In a typical construction loan, the interest rate is locked for the entire term of the loan. - Correct Answer
True
Both company overhead and project overhead should be accounted for in a projects estimate. - Correct
Answer True
Salespeople shall not begin selling until they receive their license and pocket ID card. - Correct Answer
True
A material breach of contract is the most serious of contract breaches. - Correct Answer True
If a sale was initiated and completed by a salesperson at a person's home, the customer has a right to
cancel that contract within __________days. - Correct Answer 3
If a contract is negotiated on the premise of price per square foot of material installed, this would be a
____________ - Correct Answer Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while under
construction are called _________ - Correct Answer Company Overhead
Company overhead can include - Correct Answer Office expenses, facility maintenance expense,
electrical expenses
A complete list of all of the materials and items of work that would be required to complete a project
are ____ - Correct Answer Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a homeowner? -
Correct Answer No
, Public Act 299 provides for licensing and the right to engage in business as _______ - Correct Answer A
salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have to return it to the
Department? - Correct Answer Yes
Typically ____________________ are hired by mortgage companies and lenders to represent their
interest in closing a loan. - Correct Answer Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty - Correct Answer False
If a customer is listed on the National Do-Not-Call Registry, but there is an established business
relationship, a seller can still call within _____________ months of the consumers last purchase, delivery
or payment. - Correct Answer 18
If a contract is a lump sum agreement, that means every dollar over budget means a dollar in your
pocket. - Correct Answer False
A line on a blueprint drawing with a scale of 1/4" per foot will - Correct Answer Be longer than the line
on a print with a scale of 1/8"
Contractors convicted of fraudulent use of contract funds are guilty of a _____ - Correct Answer Felony
If a homeowner intends to construct a 300 square foot shed on their own property, must they apply for
a permit? - Correct Answer Yes
Costs that are incurred by a contractor that do not directly relate to production, such as the cost
incurred for insuring the project, are called ___________ - Correct Answer Project Overhead
Indirect labor costs, such as employee health insurance, worker compensation insurance and matching
of the employees Social Security and Medicare contribution, is sometimes referred to as _______ -
Correct Answer Labor Burden
True
Both company overhead and project overhead should be accounted for in a projects estimate. - Correct
Answer True
Salespeople shall not begin selling until they receive their license and pocket ID card. - Correct Answer
True
A material breach of contract is the most serious of contract breaches. - Correct Answer True
If a sale was initiated and completed by a salesperson at a person's home, the customer has a right to
cancel that contract within __________days. - Correct Answer 3
If a contract is negotiated on the premise of price per square foot of material installed, this would be a
____________ - Correct Answer Unit Price contract
Costs that a contractor incurs such as administrative costs to service the project while under
construction are called _________ - Correct Answer Company Overhead
Company overhead can include - Correct Answer Office expenses, facility maintenance expense,
electrical expenses
A complete list of all of the materials and items of work that would be required to complete a project
are ____ - Correct Answer Quantity survey (take off)
Can an unlicensed contractor who is required to be licensed impose a lien against a homeowner? -
Correct Answer No
, Public Act 299 provides for licensing and the right to engage in business as _______ - Correct Answer A
salesperson, residential builder, and M&A contractor
If a salesperson doesn't intend to renew their license after it has expired, do they have to return it to the
Department? - Correct Answer Yes
Typically ____________________ are hired by mortgage companies and lenders to represent their
interest in closing a loan. - Correct Answer Title Companies
An explicit warranty made by a manufacturer or seller is an Implied Warranty - Correct Answer False
If a customer is listed on the National Do-Not-Call Registry, but there is an established business
relationship, a seller can still call within _____________ months of the consumers last purchase, delivery
or payment. - Correct Answer 18
If a contract is a lump sum agreement, that means every dollar over budget means a dollar in your
pocket. - Correct Answer False
A line on a blueprint drawing with a scale of 1/4" per foot will - Correct Answer Be longer than the line
on a print with a scale of 1/8"
Contractors convicted of fraudulent use of contract funds are guilty of a _____ - Correct Answer Felony
If a homeowner intends to construct a 300 square foot shed on their own property, must they apply for
a permit? - Correct Answer Yes
Costs that are incurred by a contractor that do not directly relate to production, such as the cost
incurred for insuring the project, are called ___________ - Correct Answer Project Overhead
Indirect labor costs, such as employee health insurance, worker compensation insurance and matching
of the employees Social Security and Medicare contribution, is sometimes referred to as _______ -
Correct Answer Labor Burden
