Certified Legal Manager ALA Latest Update

Certified Legal Manager – ALA Latest Update

• 120 Questions and 100%

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Absolute Net Lease - CORRECT ANSWER: All the attributes of a triple net lease but structural maintenance is also the tenants responsibility.

Agreement for Lease - CORRECT ANSWER: A contract to enter into a lease which in

order to be enforceable either must be evidenced in writing and signed by the person against whom action is taken for the breach of the alleged contract and there must be a sufficient act of part performance.

Appraisal - CORRECT ANSWER: An estimate of the economic value of a resource,

liability, equity, or entity made by an expert after appropriate physical examination, comparative pricing and engineering review.

ARMA (arma.org) - CORRECT ANSWER: Association for Records Managers and

Administrators

Base Rent - CORRECT ANSWER: A monthly rental, net of maintenance and interest

costs, charged or quoted by landlords for any property and comprised of only payment made for usage of the subject property under a lease agreement.

Base Rental - CORRECT ANSWER: The initial rental rate, normally identified as the annual rent in a gross lease.

Broker - CORRECT ANSWER: A person or company who brings owners and proposed

buyers together with a view to complete a real estate transaction.

Build-Out - CORRECT ANSWER: Space changes that are to be made in order to

accommodate a firm's needs. May include construction of walls, doors, floor coverings and other treatments that will complete the raw, open unfinished space (or shell) so that a tenant can occupy the space to conduct business.

Building Rentable Area - CORRECT ANSWER: The sum of all the floor rentable areas.The portion of the inside finished surface of the permanent outer building wall which is 50% or more of the vertical floor-to-ceiling dimension, at the given point being measured as one moves horizontally along the wall.

Business Continuity Planning - CORRECT ANSWER: Broadly defined as a

management process that seeks to identify potential threats and impacts to the organization and provide a strategic and operational framework for ensuring the organization is able to withstand any disruption, interruption or loss to normal business functions or operation. 1 / 2

Business Interruption Insurance - CORRECT ANSWER: Protection for a business

owner against losses resulting from a temporary shutdown because of fire or other insured peril. Provides reimbursement for lost net profits and necessary continuing expenses.

Byte - CORRECT ANSWER: Eight bits and the required amount of computer storage

needed for one keyboard stroke; KB = ~ 1K bytes; MG = ~ 1M bytes; GB = ~ 1B bytes

Cafeteria Plan - CORRECT ANSWER: A benefit plan maintained by an employer for the benefit of the employees under which each participant has the opportunity to select the benefits they desire. Certain minimum choices and nondiscriminatory rules apply.

Calculation of future operating expenses - CORRECT ANSWER: Based on a fully

occupied building

Calculation of taxes - CORRECT ANSWER: Based on comparisons with neighboring

buildings

Capital Assets - CORRECT ANSWER: Usually synonymous with fixed or tangible

assets including land, buildings, machinery and equipment, furniture and fixtures and vehicles.

Capital Budget - CORRECT ANSWER: The portion of the budget process in which

management focuses specifically on the company's fixed asset needs.

Capital Gain - CORRECT ANSWER: Portion of the total gain recognized on the sale or exchange of a non-inventory asset which is not taxed as ordinary income.

Capital Lease - CORRECT ANSWER: 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.

Capped Fees - CORRECT ANSWER: Client pays law firm up to a specified maximum

amount, but no more.

Carryovers - CORRECT ANSWER: Provision of tax law that allows current losses or

certain tax credits to be utilized in the tax returns of future periods.

Case Files - CORRECT ANSWER: Groupings of records that pertain to a specific

person, place, thing, event or program.

Cash Basis Accounting - CORRECT ANSWER: Revenue is recorded when the cash is

received and expenses are recorded when the bills are actually paid.

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