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Practice Management > Questions > Flashcards

Questions Flashcards

1
Q

What is the major difference between CM-agent and CM-advisor?

A

The CM agent is authorized to enter into contracts on behalf of the owner

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2
Q

What is GMP?

A

A commitment by the construction manager to build the project for a specified price developed from design documents

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3
Q

Why is the CMc model also know as CM-at-risk?

A

The construction management entity takes responsibility for meeting a fixed cost of construction

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4
Q

What is the contractor paid under a cost plus fixed fee contract?

A

Actual labor and material costs for construction plus a fee for coordination of trades on the site

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5
Q

What must be developed before a joint venture is formed?

A

Teaming agreement

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6
Q

What are the 3 accounting methods?

A

Cash accounting
Accrual accounting
Modified accrual basis method

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7
Q

What is the average collection period for invoices?

A

60-75 days

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8
Q

What utilization ratio for the firm as a whole is generally break-even?

A

65%

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9
Q

What utilization ratio for professional and technical staff is generally break-even?

A

75%-85%

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10
Q

What should be the range of the overhead rate?

A

1.30 to 1.50

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11
Q

What is the average net multiplier for firms?

A

2.7 to 3.0

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12
Q

What should the break-even rate be between?

A

2.30 to 2.50

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13
Q

Who must change orders be signed by?

A

Owners and architects

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14
Q

A restrictive covenant in an architectural firm means

A

An employee that leaves the firm cannot set up a competing business in the same city

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15
Q

An employee of an architectural firm can bear prohibit moonlighting by employees by using

A

An employment contract

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16
Q

Corporations must be filed with who?

A

The state’s Secretary of State

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17
Q

For professional corporations, all the stockholders, directors, and offices must be what?

A

Licensed architects

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18
Q

The cost plus fee method compensates the architect for what?

A

The actual cost of doing the work plus a fee for profit

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19
Q

How are hourly rates determined?

A

As a multiple of an employee’s salary or salary plus benefits

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20
Q

How do you calculate the utilization ratio?

A

Divide direct hours by total hours

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21
Q

How do you calculate the quick ratio?

A

Divide total current assets and revenue earned but not billed by total current liabilities

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22
Q

The breakeven rate accounts for what?

A

Costs of personnel and overhead but not profit

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23
Q

The net multiplier accounts for what?

A

Costs of direct labor, indirect labor, overhead, and profit

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24
Q

How do you calculate the overhead rate?

A

Overhead divided by total direct labor

25
Q

What types of insurance is the architect required to carry for AIA B101?

A

Automobile, general liability, professional liability, and worker’s comp

26
Q

A common way of evaluating staff productivity in an architecture firm is to examine the what?

A

Net multiplier

27
Q

Which type of service fee structure is preferable when a client is embarking on their first architectural project and does not yet have a program ?

A

Multiple of direct personnel expense

28
Q

When deciding on what to charge a developer on an hourly rate agreement, an architect should verify the what?

A

Net multiplier

29
Q

How do you calculate the net multiplier?

A

Net revenue divided by direct salary expense

30
Q

How do you calculate the current ratio?

A

Divide the current assets by the total current liabilities

31
Q

What should the range of the current ratio be?

A

1.0 to 1.5, the higher the better

32
Q

What are the four time-based methods of calculating compensation?

A

Multiple of direct salary expense, multiple of direct personnel expense, professional fee plus expenses, and hourly billing rate

33
Q

When is prequalification of bidders typically conducted?

A

When bidding will be restricted to a selected list of bidders

34
Q

Who approves substitutions?

A

The owner after the architect evaluates them and gives a recommendation

35
Q

Accepted value analysis proposals should be administered as what?

A

Substitutions

36
Q

Who approves action submittals?

A

The architect

37
Q

How do contractors get paid for their work?

A

They submit applications for payment to the architect

38
Q

Applications for payment typically include what?

A

A list of stored materials

39
Q

The final application for payment should include what?

A

A resolution of all change orders and change issues

40
Q

What three architect’s professional services are related to construction costs?

A

Budget evaluation, cost estimates, and construction contract administration

41
Q

What format was developed for design cost management?

A

UniFormat

42
Q

What format is used for construction cost control?

A

MasterFormat

43
Q

What are the three basic estimating approaches?

A
  1. Area, volume, and other single-unit rate methods
  2. Elemental (assemblies and subsystems) methods
  3. Quantity survey methods
44
Q

All estimates should include reasonable provisions for what three things?

A

Price escalation, design contingencies, and construction contingencies

45
Q

Artwork for later selection, special hardware, ornamental lighting, kitchen cabinets, custom carpentry, and similar items may be career as what for bidding?

A

Allowances and

46
Q

Rock removal, additional excavation, additional concrete, and additional piping or wiring may be identified as what to be priced by bidders?

A

Unit prices

47
Q

Who provides the submittal schedule?

A

The contractor

48
Q

Who does the submittal review?

A

The architect

49
Q

What are three ways to control substitutions?

A

Establish performance criteria, use substitution request forms, document accepted substitutions

50
Q

Who prepares the punch list?

A

The contractor

51
Q

One way to maintain everyone’s focus on the importance of the closeout process is to conduct a what before substantial completion?

A

A project closeout conference

52
Q

Who submits notice of substantial completion?

A

The contractor

53
Q

If the owner takes partial occupancy, warranties should be submitted within how many days of completion of the portions of the work occupied by the owner?

A

15 days

54
Q

Who is responsible for scheduling the demonstration and training of systems and equipment for the owners personnel?

A

The architect

55
Q

A zoning ordinance, or zoning code, typically is a companion document to what?

A

A long-range or comprehensive plan

56
Q

What are the three steps in establishing parking requirements for specific land use?

A
  1. Identify the land use
  2. Define the factors expected to predict peak parking demand
  3. Use the information from steps one and two to specify the number of parking spaces required to meet anticipated needs of the development
57
Q

What are the three general categories of zoning pertaining to water use?

A

Lot size, landscaping material, and leakage

58
Q

If an architect is unable, in certain circumstances, to withhold services until a formal written agreement is signed, the architect may consider using what?

A

A letter of intent

Practice Management (2 decks)

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