Reviews Flashcards
TMK - order
Division, Zones, Sections, Plat, Parcel, (CPR)
CPR- condominium property regime
4 Divisions
Division 1 - Oahu
Division 2 - Maui, Molokai and Lanai
Division 3 - Island of Hawaii
Division 4 - Kauai
Estate may be divided into two categories;
1 - freehold estate
2 - leasehold estate (less than freehold)
a freehold estate is one whose duration is uncertain and indefinite; classification (a) fee simple, (b) fee defeasible, (c) fee tail, (d) life estate
Blockbusting
the discriminatory practice of encouraging members of one race or creed to move into a neighborhood, and then exploiting the situation by persuading residents to sell their houses at deflated prices because of the alleged social deterioration of the neighborhood.
Steering
Directing prospective buyers or tenants into or away from certain areas on discrimination grounds.
Land Contract is
installment contract (Agreement of Sale)
FHA
Federal Housing Administration (est. 1934 under National Housing act) was designed to encourage improvements in housing standards and conditions, to aid in providing an adequate home financing system and to exert a stabilizing influence on the mortgage market.
Planned development housing (PD-H)
formerly called a Planned Unit Development (PUD), involves a specific type of housing and zoning being used more frequently as a means of utilizing the State’s small amount of land as efficiently as possible.
The purpose of such planned development is to encourage a more efficient use of land and public services by allowing a more flexible means of land development than it permissible under lot by lot restrictions.
Hula Mae loans
The Hawaii Housing Finance and Development Corporation of Hawaii (HHFDC) issued tax-exempt revenue bounds to fund a mortgage loan program called Hula Mae.
requirement: citizen and resident of Hawaii, 18 yrs or older, first home buyer, (Doesn’t have to be native Hawaiian)
term; max 30 years.
if leasehold, required to have at least 35 years remaining on the lease
Not including executive meeting, who can attend board meetings?
member of the association
Usury Interest rate
12 %
who must disclose information on a disclosure statements
Seller
An agent’s seller has an agreement under single agency. what does the agent need to tell the buyer.
1: the seller doesn’t like his neighbor
2: the house has a lake view
3: the house leaks when it rains hard
3: the house leaks
Who does lava belongs to when it forms land
State of Hawaii
a house sells for $500,000. It depreciates in 39 years. what is the depreciation after 11 years
500,000 / 39 = 12,820
12,820 x 11 = $141,026
Tax is paid twice a year. if a house is assessed for $250,000 and the tax rate is $1.50 per 100 ($ 15 per mill), what is that tax payment for one installment?
$250,000/100 x 1.50 = $3,750
$3,750 / 2 = $ 1,875 per installment
What is true about airborne radon?
1: it is inexpensive to detect and remove
2: it has obvious odor
3: It is only found in wooden furniture
1 : inexpensive to detect and remove
A certified property associate is renting out units in a condominium. All of the following are true, Except;
1: 67 % of the association must approve
2: all of the board member must approve
3: he/she must live there
4: he must have a real estate license and only accept commission from his/her broker
3: he must live there.
what is distinct about owners who share ownership in common elements?
1: They share walls
2: they get to elect members of the association
3: they must pay assessments and government taxes.
2: they get to elect members of the association
Party Wall is
a wall erected on the line between adjoin properties that are under separate ownership, for the use of both owners. (Adjoining owners)
Owner of a 5-bedroom apartment resides within and rents other 4 rooms. Regarding Hawaii’s Discrimination Law, can the owner discriminate?
1: Yes, he may discriminate based on HIV
2: Yes, he may discriminate based on race or color
3: Yes, he may discriminate by any means.
4: No, he may not discriminate even though he resides there
3: Yes, he may discriminate by any means.
A sales person is showing his agent properties. His client sees a house with a ‘For Sale by Owner” sign. The client tells his agent he is interested in the property. What must the salesperson tell him in response?
1: I can’t call the owner because of the “Do Not Call Law”. The client must call.
2: I can’t contact him because he isn’t working with a licensed broker.
3: I can’t work with him because I won’t be paid a commission.
4: I can call him.
4: I can call him.
A salesperson resides on a different island than where her principal broker office is located. What must she include on her promotional fliers and advertisements?
1: The principal brokerage name or trade name only.
2: The principal brokerage name, address, and telephone number.
2: The principal brokerage name, address, and telephone number.
who is in charge of good faith estimates?
1: FDIC
2: Lending Institutions
3: FHA
4: HUD
2:Lending Institutions