CERTIFIED LEGAL MANAGER ALA
EXAM 2024-2025 NEWEST COMPLETE
110 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+
A monthly rental, net of maintenance and interest costs,
charged or quoted by landlords for any property and
comprised of only payment made for usage of the subject
property under a lease agreement. Correct Answer Base
Rent
The initial rental rate, normally identified as the annual rent
in a gross lease. Correct Answer Base Rental
A person or company who brings owners and proposed
buyers together with a view to complete a real estate
transaction. Correct Answer Broker
The rent payable per month by the occupiers which
includes the base rent, maintenance charges, imputed
costs of loss of interest on security deposit and rental
advance. Correct Answer Effective Rent
In the case of store area with street level frontage, the
dominant portion shall be the building line. Correct Answer
Dominant Portion
,A lease that transfers substantially all the benefits and
risks inherent in the ownership of the property to the
lessee, who accounts for the lease as an acquisition of an
asset and incurrence of a liability. The lessor accounts for
such a lease as a sale or financing arrangement. Correct
Answer Capital Lease
The dollar amount per square foot per year figure that the
tenant pays on an average over the term of the lease.
Correct Answer Efficient Rent
Specified in lease agreements where renewals of lease
period are built in. It involves an increment in the base rent
at every renewal of a lease agreement and in general a
percentage rate that is either pre-agreed or negotiated
before the renewal of the lease agreement. Correct
Answer Escalation Clause
Each calendar year in which any portion of the term of the
lease falls, through and including, the calendar year in
which the term of the lease expires. Correct Answer
Expense Year
Letter issued by the EEOC that notifies a complainant that
he or she has 90 days to file a personal suit in federal
court. Correct Answer Right-to-Sue Letter
A short-term loan, usually from a commercial bank which
the bank an require its repayment at any time and is
usually secured by the company's AR and inventory.
Correct Answer Revolving Credit
, Insurance providing financial protection against the loss of,
or damage to, property caused by specified perils. Correct
Answer Property Insurance
The amount that is paid for the right to receive payment in
the future, assuming that the rate of interest for ventures
of similar risk is known and that payment is to be received
at specific dates. Correct Answer Present Value
Benefits that have been exempted from income taxation
by law to encourage employers to provide these benefits
the their employees, such as medical insurance, disability
and group-term life insurance. Correct Answer Statutory
Fringe Benefits
Tests that measure a person's judgment in work settings.
Correct Answer Situational Judgment Tests
A management theory stating that different situations call
for different leadership styles and that essentially there is
no one best way to lead. Correct Answer Situational
Leadership
A salary differentiation system that bases compensation
on an individual's education, experience, knowledge, skills
or specialized training. Correct Answer Skill-Based Pay
Internal costs that have a predetermined billing value such
as copy and facsimile. Correct Answer Soft
Disbursements
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