Business Organization & Licensing

Question 1

How long does a trade name last

Answer 1

5 years

Question 2

A trade name is registered with…

Answer 2

DCCA, Department of Commerce & Consumer Affairs

Question 3

Is a trade name one’s legal name (personal name) or a registered corporate name, general or limited partnership name, limited liability company name, or limited liability partnership name?

Answer 3

No

Question 4

Is a broker responsible for unlicensed assistants and affiliated licensees?

Answer 4

Yes

Question 5

Brokerage is an activity involving the _____ or _____ of a commodity through an intermediary who usually acts as an agent (or representative) of one of the parties. This intermediary receives compensation for the service.

Answer 5

Sale or lease

Question 6

Name the 6 types of residential real estate

Answer 6

single-family homes, apartments, condominiums, duplexes, triplexes, and fourplexes.

Question 7

What must an owner be paid by the government in a case of eminent domain

Answer 7

the fair market price of the property to acquire it for public use

Question 8

In the Civil Rights Acts of 1964 and 1968, the Fair Housing Amendments Act of 1988, and the Americans with Disabilities Act,

Answer 8

Congress prohibited discrimination in real estate dealings against various groups of people.

Question 9

in the federal Truth in Lending Act (TILA) and the Real Estate Settlement Procedures Act (RESPA), Congress has required

Answer 9

uniform loan and closing disclosures to be adopted throughout the country.

Question 10

The __________ has tremendous influence over the amount of mortgage money that may be made available at any particular time, as well as the interest rates charged by commercial banks.

Answer 10

Federal Reserve Board

Question 11

_______________ and the establish criteria for residential property loans insured or guaranteed by those agencies. HUD administers fair housing and interstate land sales disclosure laws,

Answer 11

Housing and Urban Development (HUD) ; Department of Veterans Affairs (VA)

Question 12

Federal laws prohibit discrimination against various groups of people in the purchase, sale, and closing of real estate. These are the:

Answer 12

Civil Rights Acts of 1964 and 1968;
Fair Housing Amendments Act of 1988; and
Americans with Disabilities Act.

Question 13

The sale or lease of a commodity through an intermediary who usually acts as an agent for one of the parties defines the concept of _____.

Answer 13

brokerage

Question 14

To be exempt from registration under Hawaii’s Uniform Securities Act, a corporation must have no more than _____ subscribers.

Answer 14

25