Hawaii Real Estate Exam Questions and Answers Already Passed 23/24

Hawaii Revised Statutes include specific chapter on all of the following forms of property ownership EXCEPT: A. Timeshares B. Cooperative housing C. Fractional ownership D. Planned communities C. Fractional ownership Client trust funds shall be placed into the brokerage trust account: A. On the day of receipt B. By the next calendar day following receipt C. By the next business day following receipt D. Within three business days following receipt C. By the next business day following receipt In a 1031 tax deferred exchange transaction of Hawaii properties, conveyance tax would be due on which of the following? A. Both properties B. Only the replacement property C. Only the relinquished property D. Neither property, since the conveyance is for “like kind properties” A. Both properties Which of the following differentiates a bilateral contract from a unilateral contract? A. Number of parties involved B. Performance obligations of the parties C. Relative value of the object of the contract D. Type of property specified in the contract B. Performance obligations of the parties What would most lenders require if the buyer is putting less than 20% down? A. That the buyer has one year’s worth of reserves in a certificate of deposit B. A certificate of reasonable value C. A FICO score of at least 745 D. Private mortgage insurance D. Private mortgage insurance Who may give a supportable opinion of market value to be used in seeking a federally-related loan to finance a real estate transaction? A. A certified appraiser B. A licensed real estate broker C. Any real estate licensee, in each state in which she is licensed D. A Certified Public Accountant C. Any real estate licensee, in each state in which she is licensed