FREE IFMA CFM Question and Answers

Question 1

The most effective budgeting and scheduling technique for capital and expensed budgeted projects is:

Accepted Answer

Two separate budgets and schedules

Answer

Having two separate budgets and schedules for capital and expensed budgeted projects is the most effective technique. This allows for better tracking and management of expenses and resources specific to each type of project. It ensures that the budget and schedule for each project are tailored to their unique requirements and constraints, leading to more accurate planning and control. By keeping the budgets and schedules separate, it also allows for easier comparison and analysis of the performance and progress of each project individually.

Question 2

Bonds What kind of bond should the contractor carry on a large project in case the contractor defaults?

Accepted Answer

Project-specific bid bond

Answer

A project-specific bid bond is the correct answer because it provides financial protection to the project owner in case the contractor defaults on their obligations. This type of bond ensures that the owner will be compensated for any losses incurred due to the contractor's failure to complete the project or meet the specified requirements. It serves as a guarantee that the contractor will fulfill their contractual obligations, and if they fail to do so, the bond amount can be used to cover the costs of completing the project or finding a new contractor.

Question 3

Traditionally, the construction contract is between the contractor and the:

Accepted Answer

Interior designer

Answer

The correct answer is "Owner." In a traditional construction contract, the contractor enters into an agreement with the owner of the project. The owner is responsible for hiring the contractor and overseeing the construction process. The architect, interior designer, and engineer may be involved in the project, but they typically work under the direction of the owner and are not parties to the construction contract.

Question 4

Bid Process Who obtains comprehensive insurance for contractors?

Accepted Answer

The contractor

Answer

The contractor obtains comprehensive insurance for themselves. As the contractor is responsible for their own insurance coverage, they are the ones who typically secure comprehensive insurance. This ensures that they are protected against any potential damages or liabilities that may arise during the course of their work.

Question 5

Project Close-Out, Acceptance, and Commissioning The contractor submits to the facility manager the final notice of completion and asks for signature.  The project is 99% complete.  The facility manager should:

Accepted Answer

Not sign the form until a final occupancy permit is received

Answer

The facility manager should not sign the form until a final occupancy permit is received because this permit indicates that all necessary inspections and approvals have been obtained, and the project is officially deemed complete and safe for occupancy. Without the final occupancy permit, there may still be outstanding issues or requirements that need to be addressed before considering the project complete. Therefore, it is important to wait for the permit to ensure that all necessary steps have been taken and the project is fully finished.

CFM - Certified Facility Manager Practice Test

CFM - Certified Facility Manager Practice Test

FREE IFMA CFM Question and Answers