AFSB 152 - The Institutes Practice Exam Questions / AFSB 152 – exam 2024 with 100% questions &correct answers

AFSB 152 - The Institutes Practice Exam Questions / AFSB 152 – exam 2024 with 100% questions &correct answers
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Private work is not bid as tightly as public work because all bidders usually understand that a fair markup of a contractor's work is expected and that
- Numerous, unexpected change orders would become a nuisance
- The owner, architect, and contractor are likely to collaborate on a private project
- The quality of work on private projects is expected to meet only the specific standards
- When the contractor begins to seek extras, owners and architects believe they are being mistreated - CORRECT ANSWER-Numerous, unexpected change orders would become a nuisance
Due to the scope of the project, Cortland Company and May Contracting agreed to a cost-plus construction contract. Which one of the following accurately describes a cost-plus construction contract?
- A cost-plus contract includes cost of work and a fee for overhead and profit.
- A cost-plus contract is a fixed-price contract with a changes clause.
- A cost-plus contract includes costs of materials plus labor costs.
- A cost-plus contract includes work costs agreed to in advance plus cost overruns. - CORRECT ANSWER-A cost-plus contract includes cost of work and a fee for overhead and profit.
Which one of the following correctly describes the right of an owner or a contractor to terminate a contract?
- An owner or a contractor can terminate a contract at any time for any reasonable cause.
- Without a termination clause, an owner or a contractor can terminate a contract only for a material breach of contract.
- Without a termination clause, an owner can terminate a contract, but a contractor cannot.
- Without a termination clause, an owner or a contractor cannot terminate a contract for any reason. - CORRECT ANSWER-Without a termination clause, an owner or a contractor can terminate a contract only for a material breach of contract.
Lansing Construction Company completed major jobs including road grading, bridges, and base and paving work. Which one of the following types of contractors is Lansing?
· Heavy and highway construction
· General Engineering contractor
· General Building contractor
· Design/build contractor - CORRECT ANSWER-Heavy and highway construction
The project owner for a new shopping plaza being built in Highville is the Highville Municipal Property Company. The role of the project owner at the beginning of any construction project is to
· Engage consultants in fields in which it lacks the expertise necessary for the project
· Define a need for a facility and engage an architect or an engineer
· Furnish an estimated project cost that may be used to negotiate financing for the project
· Design the facility and prepare the plans and specifications for its construction - CORRECT ANSWER-Define a need for a facility and engage an architect or an engineer