Cmit Exam (200 Multiple Choice)

Under a CM-at-risk contract, which of the following statements are true? A) The CM, in most cases, holds the trade and/or specialty contracts. B) The CM has the right to enforce the schedule, pay the trade or subcontractors, and terminate them if such action becomes necessary. C) On some CM-at-Risk contracts, the CM has the option of performing portions of the work with its own resources (unless prohibited by law on certain public projects). D) All of the above {Ans: D) All of the above}Once a construction contract is signed, what is the major advantage to the owner of the design-bid-build project delivery method? A) Faster construction B) Higher quality C) Experience level of contractor is known D) Transfer of risk {Ans: D) Transfer of risk}In the absence of both a limit on construction costs and a warranty for the accuracy of the cost estimate, a project cost overrun will cause the CM to lose their fee. True False {Ans: False}After a contractor declares that he is substantially complete on a project, the owner and/or CM should prepare what document? A) Bond release B) Punchlist C) Commissioning plan D) Final payment {Ans: B) Punchlist}A limitation provision