Hawaii Real Estate Exam State Only Flashcards

Hawaii Real Estate Exam State Only Flashcards

T or F: A mechanic's lien filed for record today for work

commenced two weeks ago has priority over a mortgage filed five days ago.True. The priority of a mechanic's lien depends on the date on which work commenced.

T or F: In Hawaii an easement of necessity will be created

any time a parcel of land does not have access to a public road.False.

T or F: Unless otherwise stated in the declaration or

bylaws, common profits are retained by the condominium board of directors against future projected expenses.False. They are distributed to the unit owners in proportion to the common interest appurtenant to their respective units.

T or F: The declaration of a condominium development

would contain the percentage of undivided interest in the common elements appurtenant to each apartment.True.

T or F: A benefit of placing real property in a land trust may

be that it allows the property to be registered in Land Court.False.

T or F: Regarding a judgment lien in Hawaii, in order to be

effective the lien must be recorded with reference to a specific piece of real property.True.John Freemont, buyer, could NOT cancel his Purchase Contract and expect to have his earnest money deposit

returned by: A. Disapproving the disclosure statement B.

Disapproving the property inspection C. Failure to receive loan approval D. Dying

• Dying

T or F: In order to acquire a right in the land of another by

prescriptive easement in Hawaii, open, notorious and visible use must occurr.True.A division of land extending from the top of the mountain to the ocean is called Ahupua'a

T or F: An individual owner in a condominium can normally

attend annual owners association meetings.True.

T or F: A mechanic's lien filed for record today for work

commenced two weeks ago has priority over a second mortgage recorded three days ago.True. The priority of a mechanic's lien depends on the date on which work commenced.

T or F: If a plant that has been declared an invasive

species is found growing on private property, the appropriate government agency may enter the property to control or eradicate the offending plant after reasonable notice is given to the property owner.True.

T or F: The declaration of a condominium development

would contain a description of the limited common elements.True.

A husband or wife may claim a 1/3 elective share of the other's estate at the decedent's death under what code?Under Hawaii's Uniform Probate Code for properties sold after July 1, 1977.

T or F: Individual condo unit owners may insure their units

separately.True.How many days must the subdivider give the prospective purchaser to review the public offering statement?Seven

T or F: The declaration of a condominium development

would contain the names of the board of directors of the owners association.False.Brad Wattles fell behind in his real property tax payments, and lost his home to a speculator through foreclosure. Nine months later he received a cash settlement in a medical lawsuit. Can exercise his statutory right of redemption by paying the new owner the amount of the back taxes, fines, interest and all other expenses the speculator incurred in purchasing the property on the courthouse steps.Yes. There is a 1 year redemption period for tax foreclosures (but none for mortgage foreclosures).What Hawaii state law aims to protect purchasers of subdivided vacant lots from deceptive practices and abuses?Uniform Land Sales and Practices Act (ULSPA) Early in the process of developing a condominium the

Commission will examine the project and issue:

An effective date for the public report.What or who ultimately determines the seaward property line of an oceanfront property in Hawaii?Upper reaches of the wash of the waves.

T or F: Time share acquisition agents who are not licensed

as sales persons must be licensed as a real estate salesperson or broker.False.Which of the following would NOT be considered a customer? A. A potential tenant, when the agent is employed to lease and manage rental property. B. An owner of listed property, when the agent is a buyer's agent.

• A potential buyer who attend an open house, when the

agent is the listing agent. D. A potential buyer who engages an agent on floor duty to show her a listed property.

• A potential buyer who engages an agent on floor duty to

show her a listed property.

T or F: In Hawaii an easement of necessity is created any

time a parcel of land becomes landlocked by subdivision.False.According to the time share law, an exchange agent is a

person who:

operates an exchange program.If Sally purchases a "vacation license," she is buying a:Time share unit

T or F: Prior to preparing an offer on behalf of a buyer, the

selling sales agent must disclose at least once to the buyer, orally or in writing, which party he represents.True.

T or F: Prior to preparing an offer on behalf of a buyer, the

selling sales agent must disclose at least once to the buyer, in writing, which party he represents.False. orally OR in writing.

A prospectus of possible house plans that can be built on

the site is:

a public offering statement

T or F: Regarding a judgment lien in Hawaii, the

encumbrance on the property is removed when the debt is paid, the debtor files a satisfaction of lien and the satisfaction of lien is recorded.True.

T or F: When a leasehold condominium is converted to fee

simple land ownership seventy-five percent of the unit owners must vote to approve the purchase.True.

T or F: A homeowner exemption on real property taxes is

not available on condominiums.False.At least one member of the board of directors of a Hawaii

corporation must be:

a resident of Hawaii.

T or F: Regarding condominiums under HRS 514B, the

land is considered a limited common element.False. Under HRS 514B owners have equal rights to usage of the common elements.

Ownership of a cooperative apartment is by way of:a proprietary lease.

T or F: Per the Hawaii Statute of Frauds, a buyer agency

agreement is unenforceable if not in writing and signed by both parties.True.Joseph Jehosaphat refused to provide a disclosure statement when he accepted an offer on his personal residence. What should his agent do? A. Report him to the Real Estate Commission. B. Provide a written notice to the buyer of his rights to the statement and his right of recision, plus keep a written record of the actions she has taken to effect compliance. C. Cancel the listing and tell the seller she cannot work with him unless he complies. D. Fill out a disclosure statement herself, answering the questions to the best of her ability.

• Provide a written notice to the buyer of his rights to the

statement and his right of recision, plus keep a written record of the actions she has taken to effect compliance.

T or F: In order to acquire a right in the land of another by

prescriptive easement in Hawaii, permission of the owner must occurr.False.

T or F: The members of a board of directors of a

condominium and a real estate licensee are both empowered to make major decisions on behalf of their association or principal.False. They both have a fiduciary duty to their association or principal.

T or F: When converting an existing rental property to a

condominium under the anti-discrimination laws, the tenants have no greater rights than the general public to purchase the units.False.

T or F: In Hawaii a partnership which participates in real

estate dealings as part of its business must have all persons involved in the brokerage aspects of the business licensed as brokers.False. It must have an individual licensed broker designated as the principal broker of the brokerage business.

The land classification containing the smallest amount of land state-wide is Rural A special relationship of trust, confidence and responsibility

between an agent and his principal is known as:

a fiduciary relationship.What is a higher density development with smaller lots, closer dwellings and recreational space set aside for the use of all owners and tenants?Planned Development Housing.One feature of ownership shared by condominiums and

co-op regarding land is:

Ownership of the land itself may be leasehold or fee simple.Agency disclosure is A. required by Hawaii law. B. a "best practice" to keep everything above board. C. required only in a dual agency situation. D. required only of listing brokers.

• required by Hawaii law.

The priority of a mechanic's lien depends on the: date on which work commenced.

T or F: If the developer does not provide a public offering

statement to each buyer of non-exempted subdivided land, the Director may issue a cease and desist order, stop sales, and revoke the registration.True.In order to enter into a legally enforceable contract in Hawaii, a person must be at least how old?18 years old Once a materialman's lien has been paid off, what should

the owner do:

File a satisfaction of lien If a contractor skipped town and did not pay the roofer for

his work, the roofer could file:

a mechanic's lien Kama'aina Kokua Realty has entered into signed agency agreements with both Seller A and Buyer B. Buyer B is interested in purchasing Seller A's property. Is Kama'aina Kokua Realty allowed to facilitate this transaction?Yes, if both Buyer and Seller give their written consent to the dual agency.

T or F: Per the Hawaii Statute of Frauds, a buyer agency

agreement must always be used when representing a buyer.False.According to time share law, when a prospect is given a gift to induce him to attend a time share presentation, the presenter must give the gift to the prospect when?prior to or at the beginning of the presentation.

T or F: A property owner who resides out of state is exempt

from the rules regarding invasive species.False.An agreement of sale transaction requires two closings, one for possession and one for title. Which charge is not included in both closings? A. Title search B. Escrow fee C.Preparation of documents D. Conveyance tax

• Conveyance tax

T or F: A benefit of placing real property in a land trust may

be that it prevents partitioning.True.A parking stall would be a good example of what kind of element in a condominimum?A limited common element.