Hawaii Real Estate State Exam Questions and Answers 100% Pass

Hawaii Real Estate State Exam Questions and Answers 100% Pass What are the land use districts? - Correct Answer ️️ -"Chef RAgU" Conservation Rural Ag Urban Who has control over the different land use districts? - Correct Answer ️️ - Conservation controlled by DLNR Counties control the rest What is adverse possession? - Correct Answer ️️ -The occupation of land to which another person has title with the intention of possessing it as one's own. What is tacking? - Correct Answer ️️ -One adverse possessor may tack on to his time with the land his predecessor's time, so long as there is privity, which is satisfied by any non-hostile nexus, such as blood, contract, deed or will. Tacking is not allowed when there has been ouster What are the elements of adverse possession? - Correct Answer ️️ -OCEANH Open Continuous Exclusive Actual Notorious Hostile What is the difference between adverse possession and prescriptive easement? - Correct Answer ️️ - What is a purchase money mortgage? - Correct Answer ️️ -Anytime using another mortgage to purchase another property What situations does the de minimis law apply to? - Correct Answer ️️ -Allows tolerances regarding minimum encroaching onto the property of another; encroachments What are the allowable tolerances for the various land use districts? - Correct Answer ️️ -CRAC Commercial - 0.25 ft or 3 in Residential - 0.5 ft or 6 in Agricultural - 0.75 ft or 9 in Conservation - 1.5 ft or 18 in What is the de minimis rule? - Correct Answer ️️ -If the encroaching property is within the tolerance, it is NOT an encroachment. Can a sales contract be amended after the offer has been accepted? - Correct Answer ️️ -Yes If so, what is required when the sales contract is amended after the offer has been accepted? - Correct Answer ️️ -Both parties have to agree and it has to be in writing. What is a land trust? - Correct Answer ️️ -A trust formed specifically to hold real estate--real property is the only asset within the trust. Who has legal title in a land trust? - Correct Answer ️️ -The trustee What interest does the beneficiary have? - Correct Answer ️️ -Personal property interest What happens to the agent's real estate license if the agent fails to renew their license? - Correct Answer ️️ -License becomes forfeited. What happens to the agent's real estate license if the agent fails to complete their continuing education by Dec 31 of the even-numbered year? - Correct Answer ️️ - License becomes inactive. What is a Special Management Area? - Correct Answer ️️ -Area managed by the DLNR granting use permits from the county for any development within certain guidelines. What is a Special Management Area near? - Correct Answer ️️ -Shoreline What documents establishes the shoreline boundary? - Correct Answer ️️ -Shoreline certification - signed by DLNR specifies the shoreline boundary, as of a certain date. How long is this document valid? - Correct Answer ️️ -12 months from the date of the certificate What does "time is of the essence" mean as used in the Purchase Contract? - Correct Answer ️️ -Time is essential. If performance doesn't occur by the contract date, the contract is breached, allowing remedies to the non-breaching party including termination of the contract. When are deposit monies required to be deposited into the client trust account? - Correct Answer ️️ -Next business day What is escrow? - Correct Answer ️️ -A third party that handles monies and makes sure the contract is fulfilled