Chp 53 - Project And Practice Management

Question 1

Sole Proprietorship

Answer 1

company is owned by an individual and operates either under the individuals name or a company’s name.

Question 2

General Partnership

Answer 2

two or more people share in the management, profits, and risks of the business.

Question 3

Limited Partnership

Answer 3

Are simply investors and receive a portion of the profits. No say in the management of the company and are liable only to the extend of their investment.

Question 4

Corporation (C Corporation)

Answer 4

an association of individuals created by statutory requirements and having an existence independent from its members.

Question 5

S Corporation

Answer 5

offers all the advantages of a standard corporation, but the profits or losses are paid or deducted from the stockholders personal income taxes in proportion to the share of stock they hold.

Question 6

Professional Corporation

Answer 6

For architects, similar to other corporations except liability for mal-practice held to the person responsible.

Question 7

Limited Liability Company (LLC) & Limited Liability Partnership (LLP)

Answer 7

Are two hybrid business organizations that combine the advantages of the corporation and the partnership.

Question 8

Joint Venture

Answer 8

is a temporary association of two or more persons or firms for the purpose of completing a project.

Question 9

Departmental Organization

Answer 9

A project moves through the office from one department to another

Question 10

Studio Organization

Answer 10

smaller group, responsible of completing an entire project, from initial planning to production and construction administration.

Question 11

Agency (Agent)

Answer 11

acts on behalf of another, the “Principal”, in dealing with another, the “third party”.

Question 12

Duties

Answer 12

What one person “owes” another in particular relationships, including contracts

Question 13

Liability

Answer 13

is the legal responsibility for injury or damage to another person or property.

Question 14

Negligence

Answer 14

is the failure to use due care to avoid harming another person or property.

Question 15

Privity

Answer 15

protected from claims by parties with whom he or she has no direct contractual relationship.

Question 16

Indemnification Clause

Answer 16

attempts to hold harmless both the owner and architect for any damages, claims, or losses resulting from the performance of any work on the project, whether by the contractor or others with whom the architect has no contractual relationship.

Question 17

Professional Liability Insurance

Answer 17

protects the architect in case he/she causes bodily injury, property damage, or other damage.

Question 18

Malpractice Insurance or errors and omissions insurance -

Answer 18

responds to problems from incorrect specifications, mistakes on drawings, and negligence.

Question 19

General Liability Insurance

Answer 19

protects against claims of property damage, liability, and personal injury caused by the architect or employees, consultants, and other people hired by the architect.

Question 20

Property Insurance

Answer 20

protects the architects building and its contents against disasters such as fire, theft, and flood.

Question 21

Personal Injury protection

Answer 21

protects the architect against charges of slander, libel, defamation of character, misrepresentation and other torts.

Question 22

Tort

Answer 22

is a civil wrong that causes injury to another person.

Question 23

Workers Compensation

Answer 23

Mandatory in all states and protects employees in the event of injuries caused by work - related activities.

Question 24

Monitoring

Answer 24

keeping track of the progress of the job to see if the planned aspects of time, fee and quality are being accomplished.