Chapter 8

1.       Project Precommitment has 6 stages but which one is not one of the stages.

a.       Conceive a development project.

b.      Examine the feasibility of the project.

c.       Design the project.

d.      Build the project.

a.       D

2.       what stage of the Project Precommitment is the development project consist of a development concept and a site to put it on.

a.       Stage 1

b.      Stage 2

c.       Stage3

d.      Stage 4

                                                               i.      A

3.        Design the project

a.       Physical aspect.

b.      Thinking phase

c.       Developing aspect

d.      Milestones

                                                               i.      a

4.       (T/F) An a agreement between a property owner and the potential buyer granting the potential buyer the exclusive right to purchase the property and close the transaction by some specified future date is called exclusive option. T

5.       (T/F) The fourth stage of the development process is focused on the physical aspects. T

6.       (T/F) Stage five is the construct and design which is developer issues the notice to proceed to the general contractor. T

7.       (T/F) Performance bond is not an assurance made by third party. F

8.       (T/F) A Bridge loan is known as a gap loan, which create a bridge between the construction loan and the permanent loan by taking out the construction lender before the permanent loan is available. T