Labor Hours 48. = Labor Hours x Productivity Factor - ANSWER Adjusted Labor Hours 49. This factor is a combination of several variables or conditions. This factor is greater than one when conditions slow the progress of work. It is less than one when conditions speed up the progress of work. - ANSWER Productivity Factor 50. This is another method of determining Productivity Rate. It is used when the work is performed in a repeatable cycle. This is used extensively in excavation estimating. - ANSWER Cycle Time Analysis 51. All construction companies with revenues of $500000 or more and many smaller construction companies must comply with the ____________________________________________ , which establishes the requirements for payment of minimum wage and overtime. - ANSWER Fair Labor Standards Act (FLSA) 52. This requires that prevailing wages be paid on jobs with federal funding. - ANSWER Davis-Bacon Act