100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
CLFP - CLASS REVIEW STUDY QUESTIONS WELL ANSWERED WITH A GUARANTEED PASS! $14.99
Add to cart
Quickly navigate to
Preview
  2.  
  3. CLFP
  4.  
  5. CLFP

Exam (elaborations)

CLFP - CLASS REVIEW STUDY QUESTIONS WELL ANSWERED WITH A GUARANTEED PASS!
 6 purchases
  • Module
  • CLFP
  • Institution
  • CLFP

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 rec...

[Show more]

Preview 3 out of 17  pages

Document information

  • July 30, 2022
  • 17
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

Subjects

  • what is statue of whales
  • clfp class review study questions well answered with a guaranteed pass
  • when should lessor register as foreign corp
  • what is dode of hammurabi
  • early examples of true lease

Written for

  • CLFP
All documents for this subject (215)

Seller

avatar-seller
EvaTee

Reviews received

Content preview

CLFP - CLASS REVIEW STUDY
Are UCC 9 required for Leases? - Answer - No but good idea
- In the event transaction not found to be lease, secured creditor has rights to
equipment in BK

Define 'doing business in' another state - Answer - Visit often
- Agent present presence of agent
- Tax paid
- Office

Early examples of true lease? - Answer - Phoenicians shipping experts
- charters covered economic life of ships
- lessee to assume benefits and obligations of ownership

How are Partnership Tax Liabilities treated? - Answer income or losses of partnership
are divided among owners.

How can SWOT help marketing plan - Answer - help you take advantage of what you do
well
- avoid what you do not do well
- focus on biggest opportunities
- avoid risk

How does FASB 13 define an operating lease? - Answer B - bargin purchse option -
NOT
E - economic useful life > 75% - NOT
A - automatic title transfer - NOT
P - PV of payments (no resid) > 90% of FMV - NOT

How does IRS 55-540 define true lease? - Answer P - payment exceed FMV - NOT
A - automatic titletransfer - NOT
I - interest contained in payment - NOT
N - nominal purchase option - NOT
E - equity in lease - NOT
E - excessive lease payments - NOT

How is Outsourcing viewed in the leasing industry/ - Answer it is a good management
practice.

How is the selling process conducting porcess conducted across many different
companies? - Answer - all companies handle differently
- some buy lists, some cold call, some vendor, some broker etc.

How long is UCC good for? - Answer 5 years

,How many owners are required in a LLC? - Answer one (1)

In BK, lease or secured lender more likely to get equipment back? - Answer Lease

Key Elements of Lease Transaction? - Answer - lessee must sign
- lessor must sign
- paid invoice is transfer of ownership
- paid invoice is not transfer of title

Lease Intended As Security - Answer Transaction which is written in the form of a lease,
but the substance is a conditional sale contract or a loan with a security agreement on
the property.

Lessor can only pursue principal with respect to which types of entities? - Answer - sole
proprietor
- general partner

List Accounting Lease Classification - Answer Operating, Capital Loan

List Legal Lease Classification? - Answer Lease, secured financing, unsecured
financing

List Tax Lease Classification? - Answer Tax Lease (True Lease), Non Tax Lease (Non
True Lease) (aka conditional sale)

Name five forms of Vendor Fraud? - Answer - bunk lessee
- bunk equipment
- false sale leaseback
- bunk signature
- side agreements
- inflated prices
- used vs. new

Sales-Type Lease - Answer From the lessor's perspective - a capital lease that gives
rise to manufacturer's or dealer's profit to the lessor

To gain PMSI, how long do you have to file UCC? - Answer 20 days

To test a scenario in which a PMSI or Blanket Lien prevails, what needs to be
analyzed? - Answer - is secured transaction?
- UCC filed in 20 days?
- did lessor pay for majority of equipment?

What are advantages of Brokering? - Answer - requires little/no capital
- easiest

, - no servicing required

What are advantages of Discounting? - Answer - lower COF
- flexibility
- brand identity
- increased revenue
- retains customer

What are advantages of Equity/Debt funding? - Answer - retain long term economic
benefit
- control - underwriting, funding etc

What are advantages of Securitization? - Answer - low cost of funds
- potential off balance sheet (bk remote company)
- access to capital markets

What are characteristics of a strong sale person? - Answer - on time
- organized
- take initiative
- empathetic
- understands sales cycle
- knowledgeable
- works well with others
- team player

What are CLFP's thoughts on spiffs/rebates? - Answer CLFP frowns upon them

What are common reserve targets? - Answer 1.5 - 2 times annual losses

What are disadvantages of brokering? - Answer - limited profit
- lacks control
- loss long term relationship to funding source

What are disadvantages of Discounting? - Answer -significant reps and warranties
- retains some risk (i.e. residual)
- requires working capital
- potentially less upfront profit.

What are disadvantages of Equity/Debt funding? - Answer - risk
- limited capital
- large back-office requirements

What are disadvantages of Securitization? - Answer - requires expertise
- huge cost to conduct
- time consuming
- need uniformity in assets

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller EvaTee. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $14.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

64670 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy revision notes and other study material for 15 years now

Start selling

Recently viewed by you

Summary ·

(0)

5363 Financiële vaardigheden & voorraadbeheer zonder antwoorden

Other ·

(0)

Fiche 3.d. Droit des biens - Droit des transports Droit Commercial

Exam (elaborations) ·

(0)

ETS MFT MBA Questions And Answers Latest |Update| Verified Answers

Exam (elaborations) ·

(0)

Database Security, Basta - Solutions, summaries, and outlines. 2022 updated

Exam (elaborations) ·

(0)

HESI MENTAL HEALTH RN V1-V3 2020/2021 TEST BANKS (ALL TOGETHER)--NEW!!!!!

Exam (elaborations) ·

(0)

P2-K1-W7 Biedt (specifieke) ontwikkelingsgerichte activiteiten aan

Exam (elaborations) ·

(0)

AHIP 2023 Final Exam Test Questions and Answers (Verified Answers)

Exam (elaborations) ·

(1)

Michigan Residential Builder's License Test With Correct Solution

Exam (elaborations) ·

(0)

NR 601 Week 3 Psychiatric Disorders and Screening(Download to score 100%)

$14.99  6x  sold
  • (0)
Add to cart
Added