CMIT EXAM NEWEST EXAM WITH 200 DETAILED QUESTIONS AND ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+
5 views 0 purchase
Course
CMIT
Institution
CMIT
CMIT EXAM NEWEST EXAM WITH 200
DETAILED QUESTIONS AND ANSWERS (VERIFIED
ANSWERS) ALREADY GRADED A+
During the CM selection process, which of the following statements is true?
A) The parties should have a clear understanding of the scope of CM
services required and what form of CM agreement...
During the CM selection process, which of the following statements is true?
A) The parties should have a clear understanding of the scope of CM
services required and what form of CM agreement is proposed for use
during the engagement.
B) The owner should consider the cost of CM services only after the
establishment of the technical requirements and after careful consideration
of the CM's qualifications, related experience, and proposed staffing plan.
C) The proposed CM agreements should clearly define the risks and
authority assumed by the CM, as distinguished from those retained by the
owner.
D) All of the above - ANSWER-D) All of the above
There are no accepted industry-wide standards or guidelines for
determining what is considered to be reasonable and fair compensation for
construction management services.
True False - ANSWER-False
,2|Page
With regard to CM compensation and the actual cost of CM services for a
specific project, which of the following factors among others, should be
considered?
A) The point in time when the CM is brought on board and the duration of
the engagement.
B) The scope of services to be provided.
C) The relationship of the CM to others, and the risk and authority assumed
by the CM.
D) All of the above - ANSWER-D) All of the above
Under a fixed fee approach to agency CM compensation, which of the
following statements is NOT true?
A) The fixed fee approach can have an adverse effect on both the CM and
the owner.
B) Unexpected problems could require a CM to expend more costs than
budgeted for staff to perform tasks.
C) The CM is not expected to perform a greater level of effort than
originally anticipated.
D) Some believe that a temptation always exists for the CM to put forth less
effort than anticipated or actually required. - ANSWER-C) The CM is not
expected to perform a greater level of effort than originally anticipated.
,3|Page
The cost plus fixed fee method of CM compensation can be divided into
two separate phases—pre-construction and construction.
True False - ANSWER-True
Under a cost plus fixed fee arrangement for CM compensation, the
reimbursable expenses usually include:
A) The costs of all job-site personnel, staff relocation costs, travel and living
expenses of jobsite staff.
B) The costs of all job-site material, equipment, communications, vehicles,
fees paid, reproduction, postage, computer, and any other reasonable field
office-related expenses.
C) The use of home office personnel who may be involved in purchasing,
expediting, scheduling, estimating, or other direct project-related tasks.
D) All of the above - ANSWER-D) All of the above
The fee as a percentage of construction cost method of compensating an
agency CM has a tendency to discourage effective time and cost control
and is in conflict with the objectives and benefits of an agency construction
management.
True False - ANSWER-True
In cases where a project is extended in duration for reasons beyond the
control of the CM, it is imperative that the CM agreement address:
, 4|Page
A) How changes in scope and additional services will be handled.
B) Extended CM services.
C) The cost of additional services.
D) All of the above - ANSWER-D) All of the above
The cost reimbursement method of compensation is one of the most
commonly used forms of CM compensation associated with agency CM.
True False - ANSWER-True
Under a GMP contract, with services provided by a CM-at-Risk, which of
the following statements is NOT true?
A) The GMP is usually established on less than 100% complete drawings
and specifications.
B) It is important that the phrase Guaranteed Maximum Price be clearly
defined in the contract regarding what it includes and excludes.
C) With a GMP type CM agreement, the CM is responsible for all costs
associated with the project.
D) Once a GMP for construction costs is established, the CM takes on the
risk for completing the project. - ANSWER-C) With a GMP type CM
agreement, the CM is responsible for all costs associated with the project.
A CM's role and responsibilities are governed solely by the Owner/CM
Agreement.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller edwinnyamoita. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.99. You're not tied to anything after your purchase.
