2025 CLFP Recertification Quiz #4: Are You Still a CLFP? CLFP Recertification: Quiz #4: Are You Still a CLFP? History and Overview of Leasing 1. What authority defines a lease for legal purposes? * IRS Bankruptcy Code Common Law UCC Leasing Law 2. To perfect a financing statement in equipment, where must a secured party file it? * The location where the contract was executed The state of incorporation of the lessee/borrower The location of the equipment The location of the lessor/lender Accounting 3. Which of the following is not part of ASC 842? * The lease term is less than 75% of the asset’s economic life Title for the equipment does not automatically transfer to the lessee There is no bargain purchase price The present value of the minimum lease payments is less than 90% of the fair market value No portion of the lease payments may be applied to an equity position in the asset Pricing 4. You have a lease with four advance payments. Which scheduled payments do these advance payments account for? * Last four payments First four payments First payment and last three payments First two payments and last two payments Credit 5. Identify the following profitability ratio: Net Income/Total Assets * Net profit margin Return on assets Gross profit margin Operating profit margin Documentation 6. This provision prohibits lessees from asserting most claims against one who buys the lease from the lessor. In this way, a funding source can purchase a lease, knowing it will not face claims that may have arisen against the originating lessor. Waiver of defense Waiver of claims Waiver of assignments Waiver of warranties Sales & Marketing 7. Who is considered the equipment finance company’s “customer” in the direct origination channel? Third-party originator Vendor or manufacturer End-user of the equipment Originator of the transaction Funding, Customer Service, and Operations 8. Although the Consumer Financial Protection Bureau (CFPB) was created to protect BLANK, many of the laws are written in such a way as to apply to BLANK. Small equipment financing transactions; individual consumers Individual consumers; smaller equipment financing transactions and sometimes extend to larger ticket-transactions as well Small equipment financing transactions; large-ticket transactions Individual consumers; large-ticket equipment financing transactions and sometimes extend to smaller equipment financing transactions as well Collections, Asset and Portfolio Management 9. What are portfolio performance indicators? Statistical measurements used to compare historical norms to business goals and identify trends in a portfolio. The division of the portfolio and market data into subsets or groupings consisting of specific characteristics and concentrations for further analysis. There is no generally agreed-upon definition of portfolio performance indicators. Data elements used in portfolio segmentation and in calculation of performance indicators. Name * Name First First Last Last Email - MUST MATCH THE EMAIL YOU RECEIVED YOUR INSTRUCTIONS * Submit If you are human, leave this field blank.
