Real Estate Pre-License Exam - Hawaii Questions With 100% Correct Answers.

What is the definition of a Broker? - Answer-A direct agent of the principal who is hired for compensation to perform a stated services such as procuring a customer. Define Brokerage. - Answer-The business of procuring customers on behalf of clients for the purpose of completing a real estate transaction. What is Common Law? - Answer-A body of law developed by court judgments, decrees, or case decisions. Define Property Management. - Answer-The business of managing the physical and financial condition of an investment property for an owner. What is the definition of a Salesperson? - Answer-A licensed employee, or independent contractor, hired by a broker to perform authorized activities on behalf of the broker's client. What is Severance? - Answer-The conversion of real property to personal property by detaching it from real estate. What is Affixing? - Answer-The act of converting personal property to real property by attaching it to real estate. What is the definition of Real Estate? - Answer-Land and all man-made structures permanently attached to it. What is Real Property? - Answer-Real estate and the bundle of rights associated with ownership of real estate. What are the five "Bundle of Rights"? - Answer-Possess, use, transfer, encumber, and exclude. What does the Right to Encumber mean? - Answer-The right to mortgage the property as collateral for debt.What is Curtesy? - Answer-A husband's life estate claim to portions of his deceased wife's real property. What is Dower? - Answer-A wife's life estate claim to portions of his deceased husband's real property. What is a Defeasible fee estate? - Answer-A fee estate