Hawaii Real Estate Licensing Law & Rules TEST (Graded A+ actual test)

The Real Estate Commission is the state agency empowered to grant licenses, issue rules and regulations, and generally monitor the licensing laws. - True. A real estate salesperson intending to take the broker's exam may prorate her part-time sales experience in applying for her experience certificate. - False You can work for more than one broker in Hawaii, provided you obtain permission from both in writing. - False In a partnership engaged in real estate brokerage, every active partner must have a real estate salesperson's license. - False person who acts as a receiver, trustee in bankruptcy, or personal representative in handling real estate matters is required to be licensed. - False Four members of the Real Estate Commission shall reside on Oahu, and one shall reside in Maui County, one on Kauai and one on Hawaii. - True. Going to your broker's office and doing floor duty, which includes answering the phone and talking to prospects about the company's listings, after you have passed your licensing exam but before you have actually received your license, is a violation of the licensing law. - True. Complaints against members of regulated industries are investigated by the Regulated Industries Complaint Office (RICO). - True. Members of the Real Estate Commission are appointed for terms of five years. - FalseThe entities that may be licensed are individuals, partnerships, corporations and LLCs. - True. The maximum amount in the education fund shall be $1,500,000. - False Failure to complete 20 hours of Continuing Education prior to license renewal will result in revocation of your license. - False To change your license from inactive to active, you must show proof that you have completed the required 20 hours of Continuing Education. - True. caretaker or custodian who leases or offers to lease, or rents or offers to rent condominium units on behalf of an association of condominium owners is required to be licensed. - True. A licensee can make false promises concerning a real estate transaction, even though they are misleading to a buyer or seller, provided they are only verbal and not put down in writing. - False Accepting a commission from both a buyer and a seller without prior written consent of both parties could result in revocation or suspension of one's license. - True. Dual agency is a conflict of interest and not permissible at any time. - False Licensees may pay referral fees to unlicensed friends who send them good and valuable business. - False An unlicensed receptionist at Black & Blue Realty may pre-qualify prospects over the phone to decide which sales agent they would get along with best. - False Failure to obtain in writing confirmation of whom the broker represents on any real estate contract could result in revocation or suspension of one's license. - True.A licensed broker may pay a referral fee to a licensed broker in another state provided the out of state broker did not conduct in Hawaii any of the negotiations in the deal. - True. A licensee bears no responsibility with regard to seller's mandatory disclosure. - False A buyer's agent has a responsibility to disclose any pertinent material information she may have regarding the property to her buyer client. - True. The Real Estate Commission has nine members, all of whom must be licensed real estate brokers. - False A corporation wishes to enter the real estate business. A broker's license will be issued to each officer of the corporation who will actively participate in the real estate business. - False A person who possesses a valid broker's license, but is employed by another broker and is, in effect, acting as a salesperson, is called a selling broker. - False