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Hawaii Real Estate Exam State Portion Only (2 versions) Includes 300+ Accurate And Verified Questions Focused On Hawaii-Specific Real Estate Laws, Licensing Requirements, Agency Relationships, Land Use Regulations, Time-Share Laws, Escrow Procedures, And Disciplinary Actions Under The Hawaii Real Estate Commission. Designed To Prepare Candidates For The State Portion Of The Hawaii Licensing Exam.
Version 1 How do you qualify to participate in the sale to owner-occupants in a new condominium project?a.)You must agree not to sell it for 48 months.b.)You must agree to live in the property as your primary residence and not rent it out more than two weeks during the first year.c.)You must sign an affidavit stating you intend to live in it as your primary residence for at least six months.d.)You must sign an affidavit stating you intend to live in it as your primary residence for at least the next 365 days. - ANSWER-d.)You must sign an affidavit stating you intend to live in it as your primary residence for at least the next 365 days.(You can't rent it at all during the first year, or sell it. If you 1 / 4
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violate the terms of the affidavit, you can be fined $10,000 or 50% of the proceeds from sale or rent, whichever is greater.)
In Hawaii, which commercial transactions require agency disclosure?a.)All sales, and leases for longer than one year b.)Neither sales nor leases c.)Sales, but not leases d.)Transactions above $1 million in value - ANSWER-a.)All sales, and leases for longer than one year
Which of these best describes a condominium property regime
(CPR)?
a.)The condo developer's management phase b.)The management structure of a condominium project c.)The ownership structure and governance process for a condominium project d.)The REC's control over Hawaii condos - ANSWER-c.)The ownership structure and governance process for a condominium project
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In Hawaii, which of these actions would be considered discriminatory?a.)Refusing to rent to a person who uses an emotional support animal b.)Requesting verification of a disability that's not readily apparent c.)Requiring a person with an assistance animal to pick up the animal's waste d.)Requiring a person with a therapy animal to obey leash laws - ANSWER-a.)Refusing to rent to a person who uses an emotional support animal
Laura has agreed to purchase Derrick's Oahu property using an agreement of sale. Who holds legal title to the property during the term of the loan?a.)Both Laura and Derrick b.)Derrick c.)Laura d.)The state - ANSWER-b.)Derrick
Typically, HREC would be responsible for placing a licensee on involuntary inactive status. Who else has the authority to do this? 3 / 4
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a.)Hawaii's licensing exam test provider b.)The Hawaii Department of Corrections c.)The Hawaii Department of Revenue d.)The licensee's principal broker or broker-in-charge - ANSWER-d.)The licensee's principal broker or broker-in-charge
Which of these is an example of a purchase money mortgage?a.)Buyer Jethro doesn't have the full 20% down payment his lender requires. To close the sale, seller Cindy will finance a loan for the gap between Jethro's down payment and the amount the institutional lender will loan. She'll place a lien on the property.b.)Charles is selling his property to Seth. Charles is financing part of the transaction for Seth, who will make payments to Charles while Charles retains the property title.c.)Elizabeth wants to make a 20% down payment on her mortgage loan. She's short on cash right now, but will get a big payout soon. She finances her home with a first mortgage, and takes out a second mortgage to finance the down payment.d.)Manuel is selling his home to Selena. He has an existing loan that he'll continue to make payments on, and he's extending credit to Selena for the balance of the purchase price. She will make monthl - ANSWER-a.)Buyer Jethro doesn't have the full 20% down payment his lender requires. To close the sale, seller
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