Hawaii State Real Estate Questions Flashcards

Hawaii State Real Estate Questions Flashcards A brokerage firm may associate or employ a salesperson or broker- salesperson who resides on an island different from that of the principal place of business, provided that any advertisements on an island different from that of the principal place of business shall disclose the name of the brokerage firm and the address and phone number of the principal place of business.

TRUE lands extending inland from the shoreline as delineated on the maps filed with the counties Special Management Area (SMA) Can a landlord charge for a security deposit equal to 1 months rent plus a pet deposit if applicable?No. The deposit must not exceed 1 months rent period.Who would need to have a real estate license? (a) resident manager of an 18 unit apartment, who shows vacant units to prospective renters; (b) property manager who takes care of 3 dwellings for one owner and is the owner's only employee.(a) Someone who manages real estate holding for one owner does not need a license. The condo/coop resident manager does tho.What type of contract has 2 closings?Agreement of Sale. 1st closing conveyance tax is paid. 2nd closing (when loan is paid back) title is transferred.Usury law protects borrower. T or FTrue.Your CPA recommends that you create an LLC. What should you do? (a) take his advice, create the LLC and immediately remit your commissions through the LLC; (b) run your commissions through the LLC after reporting to the licensing commission that you have created the LLC.(b)?Who selects the Title company?Buyer The ERS is available through Government operated lenders. T or F False. They are available through local lenders.If a Seller paid all taxes through June 30 and closes on July 1st, how much taxes should be prorated to him if the Buyer is responsible for taxes on the day of closing?Nothing.When does the "Good Funds Act" requires that closing funds be deposited into escrow?

2 DAYS PRIOR TO CLOSING

Of the common protected classes in the Federal Fair Housing and Hawaii Discrimination Laws, how do they differ in scope or the type of transactions covered?Federal applies to housing only, Hawaii Discrimination laws apply to all Real Estate transactions.How do are private clubs allowed different exemptions in Federal law vs Hawaii?Federal law allows discrimination for private clubs.Hawaiian law does not exempt such private clubs.What does the developer need to execute to establish a condo complex?a declaration. (containing # of units, buildings, and land info) Person who is employed by an association will start to rent on units on behalf of the association. What DOESNT have

to happen for the employee to rent of units? (a) employee needs to live in the building; (b) need 67% of owners to approve; (c) employee needs a real estate license; (d) needs BOD approval.A

What doesn't have to do Shorelines? (a) vegetation line; (b) accretion; (c) riparian rights; (d) survey dept., Dept. of Land and Natural Resources.(d)?Uniform Land Sales Practices Act (ULSPA) allows how many days for the purchaser to rescind the purchase?

• days.

Where there is a conflict between Hawaii Revised Statute 666, which deals with leases, and the Residential Landlord- Tenant Code, the Code prevails for residential leases.True.If the seller finds an inaccuracy in the disclosure statement the seller shall provide the buyer an amended disclosure statement within 10 calendar days of the discovery.True. And the buyer shall have 15 calendar days to examine the amended statement How long does an owner get to claim a home back, if it was repossessed because you didn't pay your taxes?

• year

What does an appraiser use that the market value (CMA) doesn't?Highest and best use.Who handles the preparation of closing and settlement statements?Escrow Who does Title by Entirety apply to? (a) Husband and Wife only; (b) Reciprocal Beneficiaries.(b) Land trust is an alternative to Agreement of Sale. T or FTrue.Which one is NOT true under Hawaii's Landlord Tenant Code? A. The lease may require that the tenant notify the landlord if he is to be absent for an extended period. B.Hawaii's rent control laws are among the best in the nation.

• A landlord can lock a tenant out overnight if he believes

the tenant is abusing the premises. D. The code does not apply to a buyer who is purchasing a house and moves in, with the seller's permission, prior to closing.

• Hawaii's rent control laws are among the best in the

nation.When is "time is of the essence" most critical? (a) when a Seller needs to close soon because he is moving to the mainland; (b) when a Buyer needs to close soon because his current rental lease will expire soon; (c) when either the Buyer or Seller is near the final stage of their 1031 exchange.(c.) For tenancies which are less than month-to-month, a written notice must be given to the tenants at least 30 days prior to increasing the rent.False. For tenancies which are less than month-to-month, a written notice must be given to the tenants at least 15 days prior to increasing the rent.Hawaii usury law applies to interest charged on loans by

_____.

Private parties.Hula Mae loans are for a maximum of 35 years. T or FFalse. Maximum 30 years.Which land classification is the counties in Hawaii able to change zoning and building codes on without state approval?Urban Hula Mae recipiants must be an occupant of their home for at least 2 years after closing. T or F False. They must be an occupant for the term of the mortgage.

EMPLOYEE RETIREMENT SYSTEM (ERS) LOANS must be conventional (no FHA or VA) with not more than 1% point loan fee to borrower. T or F True.Conveyand tax paid on Satisfaction of Agreement of Sale.T or F False. It is paid on 1st closing when purchased initally. It is also paid when conveyed by a General Warranty Deed.The agent of a distressed listing cannot have interest in it how long after the listing agreement?365 days Does an agent have to disclose a occupant had AIDS?No Which closing is the conveyance tax paid in an agreement of sale?First closing When is Deed in Land Court (Torrens System) officially recorded?When its been assigned a number a the bureau.The order of the TMK (Tax Map Key) numbers are Division, Section, Zone, Plat-Parcel, CPR. T or F

False. The order: Division, ZONE, Section, Plat-Parcel,

CPR What happens to a tenant's lease when property is sold?It does not affect the tenants lease.What happens to a contract when one party cannot fulfill their terms? (a) void; (b) voidable; (c) terminated; (d) valid.

• terminated

An agent moves to Hawaii from another state. Six years later, the agent receives a disciplinary notice from the state he/she came from? How many days does the agent have to notify the Real Estate Commission about the disciplinary action?30 days If the seller's agent is or becomes aware of any material facts inconsistent with or contradictory to the disclosure statement or the inspection report, the seller's agent shall disclose these facts to the seller, the buyer and the buyer's agent. (not lender) DE MINIMUS STRUCTURE limits old survey erros starting at 3 inches for commercial, then...

• inches residential, 9" agricultural, 18" conservational

What kind of title does Vendee (buyer) initially receive in an agreement of sale?Equitable Title The entities that may be licensed are individuals, partnerships, corporations and LLCs.True.Can you advertise Fee Simple property without noting that it is Fee Simple?

YES (note: Leasehold property must spell out "Leasehold"

in any advertisting) Name the additional rotective groups Hawaii's discrimination law has that the Federal Fair House Law excludes.ancestry, disability, age, HIV infection, and use of guide or signal dog or service animal.What are the two types of foreclosures in Hawaii? Judicial & Non-judicial Time share 7 right of recision allows who to cancel?buyer or seller A brokerage firm may associate or employ a salesperson or broker- salesperson who resides on an island different from that of the principal place of business, provided that all agency disclosures required by section 16-99-3.1 shall include that the principal place of business is located on a different island.

TRUE