CLFP

NEW CLFP CLASS REVIEW PRACTICE QUESTIONS WITH VERIFIED ANSWERS TESTED AND APPROVED!!!

CLFP EXAM - LEASING LAW QUESTIONS WITH 100% CORRECT ANSWERS { GRADED A+} What is Statutory Law? - Includes law enacted by legislative bodies such as state legislatures and US Congress. The Uniform Commercial Code or "UCC" is a body of the state statutory law. What is Regulatory Law? - Consists of regulations adopted by public bodies. Examples of regulatory law are regulations issued by the Internal Revenue Service (IRS) or the Securities Exchange Commission (SEC). Generally r...

CLFP EXAM - EQUIPMENT LEASE AND FINANCING DOCUMENTATION QUESTIONS WITH CORRECT ANSWERS {GRADED A+} What is a Lease a document? - A lease is a basic document by which a lessor agrees to provide equipment or other personal property or rights to a lessees in return for rental payments. What are Lease Exhibits document? - Also referred to a "schedules" are used if the description of lease property is too lengthy to fit into the space allotted on the lease. Often wise to have less...

When should lessor register as foreign corp? Within a state ... Good - stock of them Services offered Inspection or repair of property Office/employees Negotiated contracts What is dode of Hammurabi? - 1750 BC - Acknowledges leasing of personal property in his code of laws - First record of leasing law 01:05 01:36 Early examples of true lease? - Phoenicians shipping experts - charters covered economic life of ships - lessee to assume benefits and obligations of ow...