Hawaii-Specific Real Estate Practice Exam Questions and Answers

Personal Property Movable objects (chattels) that do not fit into the definition of real property; conveyed by bill of sale. Fixture An item of personal property that has been converted to real property by being permanently affixed to the land or building. Can be either attached or annexed. Metes and Bounds To locate a property boundary requires two permanent reference markers; The boundary is measured from a specific point of beginning and proceeds around the boundaries using reference to linear measurements and directions; Boundaries may be established on the basis of actual distance between monuments (fixed objects); A boundary must return to the point of beginning so that the land described is fully enclosed. Rectangular (Government) Survey Based on measurements from base lines and principal meridians; Designed to set up checkerboard pattern of identical squares over specific area. Mineral rights May be owned by the owner of the surface rights or by separate third party owners of subsurface rights, such as natural gas or oil companies, as well as by the developer or the homebuilder. Air rights The right to occupy, use, or control the space above a property, such as homeowner purchasing these rights above a neighboring home to protect his view. Water rights Ownership of water and land adjacent to it is determined by state law, which is based on either the doctrines of the riparian and littoral rights or on the doctrine of prior appropriation; generally have the right to use water so long as they do not pollute or interrupt the flow. Riparian rights Rights granted to owners along a non-navigable river or stream. Littoral rights Rights granted to owners along an ocean or large lake. All of the following are true in regard to trust funds EXCEPT all funds must be deposited within 48 hrs