CMA Financial Acumen for Architects 2

Question 1

A developer asks an architect to estimate construction cost for a 50,000 SF office building using the square-foot method. The local unit cost is $220/SF. What is the preliminary estimate?

Accepted Answer

$11,000,000

Answer

50,000 SF × $220/SF = $11,000,000 preliminary construction cost estimate.

Question 2

Which contingency line item specifically covers design uncertainties and incomplete drawings during the schematic design phase?

Accepted Answer

Design contingency

Answer

Design contingency covers uncertainties arising from incomplete or evolving design decisions before construction documents are finalized.

Question 3

An architect's Basic Services fee is $450,000 on a $5,000,000 construction budget. What percentage fee is this?

Accepted Answer

9%

Answer

$450,000 ÷ $5,000,000 = 0.09, or 9% of the construction cost.

Question 4

Under AIA B101, which phase typically earns the largest percentage of an architect's basic services fee?

Accepted Answer

Construction Documents

Answer

Construction Documents is the most labor-intensive phase and typically commands the largest fee percentage, often around 40% of basic services.

Question 5

Life-cycle cost analysis (LCCA) is best used by an architect to:

Accepted Answer

Evaluate total ownership cost over a building's lifespan

Answer

LCCA evaluates initial cost, operating expenses, maintenance, and replacement costs over a building's service life to identify the most economical long-term option.

(CMA) Certified Master Architect Practice Test

(CMA) Certified Master Architect Practice Test

CMA Financial Acumen for Architects 2