Construction parties Study guides, Class notes & Summaries

LAW OF CONTRACT NOTES: Contract as an agreement intended to create enforceable obligations A contract is an agreement between two or more parties. The extra ingredient that distinguishes contracts from non-binding agreements is a serious intention to create legally enforceable obligations (animus contrahendi). The absence of an animus contrahendi explains why ‘gentlemen’s agreements’ are not enforceable as contracts. Legally binding agreements that are not contracts: The ...

Valuation process A systematic procedure used in the valuation of real property. Steps: 1: Define the problem 2:Determine scope of work 3:Gather, record, and verify the data 4:Determine the highest and best use 5:Estimate the land value 6:Estimate value by each of the three approaches (if applicable) 7:Reconcile the estimated values into the final opinion of value 8:Report the final opinion of value Client The party or parties who engage, by employment or contra...

Non-Spendable Fund Balance CORRECT ANSWER Assets not in spendable form-Inventories and prepaid items, principal of a permanent fund which may not be spent, and assets held for sale and long-term receivables. Examples: Supplies, inventory, membership fees Restricted Fund Balance CORRECT ANSWER Subject to constraints imposed by external parties or law. Debt covenants (such as a requirement for a sinking fund) or constraints imposed by legislation or federal and state agencies, creditors, contri...

IAAO Course 300 Exam Questions with All Complete Solutions Scope of Work Rule - ANSWER 1. Identify the problem to be solved 2. Determine and perform the scope of work necessary to develop credible assignment results 3. Disclose the scope of work in the report Scope of work acceptability - ANSWER When it meets or exceeds: 1. Expectations of parties who are regularly intended users for similar assignments and 2. What an Appraiser's peers actions would be in performing the sam...

CON 3990 FAR Exam Practice Questions and Answers | Latest Update 2023/2024. FAR Part 2 -CORRECT ANSWER Definitions of Words and Terms FAR Part 3 -CORRECT ANSWER Improper Business Practices & Personal Conflicts of Interest FAR Part 4 -CORRECT ANSWER Administrative Matters FAR Part 5 -CORRECT ANSWER Publicizing Contract Actions FAR Part 6 -CORRECT ANSWER Competitive Requirements FAR Part 7 -CORRECT ANSWER Acquisition Planning FAR Part 8 -CORRECT ANSWER Required Sources of Supplies and Servic...

ADJUSTER PRO EXAM WITH REVISED ANSWERS (2023) Stu has a collection of rare comic books. He wants to purchase theft insurance for his collection, separate from his home and other property. What term most accurately describes the type of policy Stu would purchase? - CORRECT ANSWER-Monoline Policy Which of the following statements does NOT apply to the Standard Fire Policy? - CORRECT ANSWER-It automatically covers wind and vandalism. Which of the following refers to being restored to the ...

ANSI/IICRC S-500 Water Damage Standards - ANSWER-What document dictates the Standards for the Water Damage Restoration Industry? Work authorization - ANSWER-What needs to be signed before restoration begins? To reduce drying times - ANSWER-Why do we extract water from carpet multiple times? Evaporation - ANSWER-After the water is extracted, what dictates the rate of drying? Take pictures, document, advise parties - ANSWER-What should we do if we find pre-existing damage? Knee kick...

Material fact - About the property Related to the property Principal able to complete the transaction Special importance Disclosing material facts about a seller's property - To client or customer Even if it hurts your customer Regardless of how pubic the material fact is Listing agent has highest responsibility Buyer agent is responsible to disclose if known Answer questions to avoid misrepresentation Willful - intentional Negligent - Unintentional--failure to exercise reasonable c...

Jumpstart Construction Management Ch. 1-3 Questions and Answers Already Passed What is a key responsibility of a construction manager during the initiation phase of a project? To define project goals and establish the initial project scope and budget. How does a construction project manager ensure compliance with local regulations and codes? By reviewing and integrating all relevant building codes and regulations into the project plans and ensuring adherence during construction. ...

WA State 3 Real Estate Exam Prep: Rockwell Institute Sample Exams 3 questions with correct answers The owner of property located along a stream or river may have which type of water right? A. Alluvion B. Riparian C. Appropriation D. Littoral Correct Answer-Your Answer: B Riparian rights are water rights that belong to owners of property that borders a stream or river. (Littoral rights refer to water rights associated with property that borders stationary water, such as a lake.) Five...