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Flashcards in Chapter 2 Deck (20)
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1
Q

One who constructs dwellings to be sold

A

Speculative Builder

2
Q

One who undertakes a legal obligation to build houses that are owned by others

A

Contract Builder

3
Q

A building built from the ground up, as differentiated from one that is adapted from an existing building

A

New Construction

4
Q

Modifying an existing building

A

Remodeling

5
Q

A contractor who has responsibility fro the overall conduct of a construction project

A

General Contractor

6
Q

Certified by a state government as being competent to practice a profession or trade

A

Licensed

7
Q

In construction law, covered by a bond. In concrete construction, adhered to concrete

A

Bonded

8
Q

Covered by a contract or contracts that will pay for damages or expenses in the event that specified things go wrong

A

Insured

9
Q

Employing a contractor or builder for a project without competitive building

A

Direct Hiring

10
Q

One who acts as both developer and builder

A

Developer/ Builder

11
Q

Furnishing both design and construction services with a single business entity

A

Design/ Build

12
Q

A process of soliciting and comparing cost proposals from two or more business entities, usually for the purpose of making a business arrangement with the one who proposes the lowest cost

A

Competitive Bidding

13
Q

An agreement that specified work is to be carried out for a given price

A

Stipulated-Sum Contract

14
Q

An agreement to perform work for payments equal to the direct cost of the work plus additional payments for the contractor’s overhead and profit

A

Cost-Plus Contract

15
Q

An agreement to add to, subtract from, or alter a work that is already under contract. This may include a provision for adjusting the contract price according

A

Change Order

16
Q

A person or business that buys land, legally divides it, and installs improvements to support the construction of houses

A

Residential Developer

17
Q

A provision in the legal certificate of ownership that a specified activity may not occur or a specified physical feature may not be built on a piece of land

A

Deed Restriction

18
Q

Money borrowed at interest to pay construction costs until a permanent mortgage is arranged after the completion of construction

A

Construction Loan

19
Q

A long-term loan on a piece of property

A

Mortgage

20
Q

The copyrighted title of a uniform indexing system for construction specifications, as created by the Construction Specifications Institute and Construction Specifications Canada

A

MasterFormat