Hawaii Real Estate Exam Study Guide |
100% Correct Answers | Verified | Latest
2024 Version
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
100% Correct Answers | Verified | Latest
2024 Version
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
