Hawaii Real Estate Exam Study Guide | 100% Correct Answers | Verified | Latest 2024 Version

Seller removed two speakers after the closing and to hold a letter to the attic is his mom. What kind of remediation can the buyer pursue. - Seller is liable, buyer can sue. Can seller's agent withhold money from seller's proceeds because the buyer is not satisfied with the buyer - seller agreement repair? - No, only escrow can withhold money The purpose of FHA? - Is to guarantee hi loan-to-value transaction. Stabilize the market insurance program. Does Hawaii statute cover fractional ownership? - Yes. Six owners or less. Why is planned development needed? - Make better use of the land. SMA stands for - Special management area Special management area is to protect - The ocean (wetlands). About Radon - Easy to detect cheap to fix Sets back vs zoning - Set back - 5 ft to 10 ft from Street zoning - resort, business, agricultural; controls what to do with lands. Who pays for drawing the deed? - SellerIn a "as is" contract, does the seller still need to get full written disclosure. - Yes Hula Mae loans - at least _ _ year lease and _ _ years fix rate. - 35 year lease and 10 years fix lease. Not including executive meeting, who can attend board meetings? - Members of the association and all owners of the condo. What is the Usery interest rate? - 12% Tax map key (TMK) order. - Division, zone, section, plot, partial Who must disclose information on a disclosure statement? - Seller or sellers representative Who does lava belong to you when it forms land? - The state of Hawaii A house sells for $500,000. It depreciates in 39 years. What is the depreciation after 11 years. - $500,000/39×11 = $141,026 Taxes paid twice a year. If the house is assessed for $250,000 and the tax rate is $1.50 per $100 ($15 per mill) what is the tax payment for one installment? - 1.50/100(250,000)/2=$1875 What is a modular construction? - Manufactured housing Certified property associate is renting out units in a condominium. all the following are true EXCEPT: • 67% of the association must approve • all the board must approve • He must live there • He must have a real estate license and only except commission from his broker - He must live there.What is distinct about owners who share ownership in common elements? - They get to elect members of the association. A leak occurs in a condo, which condo insurance covers. However, there is a $5000 deductible by the insurance company. Who must not be affected by the deductible? - The owner is least affected by the damage.