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State Examination for Hawaii Real Estate
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At what point do obligations under the Landlord/Tenant Code End: A) The tenant vacates B) The tenant and Landlord resolve disbursement of the security deposit C) The tenant stops paying rent D) The landlord quits - ✔✔A) The tenant vacates What minimum % of condominium owners must vote to change the By-Laws: A) 50% B) 51% C) 65% D) 67% - ✔✔D) 67% An owner has a mortgage for $50,000 at 9% for 30 years with monthly payments of $403 per month. What is true of this loan? A) $135,000 is the interest of he loan B) $27 is the principal paid on the 1st payment only C) $28 is the interest paid on the 1st payment only D) $403 is applied to principal on the 1st payment - ✔✔C) $28 is the interest paid on the 1st payment only Nam the proper order of TMK designations beginning with the largest to the smallest areas
A) Division, Zone, Section, Plat, Parcel B) Zone, Division, Plat Section, Parcel C) Section, Division, Parcel, Zone, Parcel D) CPR, Parcel, Plat, Section, Zone - ✔✔A) Division, Zone, Section, Plat, Parcel Tenant tells landlord about major roof leaks and landlord does nothing. Which of the following is true: A) Constructive eviction B) Actual eviction C) Demand eviction D) Demand for damages - ✔✔A) Constructive eviction A licensee has paid the renewal fee by Nov. 30 of an even year but did not take the 20 hours of CD classes. Which of the following is true: A) License is forfeited B) License is inactive C) License is active D) License is suspended - ✔✔B) License is inactive A Hawaii property owner can redeem his property within one year after which of the following: A) A real property tax sale B) A foreclosure sale C) Short sale D) Deed in lieu of foreclosure - ✔✔A) A real property tax sale Special Management Area regulations are concerned the least with
Non-judicial foreclosure law provides for which of the following: A) Advertising and sale of the mortgaged property B) Statutory period of redemption C) Must have open houses D) commissioner is required to sell the property - ✔✔A) Advertising and sale of the mortgaged property In early 1985, a developer agreed to build two houses for the owner. A contractor actually built the houses and completed them by June 1, 1985. The contractor is not paid in full. No Notice of Completion was ever field. On July 1, 1986, the contractor wanted to file a Mechanic's Lien. what is true? A) He can file liens because the date of the Notice of Completion Deemed to be one year from the actual completion date B) He can file liens because there if no time limit for filing liens C) He can file liens because the Notice of Completion was never filed/published D) He cannot file because the contractor can only look to the developer for payme - ✔✔A) He can file liens because the date of the Notice of Completion Deemed to be one year from the actual completion date The landlord is required to provide which of the following for his tenants when converting an apartment under the Condominium Property Regime Act: A) Give 120 days notice B) Give 10 days notice C) Provide suitable housing for tenants D) Pay for relocation - ✔✔A) Give 120 days notice Which of the following is true regarding FIRPTA and HARPTA A) Foreigners must have 10% of the "amount realized" withheld B) U.S. citizens that are not Hawaii residents must have 10% of the "amount realized" withheld
C) Military personnel that sell a house must have 5% withheld D) Escrow is responsible to collect the 10% nd 5% from the seller - ✔✔A) Foreigners must have 10% of the "amount realized" withheld Under the Food Funds Act, buyer's deposits must be: A) Given to escrow 5 calendar days before the closing date B) Given to escrow 2 business days before the closing date and must be wired funds or cashier's check and clear the banks before the closing date C) Can be drawn on a mainland bank before the closing date D) Can be a personal check 3 days before the closing date - ✔✔B) Given to escrow 2 business days before the closing date and must be wired funds or cashier's check and clear the banks before the closing date Sales agent decides to change Real Estate firms. The Change Form-Real estate must be forwarded to the Professional Vocational License division for the change to be effective. Who will be required to sign the Change Form-Real Estate? A) Sales agent only B) Sales agent and present Broker only C) Sales agent and future Broker only D) Sales agent and both the present Broker and future Broker - ✔✔D) Sales agent and both the present Broker and future Broker An appraiser finalizes value estimates at which of the following stages of an appraisal: A) When he gathers, records and verifies the data B) When he performs direct sales comparisons C) When he analyzes and interprets data D) When he reconciles the data - ✔✔D) When he reconciles the data Which of the following qualifies for a Hula Mae loan:
All of the following regarding real property disclosure law is true except: A) The seller has 10 days to give a disclosure statement to the buyer after an offer has been accepted B) Commercial and residential property owners are subject tot his law C) Buyer has 15 days to respond to the disclosure statement to cancel the contract D) Vacant land and timeshare units are except from the disclosure law - ✔✔B) Commercial and residential property owners are subject to this law The following are an example of puffing A) The full disclosure statement has been given to the buyer from the seller B) Buyer's agent tells his client that the interest is the lowest in decades C) Seller's agent tells the seller that according to the monthly statistics the inventory is very low and prices are beginning to go up D) Seller's agent tells everyone who comes to his open house that his listing is the best priced home in the best neighborhood in the city - ✔✔D) Seller's agent tells everyone who comes to his open house that his listing is the best priced home in the best neighborhood in the city In order to reinstate a license that has been terminated because of payment out of the Recovery Fund, the person must: A) Make full restitution to the Recovery Fund of all payments paid out in his behalf B) Pay interest on the sum expended from the Recovery Fund C) Both A and B D) None of the above - ✔✔C) Both A and B The amount of deposit under the Landlord Tenant Code which a lessee may pay: A) Cannot exceed one month's rent
B) Is considered to be the property of the lessor during the term of the lease C) Both A and B D) None of the above - ✔✔A) Cannot exceed one month's rent A licensee is entitled to a hearing when the licensee is: A) Suspended B) Terminated C) Both A and B D) None of the above - ✔✔C) Both A and B A check for earnest money deposit may be made payable to which of the following: A) The salesperson who showed the property B) The Broker's Client Trust Account with whom the property is listed C) Both A and B D) Seller's broker's working capital account - ✔✔B) The Broker's Client Trust Account with whom the property is listed Escrow calls the agent and says they can close early and are ready. In preparation to close: A) The seller and the buyer must sell a date B) The lessor must give permission (if it is lease land) C) Escrow and mortgage documents must be ready for signature D) All of the above - ✔✔D.) all of the above Hula Mae loans are made directly by: A) Hawaii Housing Authority (HHA)
B) Circuit Court C) District Court D) Federal Court - ✔✔A) Small Claims Court The Real Estate Commission may revoke or suspend a license for which of the following: I. Acting for both the buyer and seller in a real estate transaction and collecting commissions from both, after obtaining their oral consents to do so. II. Where a salesperson attempts to represent a real estate Broker other than his employer. A) I B) II C) I & II D) Neither I nor II - ✔✔C) I & II The clause in a mortgage document that allows the mortgagee to demand the unpaid balance in full on default is: A) An escalation clause B) A default clause C) A foreclosure clause D) An acceleration clause - ✔✔D) An acceleration clause An 80% loan-to-value ratio is characteristic of which of the following: A) A conventional loan B) An FHA insured loan C) A VA guaranteed loan
D) A USDA rural land loan - ✔✔A) A conventional loan In a contract for sale, the title commitment is to: A) Assure the transaction will go according to Purchase Contract B) Correct defects in the Abstract of Title C) Indicate that the title company will provide title insurance D) To commit the buyer to the title - ✔✔C) Indicate that the title company will provide title insurance Which of the following statements is/are true about a principal broker who leaves the Sate for more than 30 calendar days? A) He must notify the Real Estate Comission in writing of his absence B) He must designate an experienced salesperson to be temporarily in charge C) The replacement broker must be from the same real estate firm D) No replacement broker is needed as long as someone is supervising the agents - ✔✔A) He must notify the Real Estate Comission in writing of his absence All of the following are true except A) Agents changing brokers have 12 days to notify the DCCA B) An agent can change the first and middle name with a change form C) Agents who change their residence have 10 days to notify the DCCA D) Brokers must sign off an agent who requests to be released from their firm within 10 days of receiving the request - ✔✔C) Agents who change their residence have 10 days to notify the DCCA Which of the following is true regarding the Mortgage Fraud Prevention Act: A) Agents can receive a deposit from the debtor to negotiate a loan modification with the lender
Which of the following conditions is not correct regarding adverse possession? A) Must be less than 5 acres B) Land court property can be taken by adverse possession C) Land that is encroached upon cannot be taken by adverse possession D) The property must have been in use by a non-owner for 20 years or more - ✔✔B) Land court property can be taken by adverse possession A real estate Broker has an obligation to: A) Give copies of all documents to all parties at the time they sign B) Sign documents pertaining to real estate transactions C) Give the documents to escrow at the time of recordation D) Keep the documents in a file and wait till the transaction is recorded - ✔✔A) Give copies of all documents to all parties at the time they sign Owner "L" has a condo mortgage with lender "M". "L" sells the condo on an Agreement of Sale. The vendee then fails to make maintenance payments. The Owner's Association can bring lien proceedings against: A) The tenant living in the unit B) The mortgagee C) The vendor and/or vendee D) The real estate agent who sold the unit - ✔✔C) The vendor and/or vendee Which of the following statements is true regarding the priority of liens in a condo project: A) Mortgages of record have priority over all other liens B) The association's lien may take priority over a mortgage of record
C) The interest of a buyer in a foreclosure sale is subject to an existing lien by the Association D) A municipal improvement district assessment for roan widening has priority over recorded mortgages and association liens - ✔✔D) A municipal improvement district assessment for roan widening has priority over recorded mortgages and association liens Which of the following an an unlicensed person do in a real estate office? A) Show properties to clients B) Prepare open house fliers, input data into the MLS for the salesperson, take pictures, put up open house signs. C) Negotiate terms of the contract with the other agent D) Receive a finder's fee for a real estate transaction - ✔✔B) Prepare open house fliers, input data into the MLS for the salesperson, take pictures, put up open house signs. An owner appeared at the public hearing concerning construction of a new storage facility for hydrogen gas to be erected near his home. He objected to the project on the basis that the value of his property would be lowered substantially. His fears are based on the concept of: A) Function obsolescence B) Physical obsolescence C) Capital obsolescence D) Economic obsolescence - ✔✔D) Economic obsolescence Which is true regarding the land court system in Hawaii A) Robert Torrens is the Australian who introduced the system to Hawaii B) Adverse possession is allowed on land court property C) The state does not guarantee good title to land court property D) Land court registration system started with the Great Mahele - ✔✔A) Robert Torrens is the Australian who introduced the system to Hawaii
There are two closings for an Agreement of Sale transaction one for possession, one for title. What charge is not included in both closings? A) Escrow cost B) Title search C) Conveyance tax D) None of the above - ✔✔C) Conveyance tax How long should a broker keep transaction documents? A) 2 years B) 3 years C) 10 years D) There is no requirement - ✔✔B) 3 years A Broker is guilty under the Hawaii Anti-Discrimination Act if he: A) He refuses to rent to people with children B) He attempts to talk a person out of buying property because of the person's low income C) He refuses to rent to military D) He refuses to rent to hippie musicians - ✔✔B) He attempts to talk a person out of buying property because of the person's low income A lot that is zoned Rural has a neighbor whose wall is encroaching into the subject property. What is the allowable distance for Rural zoned lots? A) 1.5 feet B) 0.75 feet C) 0.5 feet
D) 0.25 feet - ✔✔B) 0.75 feet Tenants by the Entirety are applicable to which of the following: A) Unmarried man and woman who live together for 40 years and have children B) Two people who are single and not allowed to marry by law C) Married daughter and widowed father D) Married man and his girlfriend - ✔✔B) Two people who are single and not allowed to marry by law
