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Residential Builder's Salesperson Practice Exam Questions and Answers, Exams of Construction law

A series of practice exam questions and answers for the residential builder's salesperson exam. The questions cover various topics related to construction loans, contracts, costs, licenses, and the fair housing act. The answers are provided along with each question, making it easy to use as a study guide for the exam.

Typology: Exams

2023/2024

Available from 03/19/2024

Chloelunar
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Download Residential Builder's Salesperson Practice Exam Questions and Answers and more Exams Construction law in PDF only on Docsity! Residential Builder's Salesperson Practice Exam Questions And Answers 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 Residential Builder's Salesperson Practice Exam Questions And Answers 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 Residential Builder's Salesperson Practice Exam Questions And Answers How many days does a person have from the receipt of a complaint to respond? - correct answer 15 Days Without ________________, customers don't legally have to oblige your request because you didn't get their approval for these additional costs. - correct answer Change Orders When adding profit to an estimate, the value is usually _________________ - correct answer A percentage of the total job cost No one may take any of the following actions based on race, color, national origin, religion, sex, familial status or handicap - correct answer Refuse to rent or sell housing, refuse to negotiate for housing, or make housing unavailable Project overhead can include ______________ - correct answer Cost of sanitary facilities, financing costs, and cost of blueprints Contracts for the sale of good are not valid unless they have 4 required elements: offer and acceptance, Residential Builder's Salesperson Practice Exam Questions And Answers consideration, competent parties and __________ - correct answer Legal Purpose In order for a merchant to avoid a misunderstanding having to do with a warranty on the product, there must be a disclaimer provided to the customer in a conspicuous manner that the product is sold "AS IS" and there is no warranty either expressed or implied. - correct answer True When applying for a construction loan a copy of the contract between the owner and the builder must be included with the application. - correct answer True How many days is it necessary for a telemarketer or seller to search the National Do Not Call Registry ? - correct answer 31 Days When a salesperson terminates employment with a contractor, what must the salesperson do? - correct answer Return the pocket ID card via Certified Mail within 5 days Residential Builder's Salesperson Practice Exam Questions And Answers How many days advance notice will a person be given before an investigative conference is held? - correct answer 10 days This page of the blueprint indicates the location of the structure and the distances from it to the property lines - correct answer Plot or site plan If the sale of a construction project is secured by an unlicensed salesperson, the contract is unenforceable. - correct answer True The Home Solicitations Sales Act requires that the seller provide to the purchaser at the time of the sale a copy of their Notice of Rights to Cancel in not less than _______________________. It must be two points larger than the text in the contract. - correct answer 10 point bold print If the contract states that a certain percentage of the contract's funds will be withheld from the contractor until the entire project is completed, the withheld funds are called ______________________ - correct answer Retainage Residential Builder's Salesperson Practice Exam Questions And Answers salesperson? - correct answer The qualifying person What type of contract would be best used by a contractor to remodel an older home? - correct answer Cost Plus The fair housing laws prohibit all of the following, except: - correct answer Evicting a current user of illegal drugs The penalty for practicing the occupation without a license is _________ - correct answer A minimum of $5000.00 and not more than $25,000.00, or 1 year of jail time, or both Changes to the contract documents before the execution of the contract are called _________________ - correct answer Addenda If there is a change made to the original plans and specifications on a project, it must be formalized with a/an _______ - correct answer Change Order Residential Builder's Salesperson Practice Exam Questions And Answers Must a builder furnish his customer plans and specifications if the home he is building is exactly the same home as a model the customer has walked through? - correct answer No Permits are required for any improvement on a home greater than $2500 in total cost. - correct answer False All written agreements shall provide clear terms, specifications and plans if applicable, as well as _______________ - correct answer Cost, type and amount of work to be done, type and quality of materials to be used If a contractor doesn't complete a project on schedule and the contract states that the completion date is an important factor, the contractor may have to pay __________________ - correct answer Liquidated damages Of the nine board members, how many of them represent members of the general public who are not practicing contractors? - correct answer 3 Residential Builder's Salesperson Practice Exam Questions And Answers A violation of Truth in Advertising is which of the following? - correct answer Mislead or deceive a consumer Who decides what penalty will be imposed against a residential builder or M&A contractor? - correct answer Builders Board, or the Director of the Department, if the Board fails to take action within 60 days Before a contractor will receive a draw or progress payment, the financial institution will require that all material suppliers and subcontractors for which the money is to be distributed sign a ________________ - correct answer Lien Waiver The National Do-Not-Call Registry applies to all organizations who sell goods or services through intestate phone calls. The exception to the law is ____________________ - correct answer Political organizations, charities, telephone surveyors A person registering a complaint to the Board of Residential Builders and Maintenance and Alterations Contractors must do so with ________________ -