Reviews

Question 1

TMK - order

Answer 1

Division, Zones, Sections, Plat, Parcel, (CPR)

CPR- condominium property regime

Question 2

4 Divisions

Answer 2

Division 1 - Oahu
Division 2 - Maui, Molokai and Lanai
Division 3 - Island of Hawaii
Division 4 - Kauai

Question 3

Estate may be divided into two categories;

Answer 3

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

Question 4

Blockbusting

Answer 4

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.

Question 5

Steering

Answer 5

Directing prospective buyers or tenants into or away from certain areas on discrimination grounds.

Question 6

Land Contract is

Answer 6

installment contract (Agreement of Sale)

Question 7

FHA

Answer 7

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.

Question 8

Planned development housing (PD-H)

Answer 8

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.

Question 9

Hula Mae loans

Answer 9

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

Question 10

Not including executive meeting, who can attend board meetings?

Answer 10

member of the association

Question 11

Usury Interest rate

Answer 11

12 %

Question 12

who must disclose information on a disclosure statements

Answer 12

Seller

Question 13

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

Answer 13

3: the house leaks

Question 14

Who does lava belongs to when it forms land

Answer 14

State of Hawaii

Question 15

a house sells for $500,000. It depreciates in 39 years. what is the depreciation after 11 years

Answer 15

500,000 / 39 = 12,820

12,820 x 11 = $141,026

Question 16

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?

Answer 16

$250,000/100 x 1.50 = $3,750

$3,750 / 2 = $ 1,875 per installment

Question 17

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

Answer 17

1 : inexpensive to detect and remove

Question 18

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

Answer 18

3: he must live there.

Question 19

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.

Answer 19

2: they get to elect members of the association

Question 20

Party Wall is

Answer 20

a wall erected on the line between adjoin properties that are under separate ownership, for the use of both owners. (Adjoining owners)

Question 21

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

Answer 21

3: Yes, he may discriminate by any means.

Question 22

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.

Answer 22

4: I can call him.

Question 23

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.

Answer 23

2: The principal brokerage name, address, and telephone number.

Question 24

who is in charge of good faith estimates?

1: FDIC
2: Lending Institutions

3: FHA
4: HUD

Answer 24

2:Lending Institutions

Question 25

A seller lists a house at $450,000. A lending institution assessed it to be valued $300,000. If the loan is based on a 80% loan-to-value ratio, how much down payment must the seller pay?

Answer 25

$450,000-$300,000 = $150,000
$300,000 x 80% = $240,000
$240,000 x 25% = $60,000
$60,000 + $150,000 = 210,000

Question 26

What are building codes established to do the most?

1: Make sure all building look the same
2: Adhere to particular standards
3: Create a conforming tax zone for each county

Answer 26

2: Adhere to particular standards

Question 27

A seller’s agent disclose the minor problems he discovered from doing an inspection of the property to a buyer. The seller claimed everything on the property worked perfectly. However, the buyer moved in and soon after discovered there were major problems with the piping system and later got him money returned. Who will pay for the dollar damages

1: The Seller
2: The Seller’s Agent is equally liable for independently discovering any material facts.
3: The Seller’s Agent

Answer 27

1:The Seller

Question 28

Zoning ordinances are typically established by;

1: Federal Government
2: State Government
3: Town and city government
4: Courts

Answer 28

3: Town and city government

Question 29

Which of the following actions can broker take without having a written listing agreement?

1: advertising and marketing the property
2: accepting earnest money deposit on behalf of the seller
3: showing the property with reasonable notice of the seller.
4: calling the courthouse for information on the property.

Answer 29

4:calling the courthouse for information on the property.

Question 30

Once an offer to purchase is presented to a seller, the

1: buyer is bound to the terms contained therein until the delivery of its acceptance.
2: property is unavailable to any other prospects.
3: offer may be withdrawn at any time prior to delivery of its acceptance.
4: seller may not consider any other outstanding offers.

Answer 30

3: offer may be withdrawn at any time prior to delivery of its acceptance.

Question 31

The statement “a contract for the transfer of interest in land must be writing” best defines which of following real estate concepts?

1: Acknowledgement
2: mutual Consent
3: Status of Frauds.
4: Status of limitations.

Answer 31

3:Status of Frauds.

Question 32

Owner has 12 unit apartment building to sell. What of approaches to value should be given the most weight in setting a listing price.

1: cost
2: gross rent
3: income capitalization
4: sale comparison

Answer 32

3:income capitalization

Question 33

in a mortgage trust deed form of loan, the terms of payment and interest rate would be found on the;

1: Mortgage
2: Deed
3: Loan Application
4: Promissory note

Answer 33

1: Mortgage

Question 34

an owner signed a contract to sell an apartment building. Just before closing, the owner informed the buyers that the buyer changed his mind and would not sell the property. A lawsuit filed by the buyers would be for;

1: Specific performance
2: Lis pendens
3: Quit tittle action
4: a deficiency judgement

Answer 34

1: Specific performance

Question 35

Which of items would be prorated at closing with credit going to seller?

1: accrued interest on an assumed mortgage
2: prepaid property tax
3: earnest money
4: un earned rent collect in advance

Answer 35

2:prepaid property tax

Question 36

One difference between a competitive market analyst and an appraisal is that the appraisal includes information on;

1: near by property failed to sell
2: comparable property presently on the market
3: the highest and best use of the property
4: a range of probable value

Answer 36

4:a range of probable value

Question 37

During a broker meeting, a broker states that a competitor is not charging enough commission. the other broker should;

1: vote on a new fee
2: reduce their fees
3: remove themselves from the meeting
4: not show the competitor’s listing

Answer 37

3:remove themselves from the meeting

it is a violation of Sherman anti-trust laws.

Question 38

Which is a direct benefit of investing of income. Producing real estate?

1: the income is always classified as long term capital gains.
2: the tenant is responsible for any tenant improvements.
3: 1031 exchanges may be utilized for income properties.
4: The depreciation period is shorter than for residential properties.

Answer 38

3:1031 exchanges may be utilized for income properties.

Question 39

An Exclusive agency listing ;

1: may be given to any number of brokers.
2: states that property can only be sold by an agent.
3: allow the owners to sell their own and owe no commission
4: is negotiated directly with a multiple listing system.

Answer 39

3:allow the owners to sell their own and owe no commission

Exclusive Agency vs. Exclusive right to sell listing

Question 40

The federal equal credit opportunity act prohibits discrimination in that granting of credit because of an applicant’s

1: sexual orientation
2: being a minor
3: having reached retirement age
4: erratic employment history

Answer 40

3:having reached retirement age

Question 41

A competitive market analysis (CMA) will give the seller

1: appraisal value
2: net proceed of sold properties.
3: probable sales price
4: advertising strategies.

Answer 41

3:probable sales price

Question 42

Which is TRUE about competitive market analysis?

1: useful to buyer as well as seller
2: used to establish depreciable value
3: employed for insurance purpose
4: usually based on local tax assessmenet

Answer 42

1:useful to buyer as well as seller

Question 43

the term “point of beginning (P.O.B)” is used in connection with a legal description by;

1: lot and block
2: government survey
3: metes and bounds
4: stree address

Answer 43

3:metes and bounds (tochi kyokaisen)

A precise way of describing by the boundary lines with terminal points and angles. Metes are measures of length and bounds are boundaries.

Question 44

A method by which a seller can defer all or substantial part of the gain on a sale of investment property is known as

1: an estoppel sale
2: deferred 501c exchange
3: an installment sale
4: 1031 tax deferred exchange

Answer 44

4: 1031 tax deferred exchange

Question 45

A homeowners association (HOA) has

1: shareholders
2: for-profit status
3: members
4: no tax liability

Answer 45

3: Members

Question 46

An executed contract for the sale of a property resulted from a significant, deliberate misrepresentation made by the salesperson. Which is true?

1: under the doctrine of caveat emptor, the buyer is bound to the agreement
2: depending upon the nature of the misrepresentation, the agent could claim ignorance as a defense.
3: the agent could be held liable for any financial loss either of the principals.
4: the agreement would be binding on all parties.

Answer 46

3:the agent could be held liable for any financial loss either of the principals

Question 47

the lead paint addendum that must be presented with the purchase and sale contract for certain older homes will

1: require the removal of all lead paint prior to the closing.
2: provide the buyer with the opportunity to waive the right to lead paint inspection.
3: mandate that sellers remove any lead paint only on interior walls.
4: make the sellers liable for any of the buyer’s lead-related medical problems.

Answer 47

2:provide the buyer with the opportunity to waive the right to lead paint inspection.

Question 48

A listing agent and his unlicensed assistant are driving to present an offer to a seller when they are in an accident. The assistant is unharmed, but the agent is in hospital intensive care. What must the assistant do with the offer to purchase?

1: continue to meeting with sellers and present the offer
2: inform the buyers that the offer will not be presented.
3: Deliver the offer to the listing agent’s broker
4: wait for instruction from listing agent.

Answer 48

3:Deliver the offer to the listing agent’s broker

Question 49

When homeowners sign a listing form, they are entering into a contract with the

1: Salesperson who filed out the form
2: local board of REALTORS.
3: brokerage firm
4: potential buyers.

Answer 49

3:brokerage firm

Question 50

When a foreclosure sale of property does not produce sufficient funds to cover the loan balance, the mortgagee may be entitled to a personal judgement against mortgagor. this personal judgement is called;

1: a statutory redemption
2: an equitable right o redemption
3: a default judgement
4: a deficiency judgement

Answer 50

4:a deficiency judgement

Question 51

Which of the following is Not legal test for a fixture?

1: intention of party doing attaching.
2: method of attachment.
3: adaptation of item to use of property
4: Cost of replacement of item.

Answer 51

4:Cost of replacement of item.

Question 52

Illegal price fixing occurs when

1: the broker lists a property at the price set by the seller
2: a broker and salesperson make a side agreement relative to commission.
3: two brokers agree to an identical fee structure.
4: a salesperson takes a listing at less than the company’s schedule fee.

Answer 52

3:two brokers agree to an identical fee structure.

Question 53

A broker maintains a property management trust(escrow) account which has clients’ funds in it. The broker’s account client smith negative $1000 balance in it whereas client Jones has $2000 balance in his account.

1: This is okay because there is more than enough to cover the $1000 shortfall so there is not overdraft.
2: This is a violation o the real estate license law.
3: This is a violation of deferral banking regulation.
4: This is Okay because Smith will have $1000 back in his account before jones gets his disbursement.

Answer 53

2: This is a violation o the real estate license law.

Question 54

A Landlord may require that a disabled tenant

1: pay double the usual $500 security deposit.
2: pay an additional fee for using the swimming pool to cover the added insurance cost.
3: remove the wheelchair ramp from him apartment upon vacating the unit.
4: not install grab bar in the tiled shower if drilling holes in the tile is required.

Answer 54

3:remove the wheelchair ramp from him apartment upon vacating the unit.

Question 55

The Seller tell there agent they must sell this week or face foreclosure. The agent should;

1: advertise that fact to attract attention
2: Keep the information confidential
3: mention in to the buyer’s agents to encourage offers.
4: Buy the property immediately at a discount.

Answer 55

2:Keep the information confidential

Question 56

A buyers agent shows his client a property which has some significant foundation cracks. the buyer loves the property and wants to make an offer. the buyer’s agent should;

1: tell the buyer his opinion of the significance of the cracks, and then go ahead with writing and presenting the offer.
2: ingore this issue, as real estate licensees are not engineers and are not qualified to evaluate the significance of foundation cracks.
3: point out his concerns to the buyer and recommend making any offer contingent upon a satisfactory inspection report by a qualified professional.
4: Write and present the offer as the buyer directs, who no discussion of property condition.

Answer 56

3:point out his concerns to the buyer and recommend making any offer contingent upon a satisfactory inspection report by a qualified professional.

Question 57

Puffing is best described as

1: an illegal practice for a licensee
2: encouraging an appraise to come up with a higher value
3: inflating prices above what the seller is asking.
4: exaggerating the benefits of property.

Answer 57

4:exaggerating the benefits of property.

Question 58

One of the major disadvantages of real estate as an investment is that;

1: managing it requires expertise.
2: its is highly speculative
3: its liquidity is limited.
4: the tax advantages are minimal.

Answer 58

3:its liquidity is limited.

Question 59

In a jurisdiction where the common law of agency governs real estate activities, a broker has has single agency relationship with the seller only. the seller needs to be out of the home quickly due to job relocation. the broker can not tell the buyer that seller is in a hurry to move due to the fiduciary duty of

1: confidentiality
2: accounting
3: disclosure
4: obedience

Answer 59

1: confidentiality

Question 60

The most reliable approach for determining the value of a single family residence is the

1: income approach
2: sales comparison approach
3: replacement cost approach
4: gross rent multiplier

Answer 60

2:sales comparison approach

Fair Market value

Question 61

All of the following factors affect market price Except;

1: what a wiling buyer pays a willing seller
2: the location of property
3: the speed with which he seller has to sell.
4: the amount for which property is listed on the tax record.

Answer 61

4:the amount for which property is listed on the tax record.

Question 62

Market value is

1: an option of value based on an analysis of data
2: the same as market price.
3: what property actually sells for
4: the appraised value.

Answer 62

2: the same as market price.

Question 63

Agent A of ABC realty lists a property that he owns with his brother. Buyer agent B from XYZ realty wants to show the property to his client. Before the property is shown, the agent A should;

1: provide showing times and directions to the property.
2: disclose his ownership interest in the property.
3: ask for a copy of agent B’s buyer agency contract.
4: provide a copy of agent A’s listing agreement to agent B.

Answer 63

2:disclose his ownership interest in the property.

Question 64

When showing a property, a licensee told a prospective buyer, per the owner’s instructions, that the water seepage problem in the basement has been corrected. However, it was obvious to the licensee that this was not the case. The licensee is guilty of

1: puffing
2: a mistake of fact
3: misrepresentation
4: nothing- the licensee simply fulfilled agency duties.

Answer 64

3: misrepresentation

Question 65

The first step in taking over the management of property is to;

1: measure the building following BOMA specifications.
2: determine the demographic characteristics of tenant population
3: calculate the CAP rate on the net operating income.
4: enter into a management agreement with owner.

Answer 65

4: enter into a management agreement with owner.

Question 66

You are meeting with an owner about listing a property and are asked recommend a listing price. Which of the following action is most appropriate.

1: listing the property for the amount the owner believes it to be worth.
2: Listing the property for the mention or typical value of property sold in the same neighborhood.
3: Basing the listing price on a competitive market analysis.
4: Basinng the listing price on the current mortgage value, inflation index, and interest rate.

Answer 66

3:Basing the listing price on a competitive market analysis.

Question 67

In a jurisdiction where the common law of agency governs real estate activities, a buyer has a single agency relationship with a broker. The buyer wants to purchase one of the brokerage company’s listing from seller with whom the broker also currently has single agency relationship. This will create dual agency but in order for this relationship to be legal, it will be necessary to have written consent of the;

1: seller
2: buyer
3: buyer and seller
4: seller, buyer and broker.

Answer 67

4:seller, buyer and broker.

Question 68

Elderly homeowners paid off 5 years ago. Due to a limited fixed income, they would like to borrow on the equity of the home. which type of loan would be most desirable?

1: Open-end loan
2: Reverse mortgage
3: Blanket loan
4: growing-equity loan

Answer 68

2:Reverse mortgage

Question 69

Which of the following approaches would allow you to estimate value if you know the construction price per square foot?

1: cost
2: income
3: market comparison
4: sales

Answer 69

1: cost

Question 70

Earnest money accompanying a purchase offer is

1: a percentage set by individual sate laws
2: turned over promptly to the seller
3: the amount of down payment on the loan.
4: not required to make a contract valid.

Answer 70

4:not required to make a contract valid.

Question 71

If the broker is the seller’s agent, the commission is shown on the closing statement as

1: a credit to buyer; a debit to seller
2: no entry to buyer; a credit to seller
3: no entry to buyer, a debit to seller
4: a debit to buyer, a credit to seller

Answer 71

3:no entry to buyer, a debit to seller

Question 72

In contrast to comparative market analysis (CMA), only an appraisal can be relied on to;

1: determine the value of real property in estate distribution.
2: determine the listing price of a property
3: gain competitive advantage with a prospective seller
4: illustrate general property value in a community

Answer 72

1: determine the value of real property in estate distribution.

Question 73

An estimate of property’s market value is intended to represent the property’s

1: highest sales price
2: most probable sales price
3: appreciated price
4: lowest reasonable sales price

Answer 73

2:most probable sales price

Question 74

A contract is terminated if

1: one of the party decided not to go ahead.
2: a third party intervenes
3: it is impossible for one of the parties to perform
4: one party assigns his right to another

Answer 74

3: it is impossible for one of the parties to perform

Question 75

In the course of listing a home for sale, a licensee observes water stains on a celling. The licensee should

1: advice the seller to repaint the celling so that it will be more attractive to potential buyers.
2: advise the seller that appraiser will lower the value of the home if the stains are observed.
3: ask the seller what was the cause of stain
4: ignore the stain.

Answer 75

3: ask the seller what was the cause of stain

Question 76

an offer was presented to a seller and the seller countered the offer. Before the counteroffer was accepted, a second, more favorable offer was presented to the seller. Before the seller can accept the better offer, she must

1: inform the broker of her intent to accept the second offer
2: withdraw the counteroffer before its accepted.
3: notify this second offer that she can accept that offer only as a back-up.
4: none of the above.

Answer 76

2: withdraw the counteroffer before its accepted.

Question 77

In jurisdiction where the common law of agency applies, a broker has listed a home and then presented to seller an offer from another client of the broker. The offer has been accepted. The broker has what type of agency relationship with parties.

1: seller agency, no agency relationship with buyer
2: no agency relationship; in this situation, the broker becomes a facilitator only
3: seller agency, buyer sub-agency
4: dual agency

Answer 77

4: dual agency

Question 78

A licensee is changing brokers. What happens to the person’s active listings

1: They transfer with her
2: they remain within her previous broker
3: they automatically expire

4:the property owner chooses between the two brokers.

Answer 78

2: they remain within her previous broker

Question 79

The purpose of reverse mortgage is to

1: permit the mortgagor to borrow additional funds as the mortgage is paid down.
2: grant the mortgage priority over certain liens.
3: provide financing for construction
4: supplement the mortgagor’s income.

Answer 79

4:supplement the mortgagor’s income.

Question 80

Covenants, Conditions, and restrictions (CC&RS) may be imposed by

1: a commercial property manager
2: an attorney specializing in real estate law
3: the municipality inn which the property is located.
4: the owners of subdivision.

Answer 80

4:the owners of subdivision.

Question 81

BPO

Answer 81

Broker Price Option

Recent law permits broker to charge a fee without appraisers license.

Question 82

When selling a house containing lead based paint;

1: seller has to remove before selling the house
2: safer to seal if damaged rather than trying to remove.
3: duck tape the surface

Answer 82

2: safer to seal if damaged rather than trying to remove.

Question 83

You signed a 3 yrs lease and your landlord passes away after 1 year.

1: you can abandon the house an leave
2: you can stay since your lease is still active

Answer 83

2: you can stay since your lease is still active

Question 84

In many states, usury laws

1: determine the possible legal use of land
2: provide a right to use property belonging to another
3: impose a tax on a purchaser of personal property for resale or use
4: establish a maximum rate of interest allowed loans.

Answer 84

4: establish a maximum rate of interest allowed loans.

Question 85

An express agency relationship is created by

1: any listing agreement
2: a formal agreement that establishes terms and conditions
3: any sales contract
4: any written leasing agreement

Answer 85

2: a formal agreement that establishes terms and conditions

Question 86

In surveying monuments are used to establish

1: a common address
2: real estate boundaries
3: flood elevation
4: historical sites

Answer 86

3: flood elevation

Question 87

A condominium complex is exempt from the fair housing requirements regarding for families with children if it

1: is at least 2 years old
2: is intended for at least one person 55 years of age or older per unit.
3: is intended as an investment
4: houses recovering alcoholics

Answer 87

2: is intended for at least one person 55 years of age or older per unit.

Question 88

When title is given in the creation of an ordinary life estate, the recipient is permitted possession until

1: the recipient dies
2: this grantor dies
3: the property is sold to another party.

Answer 88

1: the recipient dies

Question 89

Standard title insurance protects against

1: title defers know to the buyer
2: exiting but undiscovered tittle defects.
3: tittle defects known to the seller
4: tittle defects and liens listed in the policy

Answer 89

4: tittle defects and liens listed in the policy

Question 90

During an Open House, a licensee has been approached by a buyer who has expressed an interest in the home. The licensee has talked about importance. Pre-qualified to purchase and has asked the buyer if he has been working with a licensee while looking for property. Which of the following information should be discussed in this conversation?

1: the Buyer’s price range
2: that the licensee represents the seller
3: Whether the buyer is qualified for Hula Mae financing
4: The Buyer’s time frame for purchasing a home

Answer 90

2: that the licensee represents the seller

Question 91

Under Hawaii’s anti-discrimination law, HRS Chapter 515, is resident owner of a five-bedroom house allowed to restrict the rental of the other on membership in any class that is otherwise protected?

1: Yes, but only based on gender and race
2: Yes, but only based on HIV status
3: Yes, and he may discriminate on any class basis that concern him
4: No he may not.

Answer 91

3: Yes, and he may discriminate on any class basis that concern him

Question 92

Hawaii’s Food Funds Act requires all closing funds to be deposited into escrow no later than

1: two days prior to recordation
2: By noon of the day prior to recordation
3: Before the close of business on the day before reocordation
4: The day of recordation

Answer 92

1: two days prior to recordation ( by wire or cashier’s check)

Question 93

An agreement of sale transaction requires two closings, one for equitable title and one for legal title, which charge is included in ONLY one of the closing?

1: escrow fee
2: Title Search
3: Document preparation
4: Conveyance Tax

Answer 93

4: Conveyance Tax

Question 94

A licensee may advertise

1: a property he owns as being “for sale by owner”
2: a fee simple property without mentioning its tenure status
3: without mention of the brokerage firm’ s legal name
4: without disclosing status as a real estate licensee

Answer 94

2: a fee simple property without mentioning its tenure status

Question 95

According to Act 212 relating to broker Price Opinion effective July 11, 2011, a real estate licensee may receive compensation, a fee or other

Answer 95

1: providing an opinion as to the estimated price of real estate, which of the following is TRUE if the licensee receives such compensation.

Question 96

The licensee shall not receive any additional fee or compensation for the sale of the property if an

1: option is provided.
2: Under no circumstance may be licensee’s compensation be paid by the lender
3: The licensee can receive compensation both for the option and for selling the property
4: the licensee can present the opinion as an appraisal for purchases of obtaining a mortgage.

Answer 96

1: option is provided.

Question 97

A fully executed listing agreement must be signed by

1: the seller and the salesperson licensee
2: at least one spouse who is the seller and the broker
3: Both spouse as the seller and the salesperson licensee
4: all owners on title and authorized broker of brokerage firm.

Answer 97

4: all owners on title and authorized broker of brokerage firm.

Question 98

After a real property tax sale, the property may be redeemed by the owner who lost it al the tax sale within

1: 1 year
2: 2 year
3: 3 year
4: 6 year

Answer 98

1: 1 year

Question 99

How is a condominium established?

1: recording of condominium map, declaration, and bylaws.
2: approval by local planning building and zoning board.
3: construction of a multi-family building
4: recording of at least one unit deed by the fist purchaser.

Answer 99

1: recording of condominium map, declaration, and bylaws (and master lease or deed).

Question 100

The Hawaii purchase contract does not include general disclosure language regarding

1: Governmental regulation
2: Hazardous wastes
3: noisy environmental pests
4: waste water disposal

Answer 100

3: noisy environmental pests

Question 101

The disclosure of dual agency shall be made to a prospective buyer by the listing licensee preparing an offer on behalf of the buyer.

1: at the time the completed offer is presented to the buyer
2: at the time the offer is signed by the buyer
3: prior to the preparation of the offer
4: anytime before the offer is presented to the seller

Answer 101

3: prior to the preparation of the offer

Question 102

Other than executive sessions, who has the right to attend any meeting of the condominium board?

1: all unit residents and owners.
2: all member of the association.
3: attorney representing unit residents.
4: other designated representatives of unit owners and residents.

Answer 102

2: all member of the association.

Question 103

A mortgage broker asks a real estate licensee to render an opinion on the recommended purchase price of a property NOT listed with the licensee. According to the laws, the real estate licensee may

1: charge a fee for providing the opinion, but must indicate inn writing that the opinion is not an appraisal.
2: charge a fee only to cover travel, inspection, and other actual expenses associated with developing the opinion.
3: not charge anything for providing the opinion
4: not render an opinion under these circumstances

Answer 103

1: charge a fee for providing the opinion, but must indicate inn writing that the opinion is not an appraisal.

Question 104

A conveyance document for a co-op is called,

1: deed
2: assignment of lease
3: assignment of stock and proprietary lease
4: limited warranty deed

Answer 104

3: assignment of stock and proprietary lease

Question 105

under which of the following conditions can a residential landlord enter a tenant’s dwelling unit.

1: with at lease 48 hour’s notice
2: only in an emergency that threatens life of property
3: at any reasonable time
4: with at lease 24 hours notice

Answer 105

1: with at lease 48 hour’s notice

Question 106

A planned Unit Development (PUD) is defined as a

1: Master Planned development in the rural areas of an island
2: planned development specially zoned areas addressing environmental concerns.
3: Development and zoning concept which is designed to produce a high density of dwelling Unit with maximum utilization of property….
4: Development designated primarily to facilitate commercial activity.

Answer 106

3: Development and zoning concept which is designed to produce a high density of dwelling Unit with maximum utilization of property….

Question 107

Land may be acquired through adverse possession if all of the following requirement are met EXCEPT

1: possession must occur without the owner’s permission
2: Exclusive and continuous use of 20 years by the party making the claim
3: The parcel in question must be at least 20 acres in size
4: The owner must be aware or likely to know of the occupancy

Answer 107

3: The parcel in question must be at least 20 acres in size

Question 108

According to HRS chapter 514B, a condominium association can REQUIRE each unit owner to have insurance on the owner’s unit based on the following Expect the

1: Condominium declaration
2: Condominium bylaws
3: Majority vote of the board members
4: vote of the board supported by a majority of the owners.

Answer 108

3: Majority vote of the board members

Question 109

Generally, the right to choose the title policy and title insurance company belongs to the

1: seller
2: Buyer
3: Lender
4: escrow

Answer 109

2: Buyer

Question 110

If the seller has noted that a termite and warranty will be provided on the property prior to closing, all of the following states are true EXCEPT,

1: buyer may still negotiate that a termite inspection be paid for by the seller to note damages, if any
2: buyer ay pay to complete a termite inspection report
3: Seller requires that the termite inspection report be waived
4: Lender, if any, will accept the termite treatment warranty for loan purchases.

Answer 110

3: Seller requires that the termite inspection report be waived

Question 111

Common elements in a condominium property regime are

1: owned by those whose units adjoin the respective common elements.
2: subject to partition when a unit is sold
3: the surface rights underneath the structures.
4: Owned by all unit owners.

Answer 111

4: Owned by all unit owners.

Question 112

Other than trust funds records, for how many years in the principal broker or broker in Charge responsible for maintaining records of personal record of clients

1: 1 year
2: 3 years
3: 5 years
4: 7 years

Answer 112

2: 3 years

Question 113

A Hawaii real estate broker receives client referrals from a person who does not hold a Hawaii real estate license. Hawaii real estate broker may NOT compensate this person if the person is a

1: licensed broker of another states
2: licensed broker of another country
3: Travel agency which has arranged a transient vacation rental.
4: Mortgage broker licensed in Hawaii

Answer 113

4: Mortgage broker licensed in Hawaii

Question 114

4 categories of land use are;

Answer 114

Urban, Conservation, Rural, Agriculture

County controls Urban, Rural and Agricultural lands
State controls conservation.

Question 115

Tenants by the entirety is between

1: reciprocal beneficiaries
2: husband and wife ONLY

Answer 115

1: reciprocal beneficiaries.

Question 116

A licensee is at an open house and a buyer approaches him and discusses that he is interested in the house but mentions that he does not have an agent. Before any further talk, the licensee should;

Answer 116

disclose that he represents the seller!

Question 117

All of the following are not necessary for adverse possession EXCEPT;

1: the owner know of the tenancy
2: The acquired property is at least 20 acres
3: the owner does not know of the tenancy

Answer 117

1: the owner know of the tenancy

Question 118

The De Minimis requirement of agricultural land is

1: 0.5 ft
2: 0.75 ft
3: 0.25 ft
4: 1.5 ft

Answer 118

2. 0.75 ft (9 inches)

1: commercial, industrial and multi-unit resident - 3 inches (.25 ft)
2: Residential properties - 6 inches (0.5 ft)
3: Agricultural and rural properties - 9 inches (0.75 ft)
4: Conservation properties - 19 inches (1.5ft)

Question 119

All of the following will be ready at closing for signatures except

1: termite inspection report
2: preliminary title report
3: closing documents

Answer 119

1: termite inspection report

Question 120

The seller prepays tax up till June 30. Closing date is set for July 1st.

1: debit seller for prorate tax
2: credit seller for prorate tax
3: neither credit nor debit to seller
4: neither credit nor debit to buyer

Answer 120

3: neither credit nor debit to seller

Question 121

A new licensee should avoid what type of transaction

1: commercial property
2: sell raw land to developer
3: residential sales
4: rental property

Answer 121

1: commercial property

Question 122

Hawaii discrimination law allows for discrimination against

1: age
2: gender
3: race
4: military

Answer 122

4: military

Question 123

A California residents sells his house in Hawaii to the buyer. of the $$$ purchase price the buyer is responsible to withhold

1: 10%
2: 7%
3: $1 per $1000 of purchase price
4: 5 %

Answer 123

4: 5 %

Question 124

How old can the seller’s disclosure statement

Answer 124

dated within 6month before or, less stated otherwise.

Seller must provide within 10 days after the acceptance
Buyer has 15 days to rescind the sales contract.
Buyer must acknowledge receipt of this statement in writing.

Question 125

If discovers new facts, seller must provide buyer with amended disclosure statement within XX days of discovery

Answer 125

10 days

Question 126

Use straight line or accelerated depreciation for a property purchased in 1979

Answer 126

Accelerated Depreciation.
Straight Line Depreciation is the only allowable method since 1987.

Allowable depreciation period:
residential = 27.5 yrs
non-residential = 39 yrs

Question 127

Lead poisoning would be a problem in

1: pluming
2 Paint
3: insulation
4:particles in soil

Answer 127

2 Paint

Question 128

Mortgage Fraud Prevention Act (Act 137) states that an agent cannot buy his own listing for X year from the date of listing EXPIRES.

Answer 128

1 year from the date the listing expires.

Question 129

If the salesperson did not pay and did or did not take 20 hrs of continued education courses, the license is;

A; Forfeited
B; Inactivated

Answer 129

A; Forfeited

Question 130

Which of the following qualifies for Hula Me Loan?

A going from agreement of sales to mortgage
B: Mortgage on a home with 50 Years lease for 10 fix years rent
C: Mortgage on a home with 34 years lease for 5 fix years

Answer 130

B: Mortgage on a home with 50 Years lease for 10 fix years rent

Question 131

Who qualifies for ERS?

Answer 131

ERS - Employees’ Retirement System

Pensioners & State and County employees

Question 132

Agreement of Sale

Answer 132

The buyer in an agreement of sale does not get title until the loan is paid in full

Question 133

Who is responsible for collecting HARPTA & FIRPTA

Answer 133

Buyer is responsible for making sure the payment is collected from the seller and usually done through escrow.

Question 134

Who cant get real property tax deduction?

A: absentee owner
B: person with disabilities
C: low income family
D: religious affiliation

Answer 134

A: absentee owner

Question 135

During the final walk through, the seller must comply with all of the following EXCEPT;

A: Seller has to leave premises and clear out all their belongs.
B: Seller must keep utilities at at seller’s expense
C: the condition of the property must be in the same condition as the initial inspection
D: the buyer is allowed to inspect any repair or replacement as agreed between

Answer 135

A: Seller has to leave premises and clear out all their belongs.

Question 136

HUD-

Answer 136

Department of Housing and Urban Development.

Question 137

A neighborhood community board wanted to install sidewalks. How should it be financed?

A: Special assessment
B: Rising property values to increase property taxes
C: through the department of permitting and planning
D:

Answer 137

A: Special assessment

Question 138

The documents provided at closing by escrow are all of the following except?

A: Termite inspection report
B: Title insurance paper
C: HUD-1 closing statement

Answer 138

A: Termite inspection report

Question 139

A buyer of a property built prior to 1979 should inspect for;

A: asbestos siding
B: lead piping
C: poly-chlorinated biphenyls

Answer 139

A: Asbestos
Before 1797

lead - 1978

Question 140

The lead paint disclosure act requires

Answer 140

seller and lessors to make disclosures, and give a pamphlet, covering the hazard of lead based paint, for all properties built before 1978.

Lead based paint disclosure must signed by buyer and seller and ALL agents.

Question 141

which is an example of easement by necessity

A: railroad company can not access tracks
B: electric company can not access electrical lines and poles.
C: a buyer can not access his home without going over the surrounding land of seller.

Answer 141

C: a buyer can not access his home without going over the surrounding land of seller.

Question 142

A broker advertises that he “can guarantee a profit on any property he sells for you” is

A: Legal
B: Illegal

Answer 142

B: Illegal

Question 143

The MLS agency will not allow a broker a membership because he charges a lower commission for minorities. This is an example of

A: Redlining
B:Blockbusiting
C:Puffing
D:Panic peddling

Answer 143

A: Redlining

Redlining is a practice by lending institution restricting the number of loans that will be underwritten in a given community. The practice is illegal if based on the racial composition of a community.

Question 144

Fixture

Answer 144

Mail determining factor is “INTENT of the PARTIES”.

Example - Freestanding shelving custom built to fit an alcove although not permanently attached, could interpret that because it wont fit in a different property, action of customizing shows intent that it be a fixture.

Question 145

Net listing

Answer 145

Net listing I one where the owner specifies a net price he wants for his property, and any amount over and above that price is the commission paid to the selling broker for his service.

It is LEAGAL in Hawaii, but some states prohibits and it is discouraged

Question 146

PASH

Answer 146

Public access to shorelines in Hawaii (PASH)

Question 147

Conveyance tax based on

Answer 147

the actual and full sales price, including mortgages. The deed cannot be recorded until the Conveyance Tax Certificate is filed.

Question 148

Termination of lease

XX days by landlord
XX days by tenants

Answer 148

45 days by landlord

28 days by tenants

Question 149

A contractor wanting to build a new development would need to be concerned with an SMA permit in areas near;

A: volcano
B: Preservation Forrest
C: Mountain
D: Ocean

Answer 149

D: Ocean

Question 150

Assuming the Realtor is totally aware, which must he disclose to buyer

A: the previous owner left due to allergies from reoccurring mold issues.
B: A registered sex offender is listed 2 blocks away
C: The previous owner has AIDS and moved into a hospice care center
D: There has been 3 robberies within the last 2 years.

Answer 150

A: the previous owner left due to allergies from reoccurring mold issues.

Can’t disclose “C”.

Question 151

Employee of a condo association who rents out units does not need to live on the premises but does need a license.

A: True
B: False

Answer 151

A: True

Question 152

protected class - discrimination

Federal has 7 classes, HI has 12

Answer 152

Federal: race, color, religion, sex, handicap, familial status, national origin. (Not age, sexual orientation or marriage)

Hawaii: race, sex, color, age, religion, marital status, sexual orientation, ancestry, disability (mental and physical), familial status, HIV infection, using seeing-eye dog.

Federal only covers residential. Hawaii both commercial and residential.

Complain must filed with HUD within 1 year (fed)
Complain must filed with Civil Right Commission within 180 days.

Question 153

Lead poisoning would be a problem in all except;

A: plumbing
B: Paint
C: Insulation
D: Particles in soil

Answer 153

C: Insulation

Question 154

A broker agrees to work with a buyer. The Broker can;

A: Consult the seller
B:Reveal accidentally disclosed information about the seller to the buyer
C: “Puff” information about buyers financial condition
D: Negotiate commissions with other broker if they are too low

Answer 154

B:Reveal accidentally disclosed information about the seller to the buyer

Question 155

Federal Fair Housing Laws are administered by;

A: FDIC
B: VA
C: HUD

Answer 155

C: HUD

Question 156

Depreciation will least likely be affected by;

A: Decreased value
B: Functional obsolescence
C: Deterioration of property
D: Next to unappealing property

Answer 156

A: Decreased value

Question 157

A lender will not approve mortgage for brokers who charge commission of 4% for minorities. This violates;

A: Redlining regulations
B: Blockbusing
C: panic peddling

Answer 157

A: Redlining regulations

Question 158

A tree and bush planted by the current owner are examples of;

A: chattels
B: trade fixtures
C: real property
D: personal property

Answer 158

C: real property

Question 159

For sales contract to be valid, it must have;

A: date of acceptance
B: legal description
C: sellers signature

Answer 159

C: sellers signature

Question 160

Seller includes in the contract a termite treatment and a warranty. All but which of the following is true:

A: buyer can still have the seller to do termite inspection
B: Buyer can pay to do inspection himself
C: seller can waive the termite inspection
D: lender will consider this acceptable to authorize loan

Answer 160

C: Seller can waive the termite inspection

Question 161

A broker signs a contract with a principal and remains a single agent. If he helps a buyer to create a sales contract, the buyer became;

A: Client
B: Customer

Answer 161

B: Customer

Question 162

For unpaid maintenance fees, the board can do all of the following except;

A: turn off the utilities to the unit occupied by the owner.
B: Turn off utilities to the unit if occupied by a renter of the owner.
C: Foreclose
D: pass judgement on the owner

Answer 162

B: Turn off utilities to the unit if occupied by a renter of the owner.

Question 163

When should an agent disclose dual agency?

A: prior to preparing offer for the buyer
B: any time before the offer is presented

Answer 163

A: prior to preparing offer for the buyer

Question 164

Who is responsible for the closing statement?

A: buyer
B: escrow agent
C: closing attorney
D: seller

Answer 164

B: escrow agent (Settlement officer)

Question 165

A conveyance document for a co/op is called;

A: Deed
B: Assignment of Lease
C: Assignment of Stock and proprietary lease
D: Limited warranty deed

Answer 165

C: Assignment of Stock and proprietary lease

Question 166

When is it critical to use the “time is of essence” on a purchase contract?

A: Seller is moving and wants to close before leaving state
B: Buyer is relocating and wants to take possession by a given date
C: Both parties at final phase of 1031 exchange
D: Seller want to sell property to another party for higher price

Answer 166

C: Bother parties at final phase of 1031 tax exchange

Question 167

a 65- yea-old man bough his primary residential residence. he realized a year later he didn’t take his exemptions for his real property taxes. what can he do? Is the tax retroactive, or is it effective at a future date?

Answer 167

He can file for the tax exemption for the future but he cannot get that tax break retroactively.

Question 168

A grantor wants to make the standard covenants of good title but wants to limit liability to claims arising during the term of his ownership, what type of deed should he use.

Answer 168

Limited warranty deed or Special warranty deed

Question 169

If the offer was accepted and while in escrow, the escrow officer notifies parties that a cloud on title was discovered, buyer can choose all but one of the following.

A: sue to quiet title
B: Refuse to deal and demand refund deposit
C: Demand the seller to remove the cloud

Answer 169

C: Demand the seller to remove the cloud

Question 170

Which is subject to Hawaii Usury Law

A: PMM
B: Agreement of Sale
C: PMM by seller’s relative
D: Second construction loan from lender

Answer 170

C: PMM by seller’s relative

Question 171

Beyond the seller/buyer control of not closing as scheduled;

A: Seller cannot get the house clean on time
B: Seller cannot move the furniture on time
C: buyer found out he has another month on his lease
D: wants t move to the mainland by a specific time
E: bureau of conveyance is on strike and not recording

Answer 171

E: bureau of conveyance is on strike and not recording

Question 172

Know when a landlord can raise the rent;

A: 30 days notice to month to month tenant
B: 45 days notice to month to month tenant
C: 60 day notice to tenant in a year lease

Answer 172

B: 45 days notice to month to month tenant

Question 173

1 acre in sq ft?

Answer 173

43,560 sq ft.

Question 174

If husband and wife didn’t choose tenancy then, automatically becomes;

Answer 174

Tenancy in Common

Question 175

Which rule-of-thumb version is being offered to an investor who is told that a house renting for $900 a month should sell for about $90,000.

Answer 175

Gross Rent Multiplier (GRM)

Question 176

The buyer is assuming a mortgage presently on the property in the amount of $110,000. What is the adjustment made at closing?

Answer 176

Credit buyer $110,000, Debit seller $110,000

Question 177

What is easy task for dual agent?

A:obedience
B:loyalty
C: disclose

Answer 177

C:disclose

Question 178

A couple is trying to finance a loan. Which one provides knowledge of closing?

A: equal opportunity act
B:fair opportunity act
C: real estate procedure act (RESPA)
D: uniform settlement act

Answer 178

C: real estate procedure act (RESPA)

Question 179

Which contract allows buyers to purchase at a fixed period?

A: contract of sale
B: sales contract
C: agreement of sale
D: option

Answer 179

D:option

Question 180

A person opening a candy store is concern and unsure about the zoning variance. What should he do?

A: apply for the variance and see if it’s get accepted.
B: state his concern and talk to the department in changing of zone.

Answer 180

A: apply for the variance and see if it’s get accepted.

Question 181

For federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income?

Answer 181

mortgage loan interest, local property taxes, mortgage loan origination fee.

Question 182

Swing Loan’s definition

Answer 182

it is also called “Bridge Loan”. this is a loan to temporarily fund a second property the borrower is buying while he is trying to sell or close on the first. The loan is based on the equity value in the first property.

Question 183

CFPB

Answer 183

Consumer Financial Protection Bureau

Question 184

COALD

Answer 184

Confidentiality, Obedience, Accounting, Loyalty and full Disclosure

Question 185

A couple is tying to finance a loan. which one provides knowledge of closing?

A: Equal Opportunity Act
B: Fair opportunity Act
C: RESPA (real estate procedure act)
D: Uniform settlement act

Answer 185

C: RESPA

RESPA require that within 3 days after an applicant submit info for a loan, a lender o mortgage must furnish the borrowers with a LOAN Estimate of the likely settlement cost. (Loan estimate, HUD #1 form, homebuyer’s guide to settlement)

Question 186

Which contract allows buyer to purchase at a fixed price?

A: contract off sale
B: sales contract
C: agreement of sale
D: option

Answer 186

D: Option

Question 187

who is subject to usury rates?

A: Junior mortgage on a second mortgage
B: 1st mortgage lender
C: Seller financing
D: FHA or VA

Answer 187

A: Junior mortgage on a second mortgage

Question 188

What is the main purpose of FHA loan?

A: to provide loans with low down payments.
B: to provide mortgage with high loan-value ratios
C: to improve housing standards and conditions

Answer 188

C: to improve housing standards and conditions

Question 189

What approaches to value should be used when looking at a special location likes a Church

A: Cost
B: Market Analysis
C: Income

Answer 189

A: Cost

Question 190

Seller wants to sell their property using seller financing but wants to keep the title. what should they use?

A: Land Contract
B: Wraparound mortgage
C: Option contcact

Answer 190

A: Land contract (Agreement of Sale, Contract Sale)

Question 191

You have a fiduciary duty to the sellers and they tell you they need to sell their house but there are many foreclosures in the area which are affecting the Market Price. What do you do?

A: Tell them you can’t perform a CMA (Comparative Market Analysis) because of the foreclosures and to list the price at what they want.
B: Search nearby neighborhoods with foreclosures and similar houses and use the prices to make a comparison.
C: look for a nearby neighborhood without foreclosures and similar houses and use the prices to make a comparison.

Answer 191

B: Search nearby neighborhoods with foreclosures and similar houses and use the prices to make a comparison.

Question 192

When a broker receives an earnest money deposit he should
A: deposit into a client trust account on the next business day.
B: deposit into a client trust account on the next calendar day.
C: You can wait until the contract is accepted before the deposit is deposited to escrow or client trust account.

Answer 192

C: You can wait until the contract is accepted before the deposit is deposited to escrow or client trust account.

Question 193

An agent has a fiduciary duty to the seller, he is showing the property to a prospective buyer and notices that there is some obvious damage to the roof shingles, he should;

A: tell the buyer since it is a material fact
B: Not tell the buyer because it would not be of benefit to the Seller
C: Not tell the buyer because the seller has never said that the roof was a problem.

Answer 193

A: tell the buyer since it is a material fact

Question 194

The seller tells the agent that the property taxes on their $150,000 dollar house is $1,575, the agent must;

A: tell the sellers broker and the decide what to list.
B: keep the information confidential
C: include this in the listing
D: Tell prospective buyers

Answer 194

C: include this in the listing

Question 195

Listing contract has signatures of the required parties but not legal description of the property.

A: contract is void
B: contract is unenforceable
C: Contract is voidable
D: Contract is valid

Answer 195

D: Contract is valid

legal description is not necessary for a listing nor purchase contracts

Question 196

Escrow agent does all the following EXECEPT;

A: compute proration
B: Dispenses funds
C: Draw up closing statements
D: delivers Deeds

Answer 196

D: Delivers deed

Question 197

What is the setback for development in Hawaii

A: Min 10 ft to max 20 ft
B: Min 10 ft to max 40 ft
C: Min 40 feet

Answer 197

C: Min 40 feet

Question 198

What is the best example of a making accommodations for protected classes according to the law in Hawaii.

A: having an elevator in a complex with 4 stories or more
B: Renting to a person who is blind
C: Renting to a person who is mentally impaired.
D: Making improvements to a unit for a tenant in a wheel chair such as widening a hallway or adding a ramp

Answer 198

D: Making improvements to a unit for a tenant in a wheel chair such as widening a hallway or adding a ramp

Question 199

What is an example of easement by necessity
A: neighbor accessing their property with not other alternative route.
B: Utility company accessing a meter

Answer 199

A: neighbor accessing their property with not other alternative route.

Question 200

what is the opposite of erosion (浸食)

A: accretion
B: Avulsion (裂離)

Answer 200

A: accretion (増加)

Question 201

When does the right of rescission end if the seller does not disclose cracks in foundation and attempts to cover them up?

A: by midnight of the 3rd business day after closing
B: 3 years after the sate of consummation
C: The day before closing
D: Never

Answer 201

B: 3 years after the sate of consummation

Question 202

WHen is a lease terminated?

A: when it expires
B: when the landlord or tenant dies
C: when the tenant moves out

Answer 202

A: when it expires

Question 203

Tax reduction is available for all of following EXCEPT;

A: absentee owners
B: Handicap
C: Low Income
D: Wrong answer

Answer 203

A: absentee owners

Question 204

Eminent Domain is executed by use of what?

Answer 204

Condemnation

Question 205

Notice of Termination of rental (how many days)

Answer 205

Month to Month
28 days notice by tenant
45 days notice by landlord

Question 206

Notice of voluntary demolition (how many days)

Notice of conversion to condominium (how many days)

Answer 206

120 days

Question 207

Notice of rent increase (how many days)

Answer 207

45 days notice

Question 208

What is the federal law that prohibits monopolies

A: Anti-Monopolies Law
B: Anti-Trust Law
C: Sherman William Act

Answer 208

B: Anti-Trust Law

Question 209

owner was able to get approved for short sale by the lender, the forgiven debt was considered to be the income by IRS. What is relevant to this?

A: Dodd Frank
B:Mortgage Debt Relief Act
C: Truth-in-lending

Answer 209

B:Mortgage Debt Relief Act

Question 210

Sally is preparing listings for a few homes of similar nature and that were built by a developer. what does she NOT need for her preparation? 
A: last sale date
B:sale price
C: square footage
D survey results

Answer 210

D survey results

Question 211

A client has vacant retail space. There are many fast-food businesses that would like that space, and the fast-food business is growing at a fast-paced rate. What kid of lease should you advice your client to engage inn, with the fast-food businesses?

A: gross lease
B: net lease
C: percentage lease
D: sandwich lease

Answer 211

C: percentage lease

Gross- lessee pays a flat rental amount (Ex.apartment)
Net -triple net lease( pay everything - ex.CAM)

Question 212

Rosa and Sam share a driveway that is solely on Sam’s property. what should Sam give Rosa, if Rosa decided to sell her house and Sam may not like the new owners?

A: easement
B: encroachment
C:covenant
D:Restriction

Answer 212

A: Easement

Question 213

A description uses “Tall oak tree” in its wording. what is the method most likely being used to survey this property?

A: Metes and bounds
B: township
C: Government
D: plat and parcel

Answer 213

A: Metes and bounds

Question 214

Each month, the lender collects 1/12 of annual property tax. every few months, the lender also collects about 1/3 homeowner’s insurance. This is on top of your monthly payment (Includes principal and interest) for a property you had purchased for $200,000. Where does the property tax and insurance money go?

A: into an escrow account
B: into the broker’s client trust account
C: into a special lender’s account that is easily accessible by the vendee.
D: into the broker’s operations account

Answer 214

A: into an escrow account

Question 215

What does SMA stand for when speaking of an SMA permit?

A: shoreline management assessment
B: shoreline management agreement
C: special management area
D: special management assessment

Answer 215

C: special management area

Question 216

You are a listing agent. what is NOT a good reason to suggest to the seller to have homeowner’s warranty?

A: Home sell 15% faster, if the home have a home warranty.
B: 68% of homes have a problem & issues that needs repair in the 1st year after being sold.
C: having a homeowner’s warranty increases cash flow for the brokerage.
D: A homeowner’s warranty may not cover the buyer after closing and the deed has been recorded.

Answer 216

C: having a homeowner’s warranty increases cash flow for the brokerage.

Question 217

You represent the seller in an exclusive agency purchase contract. What is the only legal way the seller does not have to pay you commission?

A: Seller dies after purchase contract signed by seller and buyer, but the deal has not yet closed.
B: Destruction of property after contract become binding, but before closing
C: buyer dies
D: buyer signed purchasing contract, but no longer wants to buy the property.

Answer 217

D: buyer signed purchasing contract, but no longer wants to buy the property.

Question 218

A mortgage which covers both personal and real property is;

A: blanket mortgage
B: Package mortgage
C: purchase money mortgage
D:construction mortgage

Answer 218

B: Package mortgage

Question 219

What is the next step to the cost approach of appraising a property with a church on it once the estimated value of the land has been found as if vacant?

A: Deduct accrued depreciation
B: Estimate the current cost of reproduction of the building
C: Estimate the accrued depreciation
D: Estimate the value of the land as if vacant

Answer 219

B: Estimate the current cost of reproduction of the building ?

Question 220

PD-H (formerly,PUD) is

Answer 220

Planned Unit Development / Planned Development Housing

to encourage efficient use of land and public services, flexible development permissible.

Question 221

Under PD-H, the developer submits;

Answer 221

Plan, Location, Dimension, exact location, proposed building, open area, topographic info, surrounding land uses and any other matters pertinent to the development.

Question 222

The following statements are true about qualifying for Hula Mae Loan. which one is not true?

A: 18 year of age
B: Income of not more than $94,920
C: Citizen of the USA and HI
D: Need to be Hawaiian

Answer 222

D: Need to be Hawaiian

Question 223

SPA is concerned with

A: conservation land
B: preservation land
C: Ocean shoreline

Answer 223

C: Ocean Shoreline

SPA- shoreline protection act

Question 224

Real Estate Commission

-How many members?

Answer 224

9 members
least 4 must be licensed broker.
3 must be salesperson or broker
2 do not hold license.

4 from Oahu
1 from Maul
1 from Big Isle
1 from Kauai

term is 4 yr