CLFP CHAPTERS 1 AND 2 EXAM
CLFP CHAPTERS 1 AND 2 EXAM QUESTIONS AND ANSWERS GRADED A+
What is Sumerians application of leasing? ANS >> Sumerians produced
leases on clay tablets for agricultural tools, land and water rights, oxen,
etc.
Record of Babylon leasing law ANS >> 1700BC code of Hammurabi
Phoenicians ANS >> Ship charter to obtain a crew and ship
Long term charter ANS >> Cover economic life of ship & required
lessee to assume benefits and obligations of ownership
recognition of English common law ANS >> 1284AD Statue of Wales
leasing of personal property - 1st time leasing code was written in
English
, CLFP CHAPTERS 1 AND 2 EXAM
Industrial Revolution ANS >> Brought opportunities for financing for
railroads. In 1700's railroad brought first real growth of leasing to the
US
Equipment Trusts ANS >> Investors providing financing for locomotives
and railcars. Banks or trust companies administered trusts, issuing trust
receipts which represented the right of the holder to receive a return of
principal and interest on invested funds
Philadelphia Plan ANS >> Railroad finance plan precursor of conditional
sales contract, equipment finance leasing and money over money
leases
independent leasing companies ANS >> Developed 1900's. True or
operating leases.
Vendor lease program ANS >> After WWII, upgrade equipment or
operations. Leasing directly to end users
General Trends in development of modern leasing ANS >> 2 major
trends 1. government effort to stimulate economy by issuing IRS 167
which gave Equipment owner ability to accelerate depreciation. 2.
Advance technology- us leasing Corp was first to take advantage of tax
benefits ownership while passing right of use of equipment and
expense of maintenance to someone else
CLFP CHAPTERS 1 AND 2 EXAM QUESTIONS AND ANSWERS GRADED A+
What is Sumerians application of leasing? ANS >> Sumerians produced
leases on clay tablets for agricultural tools, land and water rights, oxen,
etc.
Record of Babylon leasing law ANS >> 1700BC code of Hammurabi
Phoenicians ANS >> Ship charter to obtain a crew and ship
Long term charter ANS >> Cover economic life of ship & required
lessee to assume benefits and obligations of ownership
recognition of English common law ANS >> 1284AD Statue of Wales
leasing of personal property - 1st time leasing code was written in
English
, CLFP CHAPTERS 1 AND 2 EXAM
Industrial Revolution ANS >> Brought opportunities for financing for
railroads. In 1700's railroad brought first real growth of leasing to the
US
Equipment Trusts ANS >> Investors providing financing for locomotives
and railcars. Banks or trust companies administered trusts, issuing trust
receipts which represented the right of the holder to receive a return of
principal and interest on invested funds
Philadelphia Plan ANS >> Railroad finance plan precursor of conditional
sales contract, equipment finance leasing and money over money
leases
independent leasing companies ANS >> Developed 1900's. True or
operating leases.
Vendor lease program ANS >> After WWII, upgrade equipment or
operations. Leasing directly to end users
General Trends in development of modern leasing ANS >> 2 major
trends 1. government effort to stimulate economy by issuing IRS 167
which gave Equipment owner ability to accelerate depreciation. 2.
Advance technology- us leasing Corp was first to take advantage of tax
benefits ownership while passing right of use of equipment and
expense of maintenance to someone else
