Principles and Practices of Hawaiian Real Estate Flashcards

Principles and Practices of Hawaiian Real Estate Flashcards One of the advantages of a joint tenancy is thatA) It cannot be terminated without the consent of each tenantB) Tenants may own different fractional sharesC) It avoids delays and expenses of probateD) It can only exist between h husband and wife C Which of the following restrictions is not a governmental

restriction:A) Police powerB) CovenantC) EscheatD)

Eminent domain

B (Ex: MTA, Hawaii Loa)

A restriction is considered to be:A) A lienB) Color of titleC)

EncumbranceD) Abstract C A 30-year old lava rock wall that extends into your neighbor's yard is considered to be a(n)A) Illegal encroachmentB) Zoning violationC) Adverse possession claimD) Permitted de minimis structure position discrepancy A

In a land trust, the beneficiary's interest is:A) real

propertyB) life estateC) personal propertyD) reversion C In the event that a salesperson fails to pay the renewal fee when due, which license will automatically be forfeited?I.SalespersonII. Broker of the salespersonA) I onlyB) II onlyC) Both I and IID) Neither I nor II A An appropriation of land for some public use made by the owner and accepted for such use by or on behalf of the

public, such as streets in a plotted subdivision, is called:A)

EasementB) DedicationC) Public grantD) Condemnation B Which of the following is not required for a valid bill of sale?A) Signature of the sellerB) Description of the itemsC) Date of transactionD) Name of buyer C

If title is indefeasible it can't be:A) RecordedB) ConveyedC)

VoidedD) Alienated C Under Hawaii State Law, the boundary line between public

and private shoreline property is determined by:A) Stakes

in the sandB) High wash of the wavesC) Mean high tide markD) The building lines B What is/are the responsibilities of a broker concerning moneys entrusted to him in a real estate transaction?I.Deposit all moneys in a neutral depository or trust fund by the first business day after receipt of such fundsII. Provide a full accounting to each party of all receipts and disbursements of any funds entrusted to him by the partiesA) I onlyB) II onlyC) Both I and IID) Neither I nor II C

An example of personal property is:A) Household

furnishingsB) Wall-to-wall carpetingC) Built-in dishwasherD) Disposal A

A tenant in common may sell his interest:I. Only with the

permission and approval of the other tenants in commonII.At any time, without permission or approvalA) I onlyB) II onlyC) Both I and IID) Neither I nor II B A woman and her brother hold property in joint tenancy.The woman deeded her part to herself and her husbandA) The deed to the husband is invalidB) The joint tenancy is brokenC) All three now hold title in joint tenancyD) Joint tenancy remains the same B A legal form of ownership in Hawaii in which the owners

are called members is known as:A) limited partnershipB)

corporationC) limited liability companyD) land trust C If, after you purchase a property, you have a survey made and find that your neighbor through error has built an ornamental fence two feet over on your land, this would be

a basic example of:A) EasementB) EncroachmentC)

AppurtenanceD) Adverse possession B "A" conveys property to "B" and "C" who are unrelated and not joint tenants or reciprocal beneficiaries. "B" dies:A) "C" is the sole ownerB) "B's" share goes to his heirsC) Property reverted back to "A"D) "E" comes into the picture B Which of the following does not apply to real property?A) Chattel mortgageB) Fee simpleC) FixtureD) Appurtenances A The estate in land vested in a grantee "until he marries" is

properly classified as:A) An estate in equityB) A defeasible

feeC) Less than a freehold estateD) A life estate B An action brought by a co-owner of property to compel the

severance of their respective interest is an action for:A)

ForeclosureB) Quiet titleC) ForfeitureD) Partition D The return of land to the grantor or his heirs when the grant

is over is:A) RemainderB) ReversionC) KickbackD) Status

quo B

Restrictions in a deed which benefit the grantor:I. Can be

removed by the grantor issuing a quitclaim deed:II. Cannot

be more strict than the current zoning useA) I onlyB) II onlyC) Both I and IID) Neither I nor II A

Which of the following is correct regarding a life estate:A) It

must be measured by the life of one person onlyB) Because it is based on life, it may not be encumbered by the holderC) It may be created by will or deedD) It requires that the holder make principal payments on any encumbrances C

Which of the following can file suit to obtain an earned commission?I. A broker who is now a salesperson but who was a broker at the time the commission was earnedII. An inactive salesperson who wants to sue his former broker to obtain payment for commissions earned while he was activeA) I onlyB) II onlyC) Both I and IID) Neither I nor II C

A freehold may be:I. A life estateII. A fee simple estateA) I

onlyB) II onlyC) Both I and IID) Neither I nor II C Unless a biennial renewal application is received by the Dept. of Commerce and Consumer Affairs by the first working day of the appropriate calendar year, the license

is:I. VoidII. ForfeitedA) I onlyB) II onlyC) Both I and IID)

Neither I nor II D

If a seller rejects an offer by a prospective buyer:I. The

agent must have seller note on the offer such rejection or he must note it on the offer himself and return it to buyerII.The prospective buyer must acknowledge the rejectionA) I onlyB) II onlyC) Both I and IID) Neither I nor II A

The boundary of your property line can be changed by:I.

AccretionII. EncroachmentA) I onlyB) II onlyC) Both I and IID) Neither I nor II A Which statement most accurately describes the minimum allowable tolerance for the specific type of property?A) 9 inches for agricultural and rural propertyB) 6 inches for commercial propertyC) 3 inches for residential propertyD) 5 inches for multi-unit residential A

The right of eminent domain refers to:A) Right of every

American citizen to own propertyB) Institution to condemn property pending an improvement that is good for the communityC) An institution or individual to acquire land by grant from the governmentD) The government right to acquire or authorize others to acquire title to property for public use/good with just compensation D What term most closely related to the rights of native Hawaiians to access undeveloped privately owned shoreline lands?A) MASHB) PASHC) KuleanaD) Kapu B

A joint tenant may not:A) Sell his interestB) Give away his

interestC) Encumber his interestD) Devise (will) his interest D

A broker may deposit into his client trust account:I. A small

amount of his money to keep his client's accounting system openII. His commission which has been paid to himA) I onlyB) II onlyC) Both I and IID) Neither I nor II A Which of the following needs a real estate licenseI. A builder-owner developer who sells his own developmentsII.A salaried person working for said building-owner who sells

real estate for the builderA) I onlyB) II onlyC) Both I and IID) Neither I nor II C Which of the following is true about uncashed deposit checks?I. It does not constitute commingling to hold an