Hawaii Real Estate Exam State Only 100% Correct Answers Verified Latest 2024 Version

Land ownership documents are recorded in the public record at - Bureau of Conveyances in Honolulu The land classification containing the smallest amount of land state-wide is - Rural A division of land extending from the top of the mountain to the ocean is called - Ahupua'a A husband or wife may claim a 1/3 elective share of the other's estate at the decedent's death under what code? - Under Hawaii's Uniform Probate Code for properties sold after July 1, 1977. Under Hawaii's Uniform Probate Code, how much can a spouse claim at the decedent's death? - 1/3 elective share for properties sold after July 1, 1977. Jackson Hillario exercised his right of election when his wife died and left everything to her ex- husband. Will he receive real, personal, or nothing, or both? How much? - a portion of both her real and personal property, depending on how long they were married. At least one member of the board of directors of a Hawaii corporation must be: - a resident of Hawaii. T or F: A benefit of placing real property in a land trust may be that it avoids ancillary probate for nonresidents. - True. T or F: A benefit of placing real property in a land trust may be that it allows the property to be registered in Land Court. - False.T or F: A benefit of placing real property in a land trust may be that it serves as an alternative to an agreement of sale. - True. T or F: A benefit of placing real property in a land trust may be that it prevents partitioning. - True. The beneficial interest of the owner of real property held in a land trust is considered what kind of property? - Personal property T or F: In Hawaii a partnership which participates in real estate dealings as part of its business must have an individual licensed broker designated as the principal broker of the brokerage business. - True. T or F: In Hawaii a partnership which participates in real estate dealings as part of its business must have all members of the partnership licensed, with one as a licensed broker in charge of the brokerage business. - False. It must have an individual licensed broker designated as the principal broker of the brokerage business. T or F: In Hawaii a partnership which participates in real estate dealings as part of its business must have all persons involved in the brokerage aspects of the business licensed as brokers. - False. It must have an individual licensed broker designated as the principal broker of the brokerage business. T or F: In Hawaii a partnership which participates in real estate dealings as part of its business must have a licensed broker to supervise the licensed salespersons but anyone who is licensed as a broker may operate independently on behalf of the partnership. - False. It must have an individual licensed broker designated as the principal broker of the brokerage business. What Hawaii state law aims to protect purchasers of subdivided vacant lots from deceptive practices and abuses? - Uniform Land Sales and Practices Act (ULSPA) A prospectus of possible house plans that can be built on the site is: - a public offering statement How many days must the subdivider give the prospective purchaser to review the public offering statement? - SevenT or F: If the developer does not provide a public offering statement to each buyer of non-exempted subdivided land, the Director may issue a cease and desist order, stop sales, and revoke the registration. - True. Early in the process of developing a condominium the Commission will examine the project and issue: - An effective date for the public report. T or F: The declaration of a condominium development would contain a description of the land on which it is to be built. - True. T or F: The declaration of a condominium development would contain the names of the board of directors of the owners association. - False. T or F: The declaration of a condominium development would contain a description of the limited common elements. - True. T or F: The declaration of a condominium development would contain the percentage of undivided interest in the common elements appurtenant to each apartment. - True. T or F: Regarding condominiums under HRS 514B, owners have equal rights to usage of the common elements. - True. T or F: Regarding condominiums under HRS 514B, liens may attach to common elements. - False. Under HRS 514B owners have equal rights to usage of the common elements. T or F: Regarding condominiums under HRS 514B, the land is considered a limited common element. - False. Under HRS 514B owners have equal rights to usage of the common elements. If Sally purchases a "vacation license," she is buying a: - Time share unit T or F: An individual owner in a condominium can normally attend annual owners association meetings. - True