ARE 5.0 Practice Management Exam 2023 Passed
Sole Proprietorship
The business is owned by an individual
General Partnership
Two or more people (general partners) share in the management, profits and risk of the business
Limited Partnership
Has at least one general partner (invests in the bu...
ARE 5.0 Practice Management Exam 2023 Passed
Sole Proprietorship
The business is owned by an individual
General Partnership
Two or more people (general partners) share in the management, profits and risk of the
business
Limited Partnership
Has at least one general partner (invests in the business, manages it and are financially
responsible for it) and at least one limited partner (investor who receives a portion of the
profits but has no say in the management of the company)
C Corporation
An association of individuals (stockholders, directors and officers) that exists as a legal
entity apart from its members
Stockholders
Owners of the corporation in proportion to the number of shares they own
Directors
Have the fiduciary duty to act in the best interest of the stockholders and are
responsible for broad policy decisions
Officers
Carry out the day-to-day management of the corporation
S Corporation
A corporation that chooses to allocate it's income and losses directly to shareholders in
proportion to their holdings. Limited to small business corporations with less than 100
shareholders.
Professional Corporation
Similar to other corporations except that liability for malpractice is limited to the person
responsible for the act.
Limited Liability Company (LLC)
Business structure that combines the advantages of a partnership or sole proprietorship
with the limited liability of a corporation. (Aka LLP Limited Liability Partnership)
Joint Venture
A temporary association of two or more persons or firms for the purpose of completing a
specific project or achieving a specific goal
Teaming Agreement
Defines the roles, responsibilities and contractual relationships that will be established if
the firms are awarded the project and the joint venture is formed. (Aka Memorandum of
Understanding)
Memorandum of Understanding
Defines the roles, responsibilities and contractual relationships that will be established if
the firms are awarded the project and the joint venture is formed (Aka Teaming
Agreement)
Standard of Care
The level of skill and diligence that a reasonably prudent architect would exercise in the
same community, in the same time frame, and given the same or similar facts and
circumstances
, Departmental Organization
Staff is organized into departments, each of which specializes in a different function. A
project moves from one department to another in its route from start to finish (Horizontal
Organization or Flat Organization)
Studio Organization
Staff is organized in groups called studios. Each studio is responsible for completing an
entire project (Vertical Organization or Tall Organization)
Outsourcing
Contracting with another company to do some of the work needed for a project
Support Staff
Employees other than the professional staff and senior management
Business License
Allows the business to practice and usually serves as a basis for taxation
Certificate of Authorization (COA)
Some states require a firm to obtain this in order to offer services to the public
Human Resources Management
Involves the entire range of hiring, compensating, managing and terminating
employees, along with the legal responsibilities of having employees (personnel
management)
Formal Employee Contract
Spells out the employee's responsibilities, work duties and compensation, as well as the
firms benefits, work conditions, termination procedures and policies
Independent Contractor
Person hired for a specific project. They control where and how they perform their work
and provide their own supplies and equipment
Job Description
Defines the duties and responsibilities of the person holding a specific job title
Personnel Policy Manuel
A positive statement of the firms commitment to employees, clients and the public at
large
Compensation
Any kind of payment made to employees for work - a base salary + benefits
Flexible Benefit Package
Required statuary benefits are provided, and employees can choose their additional
benefits from a menu of options
Performance Evaluation
A formal review performed by a manager to assess each employees performance
National Labor Relations Act
Allows private sector employees to organize into trade unions and protects union
employees from unfair labor practices (Wagner Act)
Equal Pay Act
Requires equal pay for employees with the same work duties, responsibilities and
experience
Employee Eligibility Verification
Requires employers to verify the employee's right to work in the United States
Wages and Fair Labor Standards Act (FLSA)
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