A Developer's Selection of an Architect Is a Vital Step

question 27

Multiple Choice

A developer's selection of an architect is a vital step in the development process as the architect fulfills a number of important roles throughout the life of the project. As compensation for contributions in the design phase, the architect is often given a percentage of the construction cost. For moderately complex designs, the average compensation will be:

• A) 1 to 2%
• B) 3 to 7%
• C) 7 to 10%
• D) greater than 10%

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Definitions:

Resource Market

A market in which households sell and firms buy resources or the services of resources.

Product Market

A market in which products are sold by firms and bought by households.

Tax Revenue

The income that is gained by governments through taxation.

Public Sector

The part of the economy composed of government services and institutions, funded and operated by the government.