{"id":112511,"date":"2023-08-15T18:03:39","date_gmt":"2023-08-15T18:03:39","guid":{"rendered":"https:\/\/learnexams.com\/blog\/?p=112511"},"modified":"2023-08-15T18:03:41","modified_gmt":"2023-08-15T18:03:41","slug":"clfp-class-review-study-guide-2023-2024-actual-exam-test-bank-200-questions-and-correct-detailed-answers-with-rationalesagrade-2","status":"publish","type":"post","link":"https:\/\/www.learnexams.com\/blog\/2023\/08\/15\/clfp-class-review-study-guide-2023-2024-actual-exam-test-bank-200-questions-and-correct-detailed-answers-with-rationalesagrade-2\/","title":{"rendered":"CLFP-CLASS REVIEW STUDY GUIDE 2023-2024 ACTUAL EXAM TEST BANK 200 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES|AGRADE"},"content":{"rendered":"\n<p>CLFP-CLASS REVIEW STUDY GUIDE 2023-2024<br>ACTUAL EXAM TEST BANK 200 QUESTIONS AND<br>CORRECT DETAILED ANSWERS WITH<br>RATIONALES|AGRADE<br>To test a scenario in which a PMSI or Blanket Lien prevails, what needs to be<br>analyzed?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>is secured transaction?<\/li>\n\n\n\n<li>UCC filed in 20 days?<\/li>\n\n\n\n<li>did lessor pay for majority of equipment?<br>What is Article 2A?<\/li>\n\n\n\n<li>Law of True Leases<\/li>\n\n\n\n<li>Includes implied warranties<\/li>\n\n\n\n<li>warranties wived with conspicuous language<br>Where is UCC filed?<br>SOS in state where company is incorporated<br>What are UCC Article 2A Benefits to Lesssor?<\/li>\n\n\n\n<li>warranties are passed to lessee<\/li>\n\n\n\n<li>lessor absolved from equipment issues<\/li>\n\n\n\n<li>hell or high water clause should be in lease<br>How long is UCC good for?<br>5 years<br>What are Express Warranties?<br>any warranty specifically made by lessor<br>What are Implied Warranties?<\/li>\n\n\n\n<li>quiet possession<\/li>\n\n\n\n<li>vendor warranties pass to lessee (goods are fit for use etc.)<\/li>\n<\/ul>\n\n\n\n<p>Define &#8216;doing business in&#8217; another state<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Visit often<\/li>\n\n\n\n<li>Agent present presence of agent<\/li>\n\n\n\n<li>Tax paid<\/li>\n\n\n\n<li>Office<br>When should lessor &#8216;register&#8221; as foreign corporation?<br>Within a state\u2026<br>-Goods<br>-Offices<br>-Inspection\/repair<br>-Contract negotiation<br>-Services<br>What is Acceptance in a lease document?<br>Lessee accepts equipment when delivered<br>What is Assignment of a Lease in a document?<\/li>\n\n\n\n<li>probitslessee from assigning (sub -lease)<\/li>\n\n\n\n<li>allows lessor to assign without notice to lessee<br>What is Disclaimer of Warranties in a document?<\/li>\n\n\n\n<li>LESSOR ASSIGNS ALL WARRANTIES TO LESSEE<br>Lessor make not warranties of quality of equipment<\/li>\n\n\n\n<li>lessee has inspected and is satisfied<\/li>\n\n\n\n<li>lessee accepts &#8220;as is&#8221;<\/li>\n\n\n\n<li>equipment is for business purposes<br>What is Severability in a document?<\/li>\n\n\n\n<li>if one part of the doc is not enforced, other parts are still legally binding<br>What is Choice of Law?<\/li>\n\n\n\n<li>state that governs the transaction<\/li>\n\n\n\n<li>should be lessee, lessor or equipment state<\/li>\n\n\n\n<li>courts typically uphold if reasonable<br>What is Acceleration in a document?<\/li>\n<\/ul>\n\n\n\n<p>In default, lessor claims all future rental are now due<br>What is Cross Default in a document?<br>if lessor has multiple leases, a default of one defaults all<br>What is Hell or Highwater in a document?<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>lessee must make payment regardless<\/li>\n\n\n\n<li>equipment failure or catastrophes do not exempt from payment<br>What is Waiver of Defense Clause in document?<\/li>\n\n\n\n<li>lessee pays payments to assignee<\/li>\n\n\n\n<li>any legal issues fall to the original lessor, not assignee (i.e. discount scenario)<br>What is Tax Indemnity in documents?<br>states that lessee is responsible for all taxes of any kind imposed on possession,<br>use, value or payment<br>What is best way to certify signors?<br>Corporate Resolution document<br>Who signs a Landlord Waiver?<br>Owner and Lessor<br>What if you forget to file a Landlord Waiver and you need to access your<br>equipment in default?<br>Do your best to negotiate directly with the owner. They may understand and<br>cooperate.<br>When is a Real Estate Waiver required?<br>When equipment is secured\/fastened\/attached to real property or building.<br>Where is Fixture Filling Recorded?<\/li>\n\n\n\n<li>local county recorder of real property<\/li>\n\n\n\n<li>file as soon as possible &lt; 20 days<br>What are the most important Acts of Default?<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CLFP-CLASS REVIEW STUDY GUIDE 2023-2024ACTUAL EXAM TEST BANK 200 QUESTIONS ANDCORRECT DETAILED ANSWERS WITHRATIONALES|AGRADETo test a scenario in which a PMSI or Blanket Lien prevails, what needs to beanalyzed? Define &#8216;doing business in&#8217; another state In default, lessor claims all future rental are now dueWhat is Cross Default in a document?if lessor has multiple leases, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[25],"tags":[],"class_list":["post-112511","post","type-post","status-publish","format-standard","hentry","category-exams-certification"],"_links":{"self":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/comments?post=112511"}],"version-history":[{"count":0,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/posts\/112511\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/media?parent=112511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/categories?post=112511"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.learnexams.com\/blog\/wp-json\/wp\/v2\/tags?post=112511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}