Leasing exam - Study guides, Class notes & Summaries

Leasing Exam - Hard Questions and Answers

Illinois Leasing Exam Questions With 100% Correct Answers Highest and Best Use - answerThe highest and best use of land can change over time but can only be one thng at a time. Generally this is the use that will make it most valuable What does the highest and best use entail? - answer1. Preserve the land utility 2. Provide the highest income 3. Result in the highest present value What does a deed transfer? - answerreal property What does a bill of sale transfer? - answerpersonal propert...

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct Answer-What is significant about IRS Revenue Ruling 55-540? Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the...

Illinois leasing agent practice exam|50 Questions and Answers 2024

Illinois Leasing Exam Questions With 100% Correct Answers Highest and Best Use - answerThe highest and best use of land can change over time but can only be one thng at a time. Generally this is the use that will make it most valuable What does the highest and best use entail? - answer1. Preserve the land utility 2. Provide the highest income 3. Result in the highest present value What does a deed transfer? - answerreal property What does a bill of sale transfer? - answerpersonal propert...

Acceptance By Ratification - ACCURATE ANSWERS The acceptance of lease terms that occurs when a tenant takes possession of the property but does not sign a lease. This form of acceptance is recognizable by the courts. Accord and Satisfaction - ACCURATE ANSWERS When all parties have agreed to a change in one or more of the terms of a contract Actual Eviction - ACCURATE ANSWERS Court action initiated by the lessor to have a tenant removed from the premises. Administrative Law Judge (ALJ) -...

Leasing Exam Questions and Answers

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest . Helps avoid tax abuse by defining what is not a lease for tax purposes. - Correct Answer-What is significant about IRS Revenue Ruling 55-540? Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the...

Illinois Real Estate Leasing Exam Prep

CLFP Classification & Terminology in Leasing Exam Questions and Answers Latest (GRADED) Per IRS Revenue Ruling 55-540, what are the rules that if present prevent a transaction from being a lease for tax purposes? - Correct Answer-1). Any portion of the periodic payment is equity, 2.) lessee automatically acquires title upon making scheduled payments 3.) the total amount, which a lessee is required to be paid is an inordinately large portion of the total sum to buy the equipment, 4.) Nomin...