4400631
Description
Flashcards by Victor Manuel Pulido, updated more than 1 year ago
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Created by Victor Manuel Pulido
almost 9 years ago
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| Question | Answer |
| Abandonment of Contract | to cease intending or attempting to perform without legal excuse of any construction project or operation engaged in or undertaken by the licensee as a contractor shall be cause for disciplinary action |
| Abeyance | condition in which ownership is undermined |
| Abstract | a summary to the history of the legal title to a piece of property; summary of a document; itemized list of a building materials |
| Abstract of Judgment | summary of a court decision |
| Abstract of Title | short history of the title to a tract of land; includes description of land; all deeds, mortgages, wills, judgments, liens, foreclosures, and releases |
| Accounting Period | a time interval at the end of which an analysis is made of the information contained in the bookkeeping records. Also, the period of the tim |
| Accounts Payable | (1) payments you owe to someone else. (2) money you owe to an individual or business for goods or services that hav |
| Accounts Receivable | (1) payment owed to you. (2) money owed to your business for goods or services that have been delivered but not yet paid for |
| Accretion | increase of land area through natural causes, such as the build-up of sediments |
| Accrual Accounting | recording income as accounts receivable when earned, and recording debts as accounts payable when they are incurred. Also called, "Accrual Basis Accounting" |
| Accrual Basis | a method of keeping accounts that shows expenses incurred and income earned for a given fiscal period, even though such expenses and income have not been actually paid or received in cash |
| Accuarcy | correctness; agreement with a standard |
| Acquest | to acquire property by purchase |
| Acquiescence | accepting or complying without objection, thus implying the wavier of the right to legal action |
| Act | Section 107 of the Contract Work Hours and Safety Standards Act, commonly known as the Construction Safety Act |
| Actuary | a professional expert in pension and life insurance matters; particularly trained in mathematical, statistical, and accounting methods and procedures, and in insurance probabilities |
| Addendum | (Addenda) a supplement or addition to something |
| Ad Hoc | for the particular purpose at hand, without consideration for a wide application |
| Ad Infinitum | without end, forever |
| Adjudge | formally declared; to judicially decide or award |
| Adjudicate | to act as judge; to settle judicially |
| Administrative Law Judge (ALJ) | the hearing officer provided by the Office of Administrative Hearings to decide CSLB disciplinary cases |
| Ad Valorem | According to value |
| Adverse Possession | possession of real property by continuous occupant without the consent of the owner |
| A/E | Architect / Engineer |
| Affidavit | a written statement sworn to under oath before a recognized authority |
| Affidavit of Non-Collusion | a sworn statement, by bidders for the dame work that their proposal prices were arrived at independently without consultation between or among them |
| Affirm | promise to tell the truth. assertion of truth |
| Affirmative Action Plan | plan that contractor has to meet equal employment requirements |
| Aging List | a summary of accounts receivable and the amount of time they have been owed to you. the summary allows a view of several accounts and their payment histories to determine which accounts are past due. |
| Air Rights | legal rights to air space above the property |
| Alienation | transfer of property to another |
| Alienation Cause | clause in a mortgage or deed stating that the total debt becomes due if the property is sold or transferred |
| Allodium | land that is owned outright with no rental or other fees due to landlord |
| Amortization | spreading a large cost over a period of years; (2) scheduled liquidation (satisfaction) of a long-term debt by a set amount over a period of time. for a mortgage, monthly payments include prorated interest, principle, taxes and insurance. as each payment toward principle is made, the mortgage amount id reduced or amortized by that amount. |
| Amortize | gradually eliminate a financial obligation thru a system of periodic payments over a set time. |
| A | subordinate to, subsidiary; (2) auxiliary, supplementary |
| Appurtenance | belonging to; a part of real property as a house or a casement |
| Arbitration | method of settling claims or disputes between parties to a contract, rather than by litigation, under which an arbitrator or a panel of arbitrators, selected for his/her or their specialized knowledge in the field in question, hears the evidence and renders a decision. |
| Arbitration Program | an informal process in which the people in conflict agree to let a neutral third person or panel make a final decision in a dispute between them |
| Arrears | amounts past due and unpaid |
| As-Built Drawings | drawings reflecting the actual construction with all final changes |
| A | agreement |
| Association Date | the date a person is added to a license |
| Attorney | a person authorized to act for or on behalf of another person or organization, to the extent prescribed in a written instrument known as a power of attorney. |
| Authority Having Jurisdiction | an organization, office, or individual responsible for enforcing the requirements of a code or standard, or for approving equipment, materials, an installation, or a procedure |
| Awarding Authority | a |
| Ballon Payment | mortgage loan that provides for unscheduled payments |
| Bid Abstract | abstract of bid; a list of bidders and their bid prices on a given project usually broken down by items in the project |
| Bid Bond | a form of bid security executed by the bidder as principle and by a surety; bid security; surety |
| Bid Guarantee | the required security submitted with the bid to ensure execution of the contract and the furnishing of the required bonds |
| Blue Card | the translator affidavit completed by translator/candidates requesting the use of a translator during an examination |
| Bona Fide | in good faith |
| Bona Fide Bid | bid submitted in good faith |
| Bona Fide Employee | means an employee who is permanently employed by the applicant and is actively engaged in the operation of the applicant's contracting business for at least 32-hours or 80% of the total hours per week such business is in operation, which ever is less |
| Bond | contractors are required to maintain a surety bond for the benefit of the consumers who may be damaged as a result of defective construction or other license law violation and for the benefit of employees who have not been paid wages that are due to them |
| Bond of Qualifying Individual | the bond required for the qualifying individual who is a responsible managing employee (RME) or is a responsible managing officer (RMO) who owns 10% or less of the voting stock/equity of the license entity |
| Bond Stop Notice | a bond that accompanies a stop notice to a construction lender and must be in a sum equal to 1-1/4 times the amount of the claim. |
| Book Depreciation | amount reserved on an annual basis to provide for replacement |
| Building Official | the official: the official or other designated authority charged with the administration of a building code, or his/her duly authorized representative |
| Business and Professional Code (B&P) | the section of the California Codes where the Contractor's license Laws can be found |
| B | rules adopted by a corporation to govern the conduct of its business |
| Call Loan | a loan that must be paid on demand |
| Capital Equipment | equipment you use to manufacture a product, provide a service, or sell, store, and deliver merchandise. such equipment will not be sold in the normal course of business but will be used and worn out or consumed in the course of business |
| Caveat | let him beware |
| Caveat Emptor | let the buyer beware |
| Certified Unified Program Agency (CUPA) | underground storage of hazardous substances. the agency certified by the Secretary for Environmental Protection to implement the unified program |
| Chamber of Commerce | an organization of business people designed to advance the interests of its members. there are three levels: national, state, and local |
| Chattel | tangible property that is portable |
| Civil Remedies | usually refers to money damages sought through suit in a civil court (small claims court, municipal court, superior court) |
| C | refers to the type of work performed, for example: plumbing (C-36), electrical (C-10). there are 43 classifications |
| Clean Air Act | federal legislation passed in 1970 requiring individual states to develop pollution control standards |
| Closed Shop | requirements that prospective employee be a member of a unpin before he/she can be hired be and employer |
| C | a supplement to a will |
| Collective Bargaining | negotiation between employers and unions |
| Collusion | a secret agreement or co-operation for a fraudulent or deceitful purpose. non-collusion statements are often required when bidding on government contracts |
| Common | tract of land that is the property of the public |
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