Hawaii real estate exam study guide
Questions and Correct Answers, Updated
2024. 100%
Four land divisions in correct sequence.
Division one - oahu
Division Two - Maui Division three - Big Island,
Division four - Kauai.
What is an example of modular
Pre-fabricated buildings
Blockbusting
Making you feel uncomfortable about who moved in your neighborhood
Steering
Race not fitting in with another race.
Land contract
Installment contract/agreement of sale
Seller removed two speakers after the closing and to hold a letter to the attic is
his mom. What kind of remediation can the buyer pursue.
Seller is liable, buyer can sue.
Can seller's agent withhold money from seller's proceeds because the buyer is
not satisfied with the buyer - seller agreement repair?
No, only escrow can withhold money
The purpose of FHA?
Is to guarantee hi loan-to-value transaction. Stabilize the market insurance program.
Does Hawaii statute cover fractional ownership?
Yes. Six owners or less.
Why is planned development needed?
Make better use of the land.
SMA stands for
Special management area
Special management area is to protect
The ocean (wetlands).
About Radon
Easy to detect cheap to fix
Sets back vs zoning
Set back - 5 ft to 10 ft from Street
zoning - resort, business, agricultural; controls what to do with lands.
Who pays for drawing the deed?
Seller
In a "as is" contract, does the seller still need to get full written disclosure.
Yes
Hula Mae loans - at least _ _ year lease and _ _ years fix rate.
,35 year lease and 10 years fix lease.
Not including executive meeting, who can attend board meetings?
Members of the association and all owners of the condo.
What is the Usery interest rate?
12%
Tax map key (TMK) order.
Division, zone, section, plot, partial
Who must disclose information on a disclosure statement?
Seller or sellers representative
Who does lava belong to you when it forms land?
The state of Hawaii
A house sells for $500,000. It depreciates in 39 years. What is the depreciation
after 11 years.
$500,000/39×11 = $141,026
Taxes paid twice a year. If the house is assessed for $250,000 and the tax rate is
$1.50 per $100 ($15 per mill) what is the tax payment for one installment?
1.50/100(250,000)/2=$1875
What is a modular construction?
Manufactured housing
Certified property associate is renting out units in a condominium. all the
following are true EXCEPT:
• 67% of the association must approve
• all the board must approve
• He must live there
• He must have a real estate license and only except commission from his broker
He must live there.
What is distinct about owners who share ownership in common elements?
They get to elect members of the association.
A leak occurs in a condo, which condo insurance covers. However, there is a
$5000 deductible by the insurance company. Who must not be affected by the
deductible?
The owner is least affected by the damage.
What is true about party walls?
They have adjoining owners
T or F. You must be native Hawaiian or have hawaiian ancestry to be excepted for
a Hula Mae.
False
Private mortgage insurance will likely Grant loans to
Conventional loans over 80%
Owner of a five bedroom apartment resides with in and rents the other four
rooms. Regarding Hawaii is discrimination law, can the owner discriminate?
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 age and he's interested in the property.
What must the sales person tell him in response.
I can call him
, A salesperson resides on a different island then where her principal broker office
is located. What must she include on her promotional flyers and advertisements?
The principal brokerage name, address and telephone number.
Who is in charge of good faith estimate?
Lending institutions
In preparing a good faith estimate, what is most likely to change from the time it
is made to the time of closing?
Homeowners premium insurance
A seller list the house at $450,000. A lending institution assessed it to be valued
$300,000. If the loan is based on an 80% loan to value ratio, how much down
payment must the seller pay?
Answer. $210,000
$450,000-300,000=150,000
300,000(20%)=60,000
150,000+60,000=210,000
What are building codes established to do the most?
Adhere to particular standards
A seller's agent discloses the minor problems he discovered for 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 was major problems with the piping system and later got his
money returned. Who will pay for the dollar damages?
The seller
The seller's agent is contracted by a potential buyer he's financial status is
questionable. When asked to write an offer, the agent should
A) refused to write an offer
B) insist on a profit closing
C) asked for a high earnest money payment
D) relay any reservations to the seller
D) relay any reservations to the seller.
Zoning ordinances are typically established by who?
The city and county handles most of the zoning ordinances.
Which of the following actions can broker take without having a written listing
agreement?
A). Advertise and market the property
B) except. Earnest money deposit on behalf to the seller
C) Show the property with reasonable notice of the seller
D) call the courthouse for information on the property
D) Call the courthouse for information on the property
Once an offer to purchase is presented to the seller, the
A) buyer is bound to the terms contained therein until the delivery of its
acceptance
B) property is unavailable to any other prospects
C) offer maybe withdrawn at any time prior to delivery of its acceptance
D) seller may not consider any other outstanding offers
Questions and Correct Answers, Updated
2024. 100%
Four land divisions in correct sequence.
Division one - oahu
Division Two - Maui Division three - Big Island,
Division four - Kauai.
What is an example of modular
Pre-fabricated buildings
Blockbusting
Making you feel uncomfortable about who moved in your neighborhood
Steering
Race not fitting in with another race.
Land contract
Installment contract/agreement of sale
Seller removed two speakers after the closing and to hold a letter to the attic is
his mom. What kind of remediation can the buyer pursue.
Seller is liable, buyer can sue.
Can seller's agent withhold money from seller's proceeds because the buyer is
not satisfied with the buyer - seller agreement repair?
No, only escrow can withhold money
The purpose of FHA?
Is to guarantee hi loan-to-value transaction. Stabilize the market insurance program.
Does Hawaii statute cover fractional ownership?
Yes. Six owners or less.
Why is planned development needed?
Make better use of the land.
SMA stands for
Special management area
Special management area is to protect
The ocean (wetlands).
About Radon
Easy to detect cheap to fix
Sets back vs zoning
Set back - 5 ft to 10 ft from Street
zoning - resort, business, agricultural; controls what to do with lands.
Who pays for drawing the deed?
Seller
In a "as is" contract, does the seller still need to get full written disclosure.
Yes
Hula Mae loans - at least _ _ year lease and _ _ years fix rate.
,35 year lease and 10 years fix lease.
Not including executive meeting, who can attend board meetings?
Members of the association and all owners of the condo.
What is the Usery interest rate?
12%
Tax map key (TMK) order.
Division, zone, section, plot, partial
Who must disclose information on a disclosure statement?
Seller or sellers representative
Who does lava belong to you when it forms land?
The state of Hawaii
A house sells for $500,000. It depreciates in 39 years. What is the depreciation
after 11 years.
$500,000/39×11 = $141,026
Taxes paid twice a year. If the house is assessed for $250,000 and the tax rate is
$1.50 per $100 ($15 per mill) what is the tax payment for one installment?
1.50/100(250,000)/2=$1875
What is a modular construction?
Manufactured housing
Certified property associate is renting out units in a condominium. all the
following are true EXCEPT:
• 67% of the association must approve
• all the board must approve
• He must live there
• He must have a real estate license and only except commission from his broker
He must live there.
What is distinct about owners who share ownership in common elements?
They get to elect members of the association.
A leak occurs in a condo, which condo insurance covers. However, there is a
$5000 deductible by the insurance company. Who must not be affected by the
deductible?
The owner is least affected by the damage.
What is true about party walls?
They have adjoining owners
T or F. You must be native Hawaiian or have hawaiian ancestry to be excepted for
a Hula Mae.
False
Private mortgage insurance will likely Grant loans to
Conventional loans over 80%
Owner of a five bedroom apartment resides with in and rents the other four
rooms. Regarding Hawaii is discrimination law, can the owner discriminate?
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 age and he's interested in the property.
What must the sales person tell him in response.
I can call him
, A salesperson resides on a different island then where her principal broker office
is located. What must she include on her promotional flyers and advertisements?
The principal brokerage name, address and telephone number.
Who is in charge of good faith estimate?
Lending institutions
In preparing a good faith estimate, what is most likely to change from the time it
is made to the time of closing?
Homeowners premium insurance
A seller list the house at $450,000. A lending institution assessed it to be valued
$300,000. If the loan is based on an 80% loan to value ratio, how much down
payment must the seller pay?
Answer. $210,000
$450,000-300,000=150,000
300,000(20%)=60,000
150,000+60,000=210,000
What are building codes established to do the most?
Adhere to particular standards
A seller's agent discloses the minor problems he discovered for 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 was major problems with the piping system and later got his
money returned. Who will pay for the dollar damages?
The seller
The seller's agent is contracted by a potential buyer he's financial status is
questionable. When asked to write an offer, the agent should
A) refused to write an offer
B) insist on a profit closing
C) asked for a high earnest money payment
D) relay any reservations to the seller
D) relay any reservations to the seller.
Zoning ordinances are typically established by who?
The city and county handles most of the zoning ordinances.
Which of the following actions can broker take without having a written listing
agreement?
A). Advertise and market the property
B) except. Earnest money deposit on behalf to the seller
C) Show the property with reasonable notice of the seller
D) call the courthouse for information on the property
D) Call the courthouse for information on the property
Once an offer to purchase is presented to the seller, the
A) buyer is bound to the terms contained therein until the delivery of its
acceptance
B) property is unavailable to any other prospects
C) offer maybe withdrawn at any time prior to delivery of its acceptance
D) seller may not consider any other outstanding offers
