Question 1

A lien could be paid from the proceeds of a Sheriff's sale

Accepted Answer

A) True 
 B)False  True

Question 2

If a stop notice is filed properly

Accepted Answer

A)  the project has to shut down until a resolution is found 
B)  payments are withheld from the party identified as late in payments 
C)  the Owner has five days in which to rectify the situation 
D)  some but not all of the Contractors and Subcontractors on the site will be required to stop work until the critical issue is resolved 
A)  the project has to shut down until a resolution is found 
B)  payments are withheld from the party identified as late in payments 
C)  the Owner has five days in which to rectify the situation 
D)  some but not all of the Contractors and Subcontractors on the site will be required to stop work until the critical issue is resolved B

Question 3

A joint check

Accepted Answer

A)  is no longer legal 
B)  requires approval from the Owner 
C)  is one method of guaranteeing a debt to one party is paid 
D)  is always between the Owner and a Subcontractor 
A)  is no longer legal 
B)  requires approval from the Owner 
C)  is one method of guaranteeing a debt to one party is paid 
D)  is always between the Owner and a Subcontractor C

Question 4

A lien guarantees a person will ultimately be paid for the work performed on a property

Accepted Answer

A) True 
 B)False

Question 5

Usually in the progress payment process a partial release of liens will be required to be submitted

Accepted Answer

A) True 
 B)False

Question 6

Lien laws

Accepted Answer

A)  are set by the Federal Government 
B)  can be different from one state to another 
C)  were made universal under the LLC Act of 2004 
D)  were only modified under the LLC Act of 2004 
A)  are set by the Federal Government 
B)  can be different from one state to another 
C)  were made universal under the LLC Act of 2004 
D)  were only modified under the LLC Act of 2004

Question 7

A stop notice is used on non-government projects to prevent payment being processed

Accepted Answer

A) True 
 B)False

Question 8

An Owner

Accepted Answer

A)  sometimes requires the Contractor to protect the Owner against all liens 
B)  will file a lien if a Subcontractor fails to perform 
C)  will file a lien if the Contractor fails to pay a Subcontractor 
D)  will expect a lien to be filed whenever a change in the schedule becomes necessary 
A)  sometimes requires the Contractor to protect the Owner against all liens 
B)  will file a lien if a Subcontractor fails to perform 
C)  will file a lien if the Contractor fails to pay a Subcontractor 
D)  will expect a lien to be filed whenever a change in the schedule becomes necessary

Question 9

On Federal work, a lien may not be permitted, so

Accepted Answer

A)  the Constructor cannot do a thing to rectify our situation 
B)  the Constructor has 48 hours after payment was due to file a lien 
C)  the Constructor has 72 hours after payment was due to file a lien 
D)  the Constructor files a stop notice 
A)  the Constructor cannot do a thing to rectify our situation 
B)  the Constructor has 48 hours after payment was due to file a lien 
C)  the Constructor has 72 hours after payment was due to file a lien 
D)  the Constructor files a stop notice

Question 10

Little Miller Acts are state acts similar to the Federal Miller Act

Accepted Answer

A) True 
 B)False

Question 11

The Miller Act requires all Federal contracts over $50K to be covered with a payment bond

Accepted Answer

A) True 
 B)False

Question 12

A Sheriff sale

Accepted Answer

A)  involves old furniture 
B)  will be one way a property with a lien might get sufficient funds to settle the lien 
C)  will satisfy the lien debts, and after that return the extra money to the Owner 
D)  wastes everyone's time and money 
A)  involves old furniture 
B)  will be one way a property with a lien might get sufficient funds to settle the lien 
C)  will satisfy the lien debts, and after that return the extra money to the Owner 
D)  wastes everyone's time and money

A lien could be paid from the proceeds of a Sheriff's sale

If a stop notice is filed properly

A joint check

A lien guarantees a person will ultimately be paid for the work performed on a property

Usually in the progress payment process a partial release of liens will be required to be submitted

Lien laws

A stop notice is used on non-government projects to prevent payment being processed

An Owner

On Federal work, a lien may not be permitted, so

Little Miller Acts are state acts similar to the Federal Miller Act

The Miller Act requires all Federal contracts over $50K to be covered with a payment bond

A Sheriff sale

Getting Started

An Introduction to Contracts, Torts, Statutes and Regulations

Owners, Designers, and Constructors

The Basics of Construction Contracts

Different Construction Contract Delivery Methods

Interpreting the Contract

Killer Clauses

Insurance

Bonds

Warranties

Getting Started

Differing Site Conditions

Schedule

Filters

Exam 14: Liens

A lien could be paid from the proceeds of a Sheriff's sale

If a stop notice is filed properly

A joint check

A lien guarantees a person will ultimately be paid for the work performed on a property

Usually in the progress payment process a partial release of liens will be required to be submitted

Lien laws

A stop notice is used on non-government projects to prevent payment being processed

An Owner

On Federal work, a lien may not be permitted, so

Little Miller Acts are state acts similar to the Federal Miller Act

The Miller Act requires all Federal contracts over $50K to be covered with a payment bond

A Sheriff sale

Getting Started

An Introduction to Contracts, Torts, Statutes and Regulations

Owners, Designers, and Constructors

The Basics of Construction Contracts

Different Construction Contract Delivery Methods

Interpreting the Contract

Killer Clauses

Insurance

Bonds

Warranties

Getting Started

Differing Site Conditions

Schedule

Filters