EXAC Study Cards - Section 4 Questions and Correct Answers/ Latest Update / Already Graded

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EXAC Study Cards - Section 4 Questions
and Correct Answers/ Latest Update /
Already Graded
To reply lien claimant on info request

Ans: 21


Cross-examination notice for lien claimsnt

Ans: 7


Preservation of lien

Ans: 45


Perfection of lien

Ans: 45


Expiry of lien from perfection action

Ans: 2 years


To reply to application for Substantial


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Ans: 10+7


To reply to application for Certificate Statement of completion

Ans: 10+7


To pay after issuance of certificate of completion

Ans: 5


To pay holback

Ans: 45 from a) publish in newspaper, b) completion of
contract, or c) contract is abandoned


Mail notice

Ans: 5 excl. Holidays


Email notice

Ans: 0 (only working hours)


2% interest on delayed payments



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Ans: 60


4% interest on delayed payments

Ans: Per annum, after 60 days


Submit Schedule of values prior to first application for payment

Ans: 15


To reply to application for typical payment

Ans: 10


Owner to pay typical payment

Ans: 20 from a) application for payment, or b) last day of
monthly payment period


Owner to deposit holdback monies in joint account

Ans: 10 before end of holdback period


To give notice of concealed conditions



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Ans: 5


To give notice of delays outside owner/arch. Fault

Ans: 10 (and no extra money!)


Architect to decide on claim for a change in price

Ans: 30


GC to act on owner's termination notice

Ans: 5


GC right to terminate work due to delays

Ans: 20


to act on GC's termination notice

Ans: 5


Termination of Broad Form insurance(from start work date)




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