Abstract: The present invention discloses a folding framing square and layout tool which has an elongated base having a channel and two faces. Pivotally attached to the elongated base is an arm which opens up to a preset angle which is preferably ninety degrees (90.degree.) and closes into the channel thereby taking up a limited amount of room. At the end of the elongated base opposite the pivoting point there is placed a tab which allows the user to layout a preset distance for marking the location of studs. The preset angle of the arm with respect to the elongated base is adjustable and correctable. Linear gauges are placed on both edges of each of the arm and the elongated base. Additionally, pitch gauges are placed on one end or both of the arm and elongated base that indicate a pitch based upon the intersection of either of the arm or the elongated base across the pitch gauge. An angle marker is placed on the pivoting point to show the angle of the arm with respect to the elongated base.