Chap 8: Real Estate Finance Flashcards
1
Q
- If Jody Kauhale lost his property in a tax foreclosure
a. He could get it back by paying the back taxes any time during the next six months.
b. He could get it back by paying the Hawaii State Tax Collector all the back taxes within one year.
c. He could redeem it by paying the Hawaii State Tax Collector all the back taxes, plus costs and interest within one year.
d. He could redeem it by reimbursing the new owner for the taxes, all costs, expenses and interest within one year of the sale.
- If Jody Kauhale lost his property in a tax foreclosure
A
d. He could redeem it by reimbursing the new owner for the taxes, all costs, expenses and interest within one year of the sale.
Answer: D
2
Q
- With regard to mortgages, Hawaii is considered to be:
a. A lien theory state
b. A title theory state
c. A note and mortgage state
d. A Pythagorean Theorem state
- With regard to mortgages, Hawaii is considered to be:
A
a. A lien theory state
Asnwer: A
3
Q
- Two months after a mortgage foreclosure sale is confirmed, the foreclosed mortgagor:
a. has no right of redemption
b. can evict the new owner if he pays up, plus interest
c. has 10 more months to buy the property back.
d. can sue the lender for liquidated damages.
- Two months after a mortgage foreclosure sale is confirmed, the foreclosed mortgagor:
A
a. has no right of redemption
Answer: A
4
Q
- A Hawaii property owner can redeem his property within one year after
a. Real property tax foreclosure sale
b. Mortgage foreclosure sale
c. Both of the above
d. Neither of the above
- A Hawaii property owner can redeem his property within one year after
A
a. Real property tax foreclosure sale
Answer: A
5
Q
- Which of the following is NOT true of Hula Mae loans?
a. You may purchase leasehold single family property.
b. You may purchase a condominium
c. You may sell the property at any time without potential tax repercussions.
d. They are assumable by eligible buyers under certain conditions.
- Which of the following is NOT true of Hula Mae loans?
A
c. You may sell the property at any time without potential tax repercussions.
Answer: C
6
Q
- Employee Retirement System loans:
a. Must be for single family homes
b. Are only for retirees of state and county agencies
c. Are conventional, FHA and VA loans.
d. Are for personal residences only.
- Employee Retirement System loans:
A
d. Are for personal residences only.
Answer: D
7
Q
- If Max had obtained a reverse mortgage three years ago, what would happen upon Max’s death?
a. Max’s heirs would inherit the property free and clear.
b. The mortgage would be due and payable in full.
c. Max’s heirs would continue making payments on the mortgage until it was paid off.
d. None of the above.
- If Max had obtained a reverse mortgage three years ago, what would happen upon Max’s death?
A
b. The mortgage would be due and payable in full.
Answer: B
8
Q
- Where would you go to get an Employee Retirement System loan?
a. A participating loan lender
b. The Employee Credit Union
c. The Federal Deposit Insurance Corporation
d. Hawaii Finance and Development Corporation
- Where would you go to get an Employee Retirement System loan?
A
a. A participating loan lender
Answer: A
9
Q
- Hula Mae loans are administered by:
a. The state of Hawaii
b. County of Maui
c. DCCA
d. HUD
- Hula Mae loans are administered by:
A
a. The state of Hawaii
Answer: A
10
Q
- Hawaii usury law applies to interest charged on:
a. Wraparound mortgage loans
b. Loans between private parties
c. VA mortgage loans
d. FHA mortgage loans
- Hawaii usury law applies to interest charged on:
A
b. Loans between private parties
Answer: B
