Hawaii State Real Estate Questions and Answers well Explained Latest 2024/2025 Update 100% Correct.

ERS loans are assumable by qualified persons. T or F - True. What does the developer need to execute to establish a condo complex? - a declaration. (containing # of units, buildings, and land info) EMPLOYEE RETIREMENT SYSTEM (ERS) LOANS if leasehold, the terms of the lease must exceed the term of the loan by at least 5 years. - False. if leasehold, the terms of the lease must exceed the term of the loan by at least 10 years Someone manages real estate for one condo or coop association does not need a license. T or F - False. Someone who manages real estate holding for one owner does not need a license, however it does not apply to condo or coop associations. Of the common protected classes in the Federal Fair Housing and Hawaii Discrimination Laws, how do they differ in scope or the type of transactions covered? - Federal applies to housing only, Hawaii Discrimination laws apply to all Real Estate transactions. A brokerage firm may associate or employ a salesperson or broker- salesperson who resides on an island different from that of the principal place of business, provided that the salesperson or brokersalesperson shall not maintain or advertise a place of business other than the principal place of business - TRUE A brokerage firm may associate or employ a salesperson or broker- salesperson who resides on an island different from that of the principal place of business, provided that any advertisements on an island different from that of the principal place of business shall disclose the name of the brokerage firm and the address and phone number of the principal place of business. - TRUE A brokerage firm may associate or employ a salesperson or broker- salesperson who resides on an island different from that of the principal place of business, provided that all agency disclosures required by section 16-99-3.1 shall include that the principal place of business is located on a different island. - TRUEWhat kind of title does Vendee (buyer) initially receive in an agreement of sale? - Equitable Title Which closing is the conveyance tax paid in an agreement of sale? - First closing Which closing is legal title given in an Agreement of Sale? - 2nd closing, as Equitable is given in the first closing. Conveyand tax paid on Satisfaction of Agreement of Sale. T or F - False. It is paid on 1st closing when purchased initally. It is also paid when conveyed by a General Warranty Deed. Time share 7 right of recision allows who to cancel? - buyer or seller Time share 7 right of recision should be written or just oral? - Both written and oral. time share acquisition agents who are not licensed as sales persons still must be registered with the Commission as a time share acquisition agent. T or F - TRUE The maximum allowable rate for USERY loans (person to person) is - 1%/month OR 12%/year The agent of a distressed listing cannot have interest in it how long after the listing agreement? - 365 days DE MINIMUS STRUCTURE limits old survey erros starting at 3 inches for commercial, then... - 6 inches residential, 9" agricultural, 18" conservational Can a landlord charge for a security deposit equal to 1 months rent plus a pet deposit if applicable? - No. The deposit must not exceed 1 months rent period.Name the additional rotective groups Hawaii's discrimination law has that the Federal Fair House Law excludes. - ancestry, disability, age, HIV infection, and use of guide or signal dog or service animal. lands extending inland from the shoreline as delineated on the maps filed with the counties - Special Management Area (SMA) According to the Hawaii discrimination laws, how long does one have to file? - 180 days for Hawaii Law. Note the Federal law allows 2 years. How do are private clubs allowed different exemptions in Federal law vs Hawaii? - Federal law allows discrimination for private clubs. Hawaiian law does not exempt such private clubs. To create a condominium, a developer shall execute and record a ______ together with a master deed or lease of the property, bylaws and a condominium property map. It is the most important document in the creation of a condominium. - declaration Uniform Land Sales Practices Act (ULSPA) allows how many days for the purchaser to rescind the purchase? - 7 days. Condo bylaws take what percentage to change amendments? - 67% of unit owners If the seller's agent is or becomes aware of any material facts inconsistent with or contradictory to the disclosure statement or the inspection report, the seller's agent shall disclose these facts to - the seller, the buyer and the buyer's agent. (not lender) Does an agent have to disclose a occupant had AIDS? - No A purchase contract allows for a section where a seller is required to make repairs necessary before closing? T or F - False. No repairs are required since a purchase contract is as is. The entities that may be licensed are individuals, partnerships, corporations and LLCs. - True.EMPLOYEE RETIREMENT SYSTEM (ERS) LOANS must be conventional (no FHA or VA) with not more than 1% point loan fee to borrower. T or F - True. The ERS is a good source of loans for members and pensioners of the state and county government Employee Retirement System. T or F - True. The ERS is available through Government operated lenders. T or F - False. They are available through local lenders. Hula Mae recipiants must be an occupant of their home for at least 2 years after closing. T or F - False. They must be an occupant for the term of the mortgage. Where there is a conflict between Hawaii Revised Statute 666, which deals with leases, and the Residential Landlord- Tenant Code, the Code prevails for residential leases. - True. For tenancies which are less than month-to-month, a written notice must be given to the tenants at least 30 days prior to increasing the rent. - False. For tenancies which are less than month-to-month, a written notice must be given to the tenants at least 15 days prior to increasing the rent. Which one is NOT true under Hawaii's Landlord Tenant Code? A. The lease may require that the tenant notify the landlord if he is to be absent for an extended period. B. Hawaii's rent control laws are among the best in the nation. C. A landlord can lock a tenant out overnight if he believes the tenant is abusing the premises. D. The code does not apply to a buyer who is purchasing a house and moves in, with the seller's permission, prior to closing. - B. Hawaii's rent control laws are among the best in the nation. The order of the TMK (Tax Map Key) numbers are Division, Section, Zone, Plat-Parcel, CPR. T or F - False. The order: Division, ZONE, Section, Plat-Parcel, CPR When is Deed in Land Court (Torrens System) officially recorded? - When its been assigned a number a the bureau.In land court, title is transferred upon registration, not upon delivery of the deed as in the regular system. T or F - True. Land trust is an alternative to Agreement of Sale. T or F - True. What type of contract has 2 closings? - Agreement of Sale. 1st closing conveyance tax is paid. 2nd closing (when loan is paid back) title is transferred. What happens to a tenant's lease when property is sold? - It does not affect the tenants lease