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CERTIFIED LEGAL MANAGER ALA EXAM
LATEST EXAM WITH 80 QUESTIONS AND
CORRECT ANSWERS| ALREADY GRADED
A+| BRAND NEW!!
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. ✔✔✔✔✔✔ANSWER➖Statutory Fringe
Benefits
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.
✔✔✔✔✔✔ANSWER➖Revolving Credit
A contract used when the owner of an asset agrees to grant use
of that asset to another person for a specific period of time in
exchange for periodic payments. ✔✔✔✔✔✔ANSWER➖Lease
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Tenant assumes responsibility for the base rent, which
INCLUDES the operating expenses of the building such as
insurance, real estate taxes, utilities, janitorial and maintenance
costs. (AKA a Fully-serviced lease)
✔✔✔✔✔✔ANSWER➖Gross Lease
Tenant assumes responsibility for the base rent which
EXCLUDES the operating expenses of the building such as
insurance, real estate taxes, utilities, janitorial and other
operating expenses for the building. (AKA Closed-End Lease)
✔✔✔✔✔✔ANSWER➖Net Lease
Favors the landlord because the costs are variable and rarely
decrease. Can be negotiated with caps or ceilings limiting the
amount costs may increase. ✔✔✔✔✔✔ANSWER➖Net Lease
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Tenant assumes responsibility for the base rent plus two of the
following three expenses: Real Estate taxes, insurance or
maintenance costs. ✔✔✔✔✔✔ANSWER➖Net-Net (Double
Net) Lease
Tenant assumes responsibility for the base rent plus all the costs
of real estate taxes, insurance and non-structural maintenance.
✔✔✔✔✔✔ANSWER➖Net-Net-Net (Triple Net) Lease
All the attributes of a triple net lease but structural maintenance
is also the tenants responsibility.
✔✔✔✔✔✔ANSWER➖Absolute Net Lease
Predetermined annual increase to the base rent. Can be a flat-
percentage or can be connected to an inflation-tracking index
such as CPI. ✔✔✔✔✔✔ANSWER➖Escalations or Escalators
CERTIFIED LEGAL MANAGER ALA EXAM
LATEST EXAM WITH 80 QUESTIONS AND
CORRECT ANSWERS| ALREADY GRADED
A+| BRAND NEW!!
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. ✔✔✔✔✔✔ANSWER➖Statutory Fringe
Benefits
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.
✔✔✔✔✔✔ANSWER➖Revolving Credit
A contract used when the owner of an asset agrees to grant use
of that asset to another person for a specific period of time in
exchange for periodic payments. ✔✔✔✔✔✔ANSWER➖Lease
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Tenant assumes responsibility for the base rent, which
INCLUDES the operating expenses of the building such as
insurance, real estate taxes, utilities, janitorial and maintenance
costs. (AKA a Fully-serviced lease)
✔✔✔✔✔✔ANSWER➖Gross Lease
Tenant assumes responsibility for the base rent which
EXCLUDES the operating expenses of the building such as
insurance, real estate taxes, utilities, janitorial and other
operating expenses for the building. (AKA Closed-End Lease)
✔✔✔✔✔✔ANSWER➖Net Lease
Favors the landlord because the costs are variable and rarely
decrease. Can be negotiated with caps or ceilings limiting the
amount costs may increase. ✔✔✔✔✔✔ANSWER➖Net Lease
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Tenant assumes responsibility for the base rent plus two of the
following three expenses: Real Estate taxes, insurance or
maintenance costs. ✔✔✔✔✔✔ANSWER➖Net-Net (Double
Net) Lease
Tenant assumes responsibility for the base rent plus all the costs
of real estate taxes, insurance and non-structural maintenance.
✔✔✔✔✔✔ANSWER➖Net-Net-Net (Triple Net) Lease
All the attributes of a triple net lease but structural maintenance
is also the tenants responsibility.
✔✔✔✔✔✔ANSWER➖Absolute Net Lease
Predetermined annual increase to the base rent. Can be a flat-
percentage or can be connected to an inflation-tracking index
such as CPI. ✔✔✔✔✔✔ANSWER➖Escalations or Escalators
