California Contractor Law & Business Study Guide

Victor Manuel Pulido
Flashcards by Victor Manuel Pulido, updated more than 1 year ago
Victor Manuel Pulido
Created by Victor Manuel Pulido over 5 years ago
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Description

California General Contractor Law & Business terms and definitions

Resource summary

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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