CERTIFIED LEGAL MANAGER ALA EXAM
2024-2025 WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED DETAILED
ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW
VERSIONS!!!|GUARANTEED PASS |LATEST
UPDATE
A person or company who brings owners and proposed buyers together with a view to complete a real
estate transaction.
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.
Effective Rent
In the case of store area with street level frontage, the dominant portion shall be the building line.
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.
Capital Lease
The dollar amount per square foot per year figure that the tenant pays on an average over the term of
the lease.
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.
Escalation Clause
1|Page
, 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.
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.
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.
Revolving Credit
Insurance providing financial protection against the loss of, or damage to, property caused by specified
perils.
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.
Present Value
A nominal or face value given to a bond or share of stock. Has no relation to what the price was when
the share were originally sold or to their current market value.
Par Value
Usually $1,000
Par for a Bond
a Purely arbitrary amount
Par for a common share
A lease in which the risks or rewards of ownership remain with the lessor. The related rental payments
are customarily recorded as an expertise by the lessee and as rental income by the owner lessor during
the time of use.
Operating Lease
The area where a tenant normally houses personnel and/or furniture, for which a measurement is to be
computed.
Office Area
May include rent of office space, electricity and other utilities. commercial rent and occupancy taxes,
amortization of leasehold improvements and storage costs for records.
Occupancy Costs
2|Page
2024-2025 WITH ACTUAL CORRECT
QUESTIONS AND VERIFIED DETAILED
ANSWERS |FREQUENTLY TESTED
QUESTIONS AND SOLUTIONS |ALREADY
GRADED A+|BRAND NEW
VERSIONS!!!|GUARANTEED PASS |LATEST
UPDATE
A person or company who brings owners and proposed buyers together with a view to complete a real
estate transaction.
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.
Effective Rent
In the case of store area with street level frontage, the dominant portion shall be the building line.
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.
Capital Lease
The dollar amount per square foot per year figure that the tenant pays on an average over the term of
the lease.
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.
Escalation Clause
1|Page
, 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.
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.
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.
Revolving Credit
Insurance providing financial protection against the loss of, or damage to, property caused by specified
perils.
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.
Present Value
A nominal or face value given to a bond or share of stock. Has no relation to what the price was when
the share were originally sold or to their current market value.
Par Value
Usually $1,000
Par for a Bond
a Purely arbitrary amount
Par for a common share
A lease in which the risks or rewards of ownership remain with the lessor. The related rental payments
are customarily recorded as an expertise by the lessee and as rental income by the owner lessor during
the time of use.
Operating Lease
The area where a tenant normally houses personnel and/or furniture, for which a measurement is to be
computed.
Office Area
May include rent of office space, electricity and other utilities. commercial rent and occupancy taxes,
amortization of leasehold improvements and storage costs for records.
Occupancy Costs
2|Page
