Hawaii Exam Questions with 100% Correct Answers | Verified | Latest Update, Exams of Nursing

Download Hawaii Exam Questions with 100% Correct Answers | Verified | Latest Update and more Exams Nursing in PDF only on Docsity! Hawaii Exam Questions with 100% Correct Answers | Verified | Latest Update When does a purchaser of property under an agreement of sale receive legal title to the property? - Correct Answer- Upon payment of the final installment due under the contract. An agreement of sale involves seller financing in which the vendor (seller) promises to give the vendee (purchaser) legal title to the property upon receipt of the final payment. If a purchase money mortgage were used, the seller would give the buyer a deed at closing, even though he has not received full payment for the property. What are the division numbers for Hawaii? - Correct Answer-Oahu =1 Maui =2 Hawaii = 3 Kauai = 4 What is the order of the tax map key numbers? - Correct Answer-division, zone , section , plat, parcel A tax map contains all of the following information EXCEPT - Correct Answer-A tax map is not intended to show present owners. It contains the name and tenancy of the owner at the time the map was drawn (i.e., the original owner); easements; abutting parcels; abutting streets; pg. 1 professoraxe l dimensions; and the square footage (written within the boundaries drawn on the map). The parcel number is double underlined in bottom left; and the developer's lot number is circled in the upper right corner of the lot. Property owner W had been using a road over his neighbor's property without authorization for a number of years. After the neighbor sells the property, the new owner puts up a fence to prevent the owner from continuing his adverse use. Property owner W - Correct Answer-should consult an attorney to determine his options. When there has been open adverse use of a person's property, the adverse user may be entitled to claim an easement by prescription. He should consult an attorney to see if he has satisfied all requirements for such an easement. In the tax key numbering system, the division number refers to the tax division. Which of the following is true of the State of Hawaii tax divisions? - Correct Answer-Oahu is Division 1.There are four tax divisions in Hawaii. Oahu is Division 1. When researching parcels using the tax map key number system, no division number is shown in the tax key number. Which of the following may register as reciprocal beneficiaries? - Correct Answer-A parent and their child. Reciprocal beneficiaries are persons who are prohibited pg. 2 professoraxe l A conveyance tax must be paid at the time of recording a(n) - Correct Answer-commercial lease for five or more years.A conveyance tax must be paid in order to record an agreement of sale, lease option or commercial lease of five or more years or any other property transfer. Transactions excluded from the requirement to pay the conveyance tax include a devisee's deed, a gift deed, a transfer under the laws of descent, a transfer upon death of a joint owner and a conveyance with consideration of $100 or less. Wedges of land divided into pie-shaped pieces that went from the mountain top to the shore are called - Correct Answer-ahupua'a. Under Hawaii's historical land ownership rules, land was divided into pie-shaped pieces that went from the mountain top to the shore. These wedges were called "ahupua'a." They were thought to provide everything a person may need to survive. Smaller divisions called "ili", either stand alone, or within an ahupua'a. Which of the following is true of dower and curtesy in Hawaii? - Correct Answer-Dower gives the wife an inchoate right to a portion of her husband's estate upon his death. The concepts of dower and curtesy were developed in order to provide a spouse who did not share ownership of the property with a means of support after the death of the spouse who owned the property. Dower and curtesy applies to property acquired by a married couple on or before July pg. 5 professoraxe l 1, 1977. Both dower and curtesy provide that the surviving spouse is entitled to a one-third life estate in the property owned during the marriage by the deceased spouse. Dower is the right of the wife to a life estate in the deceased husband's property. Curtesy is the right of the husband to a life estate in the deceased wife's property provided the couple had at least one child. During their lifetimes, the wife is said to have an inchoate right (i.e., an expected right) to the estate upon the husband's death. In Hawaii, which of the following is true of mineral rights? - Correct Answer-Mining leases are issued by the Department of Land and Natural Resources on a royalty basis. A recorded plat is now called a(n) - Correct Answer-Once a plan is recorded, it is called a file plan. It would be recorded at the Bureau of Conveyances in plat books. Maps, surveys and documents concerning Hawaii real property are - Correct Answer-filed in the Bureau of Conveyances in the state capital, Honolulu. Which of the following is true of the elective share concept? - Correct Answer-It replaced dower and curtesy. The elective share system replaced dower and curtesy. It allows a surviving spouse or surviving reciprocal beneficiary to make pg. 6 professoraxe l a claim ranging from 3% to 50% of the deceased person's estate that is based on the length of the marriage or period since registration of a reciprocal beneficiary relationship. The maximum that can be claimed, after a relationship of 15 years or more, is 50%. In Hawaii, property may be held as tenants by the entirety by - Correct Answer-reciprocal beneficiaries or married couples only. (2) Property taxes in Hawaii - Correct Answer-are due in two installments.Property taxes become a lien on property on July 1 and may be paid to the county Finance Director in two equal installments. The property tax is considered delinquent if it is not paid by the due date for each installment. The assessed value is 100% of fair market value, NOT the purchase price. (2) A mechanic's lien may be filed no later than - Correct Answer-45 days from completion of work. It will be effective back on the date there was visible commencement of operations. (2) The classification of land use for a hotel under the Land Use Law would be - Correct Answer-Urban. The Urban District includes lands having "city-like" concentrations of pg. 7 professoraxe l (2) The Uniform Land Sales Practices Act applies to dispositions of an interest in land - Correct Answer- consisting of 25 separate lots, parcels, units or interests in subdivided lands, by a person in a 12 month period. Dispositions of an interest in land that are exempt from the Uniform Land Sales Practices Act include dispositions by a purchaser of subdivided lands for his own account in a single or isolated transaction; on which there is a residential, commercial or industrial building; where there is a legal obligation on the part of the seller to construct a building on the land within two years from the date of disposition; to persons engaged in the construction of buildings for resale; pursuant to court order; by any government or government agency; which will be cemetery lots; registered as a condominium property regime; in subdivisions of less than 20 lots, parcels, units or interests, if the developer has provided or posted bond for road access, sewage disposal, water and other public utilities; or consisting (2) In the development of land, the developer must be made aware of - Correct Answer-the rights of traditional gatherers (native Hawaiians). In the PASH ruling, rights of native Hawaiians to have access to undeveloped private property were upheld, so traditional gatherers may have some influence on the developer's right to develop the land. The court ruled that PASH could challenge development permits pg. 10 professoraxe l by way of contested case hearings before the County Commission of the island of Hawaii. (2) In Hawaii, a contractor who is not paid for his work on real property can file a mechanic's lien. Which of the following is true of such a lien? - Correct Answer-The effective date of the lien will be the actual time there was visible commencement of the operations for the improvements. A mechanic's lien must be filed within 45 days of completion of the work. The contractor has three months from filing to commence a lawsuit to foreclose. The effective date of the lien will be the actual time there was visible commencement of the operations for the improvements. (2) Under the Uniform Land Sales Practices Act, a developer who wants to market his land in Hawaii must - Correct Answer-file promotional material with the Director of the Department of Commerce and Consumer Affairs at least 7 days prior to its use.The ULSPA requires a person must register a subdivision with the state. Failure to do so will result in disciplinary action (2) An application for the registration of a subdivision must include each of the following EXCEPT - Correct Answer-the terms and provisions of sale. An application for registration pg. 11 professoraxe l must include a current financial statement of the subdivider; a statement that the subdivider has not been convicted of a crime involving land dispositions or any aspect of land sales business within the past 10 years; a letter of preliminary and/or final subdivision approval from the county or other appropriate jurisdictions; the name, address and phone number of the subdivider's representative or real estate agent in Hawaii; and a description of a road maintenance fund or any other maintenance fund that may have been established by the developer. The terms and provisions of the sale do not need to be included in the registration application. (2) All of the following must be included in the proposed public offering submitted to the Director of the Department of Commerce and Consumer Affairs EXCEPT - Correct Answer-the right to rescind the purchase contract within 30 days after signing it. The proposed public offering statement submitted to the Director discloses all physical characteristics and material circumstances affecting the land and title. With the statement, a purchaser must be given a separate notice of a seven-day right to rescind. That information is NOT included in the public offering statement itself. pg. 12 professoraxe l (3) A condominium unit is defined as - Correct Answer-a physical or spatial portion of the condominium designated for separate ownership or occupancy. A unit or apartment is a physical or spatial portion of the condominium designated for separate ownership or occupancy. Its boundaries (the walls, floors and ceilings) are described in the declaration, and the unit has an exit to a public road or to a common element leading to a public road. (3) The Wailea condominium has tennis courts, a large parking lot and a swimming pool. These common elements, under the terms of a typical condominium arrangement, are owned by - Correct Answer-the owners of the units in the condominium in the form of undivided percentage interest. A condominium is real estate, portions of which are designated for separate ownership (the units) and the remainder of which is designated for common ownership solely by the owners of those unit portions. (3) If a time share developer receives a notice of cancellation and a refund is requested, how many days does he have to make the refund before it constitutes an unfair or deceptive practice? - Correct Answer-The developer must return purchaser funds within 15 business days of the receipt of the notice of cancellation. pg. 15 professoraxe l (3) When a condominium unit is sold, who is responsible for any unpaid condominium assessments? - Correct Answer- The grantor and grantee, jointly and severally. When a condominium unit is sold, the grantee and grantor are jointly and severally liable for any unpaid condominium assessments up to the time of the conveyance and up to the amount shown in a statement from the board. (4) If a licensee has his license forfeited, suspended, revoked, or terminated he must stop employment and return the wall certificate and pocket card to the Commission - Correct Answer-Immediately. A principal broker or broker in charge must release a licensee within ten days of a written request. Any licensee who changes employing or associating brokerage firm must notify the Commission in writing on the form provided within 10 days of the change, or immediately place the individual's license on inactive status. If a licensee has his license forfeited, suspended, revoked, or terminated, he must immediately cease his real estate activities and return the wall certificate and pocket card to the Commission. (4) Which of these is true about RICO? - Correct Answer-It may require a complainant to testify as a witness. Each local RICO office is authorized to accept written complaints; oral complaints are not accepted. The complainant needs to pg. 16 professoraxe l provide copies of documentation/evidence to support any allegations. Complaints may be filed anonymously, but should the case proceed to a hearing, the complainant may be called upon to testify as a witness. (4) The Real Estate Commission members are chosen by what method? - Correct Answer-They are appointed by the Governor and confirmed by the Senate. They are also volunteers. (4) The principal place of business must have all of the following EXCEPT: - Correct Answer-Copies of the advertisements used by salespersons and broker- salespersons which shall be immediately accessible to the commission upon request. The principal place of business must have: the physical presence of the broker during reasonable scheduled office hours; on-site maintenance of confidential clients' files which shall be immediately accessible to the commission upon request; the prominent display of the brokerage firm's name or trade name as licensed by the commission; the listing of the brokerage firm name where permissible in the building directory; the operation of the brokerage firm at a place of business that is directly accessible to the public; and hold the on-site personnel and compensation records for all real estate salespersons and broker-salespersons employed by or associated with the brokerage firm. The maintenance of pg. 17 professoraxe l change within 10 days of their legal name, residence address or mailing address. (4) In Hawaii, when an agent is advertising a listing - Correct Answer-real estate licensees, active or inactive, must disclose their license status.Advertising and promotional materials must have the legal or registered trade name of the brokerage. In advertising, the form of business, (corporation, limited partnership, etc.) may be abbreviated. Also, "dba" (doing business as) may be used with license name and trade name. No licensee may advertise "For Sale By Owner" (or for rent, lease, or exchange by owner) without disclosing his license status. Every licensee's ad must disclose that the licensee (whether active or inactive) is licensed. (4) Kamuela, the Principal Broker for Aloha Realty is away for a month long trip to a foreign country and has experienced a delay of 7 days returning to Hawaii. If If she is away for more than 30 days, what happens to the licensees license status who work work at Aloha Realty? - Correct Answer-Their license status is inactive. A licensee's license will be placed on involuntary inactive status if their Principal Broker has an inactive, forfeited, suspended, revoked or terminated license; is unable to act due to prolonged illness or death and a Commission-approved temporary principal broker has not been designated or if the pg. 20 professoraxe l PB is absent from the place of business for more than 30 calendar days or moves out of state and a Commission- approved temporary principal broker or broker in charge has not been designated. (4) A licensee who has violated Hawaii's licensing laws - Correct Answer-fined $500 and spend three months in jail.If a client or real estate agent falsely testifies, files a false statement or document, or forges a document, it is a misdemeanor and it is punishable by a maximum of 1 year in jail. A licensee may be fined a $5,000 maximum fine. (4) In Hawaii, Real Estate license renewal occurs how often: - Correct Answer-December 31 of an even-numbered year.A forfeiture occurs if a licensee fails to comply with all requirements for maintaining or renewing their license prior to December 31 of an even-numbered year. (4) Hawaii's fair housing laws apply to which of these categories not covered by the federal fair housing law? - Correct Answer-Age. Federal law applies to race, religion, color, sex, familial status, mental or physical handicap, national origin. Hawaii law applies to race, religion, color, sex, familial status, mental or physical handicap, ancestry, age, marital status. pg. 21 professoraxe l (4) A real estate broker may pay a salesperson's share of a commission - Correct Answer-only directly to the salesperson. If a salesperson formed an entity that were to receive his commissions, that entity would be an unlicensed person receiving compensation for licensed activity and the salesperson's broker would be guilty of compensating an unlicensed entity. When the salesperson received the money from that entity, he would be guilty of receiving compensation from someone other than his broker. (4) A brokerage firm may compensate a licensee who works for another broker - Correct Answer-directly, if licensee had earned the commission while affiliated with that former brokerage firm. A brokerage firm may not compensate a licensee who works for another broker. The payment must be made to the licensee's broker. This does not apply to commissions earned at the licensee's former brokerage while he was affiliated with that brokerage firm. (4) The principal broker will be responsible for - Correct Answer-the client trust accounts, disbursements from those accounts, and the brokerage firm's accounting practices. The principal broker must have direct management and supervision of the brokerage firm and its real estate licensees. The principal broker will be responsible for the brokerage firm's client trust accounts, disbursements from those accounts, and accounting practices; the brokerage pg. 22 professoraxe l A religious institution or organization, or a charitable or educational organization operated, supervised, or controlled by a religious institution or organization, that gives preference to members of the same religion in a real prop (4) In Hawaii, a real estate agent may not acquirw ownership interest in any distressed property listed with the licensee within how many days after the listing agreement for the distressed property has expired or is terminated? - Correct Answer-365 days (4) A broker MAY pay a commission to all of the following EXCEPT: - Correct Answer-A travel agency arranging the rental of long term rentals for foreign visitors. A broker MAY pay a commission to: A licensed broker of another state, territory or possession of the United States, or foreign country who conducts negotiations for which a commission is paid if that real estate broker does not conduct in this State any of the negotiations for which a commission is paid. If the foreign/out-of-state broker does no business in Hawaii - they may be paid a commission. A travel agency arranging the rental of transient vacation rentals pg. 25 professoraxe l (4) When does a real estate agent need to disclose agency? - Correct Answer-Upon the first serious occasion demonstrating an interest in the property, or, before any offers are prepared. (6) When a buyer purchases an interest in U.S. real property from a foreign person, all of the following are true EXCEPT - Correct Answer-buyers are required by law to withhold 15% of the amount realized. Buyers of a U.S. real property interest from a foreign person, as well as some purchaser's agents and certain settlement officers, are required by law to withhold 15 percent of the amount realized. This is to ensure the tax on the gain is paid. The transferee/buyer is the withholding agent. If he fails to determine if the seller is a foreign person and/or does not withhold the 15 percent, he may be personally liable for the tax. The Hawaii Purchase Contract, signed by both the buyer and the seller, gives escrow authority to withhold if no certificate is given to the buyer. (6) A seller signs an exclusive right-to-sell listing with a Broker named Bonnie. At the time of signing the listing, the seller gives Bonnie the Broker a copy of a prospect list given to the seller by the Broker Steve, who had the previous listing on the property. If Ben, who is on that list, were to buy the property, the seller would - Correct Answer-not have to pay Broker Bonnie a commission if he owed Broker pg. 26 professoraxe l Steve a commission. In this case, the purpose of the list is to protect the Broker Steve's right to a commission for a sale during the protection period following the expiration of his listing. Therefore, Broker Bonnie would get no commission if a sale were made to a named prospect during the protection period, but Broker Bonnie would be entitled to a commission if the sale occurred after the protection period expired. (6) The protection clause in a listing agreement provides for payment of a commission to the listing broker if - Correct Answer-a sale is made to a listed prospect within a specified period after the listing expires. The protection clause provides that the broker is entitled to a commission if the seller signs a sale or exchange contract within the protection period, with a prospect to whom the property had been presented during the listing period and who was named on a list given to the seller upon expiration of the listing. (6) Under Hawaii's Good Funds Act, escrow may not close until: - Correct Answer-The lender's funds, whether wire transfers or cash, are on deposit at least 2 business days prior to the closing. Under Hawaii's Good Funds Act, escrow may not close until: All certified or cashier's checks have cleared the bank. The lender's funds, whether wire transfers or cash, are on deposit at least 2 business days prior to the closing. pg. 27 professoraxe l for taxes through the day before closing. Since those taxes are paid, he has no debit for them and is not credited for taxes since he did not pay any beyond the closing date. The buyer is liable for taxes as of the day of closing. Since the taxes for the second half of the year are not yet due, he is not debited for them, and since the seller paid for every day prior to closing, the buyer gets no credit. (7) The maximum interest rate that may be charged by the seller taking back a junior mortgage is - Correct Answer- None of the above. State usury laws specify the maximum rate of interest that may be charged for various types of loans in the state. Hawaii's usury law provides that the interest rate on personal loans between private parties or on junior mortgages carried by any individual or lender, other than the seller, is 12% per annum. There is no limit for rates on conventional, VA, and FHA loans secured by real estate in Hawaii. If a usurious rate of interest were to be stated in the contract, the borrower would only have to pay the principal amount. Any prepaid amount of interest would be deducted from the principal owed. (7) Under Hawaii's Good Funds Act, escrow may not close until - Correct Answer-Under Hawaii's Good Funds Act, escrow may not close until all certified or cashier's checks have cleared the bank and lender's funds, be they wire transfers or cash, are on deposit. pg. 30 professoraxe l (7) A sale closes on October 15. The taxes on the property are $4,000 for the year and have been paid. Using a 360-day year, the tax prorate (rounded to the nearest dollar) would be - Correct Answer-The seller had paid the taxes through December. With each month considered to have 30 days, the buyer owes for 16 days in October (30-14) and 60 days for November and December, for a total of 76 days. 76/360 x 4,000 = 844.44 (7) Which of the following is true of a Hula Mae loan? - Correct Answer-The loan is made by a participating lender. A Hula Mae loan may be used to acquire an owner-occupied single-family residence, townhome, or condominium. Among other requirements, the borrower must be at least 18 years old, a Hawaii resident and a citizen or declarant alien of the U.S.; have a household income within certain parameters; have never had a prior Hula Mae loan; and have not owned a home in the past three years. If approved by the HHFDC, he would take a commitment letter to a participating lender in Hawaii. (7) *When does the purchaser normally acquire title when the property is financed under a purchase money mortgage? - Correct Answer-ON CLOSING not when mortgage is made in full. A buyer may give the seller a down payment and agree to pay him the balance (plus interest) in pg. 31 professoraxe l installments over a certain period of time. To secure this agreement the seller can use an agreement of sale or mortgage. If he uses an agreement of sale, he (the vendor) holds legal title and promises to give the buyer (the vendee) a deed after all payments have been made. If he uses a mortgage, he will give the buyer a deed immediately on closing (so the buyer becomes the owner) and simultaneously receives a note and mortgage giving him a lien against the property until all payments have been made. The seller, therefore, would become a mortgagee or beneficiary. When a mortgage is given to the seller it is called a "purchase money mortgage," as it is taken back as all or part of the purchase price. (7) * Hula Mae loans, for first-time homebuyers - Correct Answer-may not always have funds available. (you chose can only be used to buy single family residences). Hula Mae loans, for first-time homebuyers, may be used for single- family residences, townhomes or condominiums. The approved borrower will receive a commitment letter from this program, which is financed by the Hawaii Housing Finance and Development Corporation (HHFDC), and take the commitment letter to a lender licensed in Hawaii. Funds may not always be available. There are other requirements, as well. pg. 32 professoraxe l rent at the end of a rental agreement and payment for returning the unit to the same state of cleanliness in which it was at the beginning of the rental term. (8) If the tenant is negligent, fails to maintain the unit, or uses the premises unlawfully, the landlord may - Correct Answer-fix the problem and charge the tenant for the cost of fixing the problem. If the tenant is negligent, fails to maintain the unit, or uses the premises unlawfully, the landlord may notify the tenant in writing that he has a certain amount of days to correct the specific problem (not less then 10 days). If the tenant cannot be notified in writing, the landlord may conspicuously post the requirement. If the tenant does not comply, the landlord may terminate the rental agreement and sue for eviction or may fix the problem and charge the tenant for the cost of fixing the problem. (8) A landlord must return a tenant's security deposit if the tenant is entitled to it. With regard to this responsibility, which of the following is true? - Correct Answer-If the landlord keeps any of the deposit, he must notify the tenant in writing within 14 days of termination, itemizing the costs he incurred and attaching all receipts. If cleaning or repairs cannot be completed in the 14-day period, estimates may be used. Any monies left after deductions must be included with the notice. If the landlord violates this rule, the tenant is entitled to the full amount of the security deposit. pg. 35 professoraxe l (8) A fixed lease to a tenant in the military may allow a tenant to terminate the lease - Correct Answer-with 28 days' advance notice and a copy of orders showing he will have to be off the island for at least 60 days. (8) With regard to security deposits in Hawaii, a landlord can - Correct Answer-increase the amount of a security deposit if the tenant has a pet, unless the animal is an assistance animal. A security deposit can not exceed one months rent. However in the circumstance of a pet deposit, the law was updated in 2013 (HRS 521-44) and allows the landlord to ask for a pet deposit for leases signed after 2013. The pet deposit may not exceed one months rent (in addition to the regular security deposit). An assistance animal servicing a disabled person is not considered a pet, so an additional pet deposit is not permitted for assistance animals. (8) A landlord must begin emergency repairs needed for habitable living conditions, including plumbing, electric, and major appliances, within how many days after receiving a tenant's oral or written notice? - Correct Answer-3 business. Emergency repairs needed for habitable living conditions, including plumbing, electric, and major appliances, must begin within three business days after a tenant's oral or written notice to the landlord. pg. 36 professoraxe l (8) If a landlord has grounds for keeping all or some of the security deposit, which of the following is true of his notice to the tenant? - Correct Answer-itemize costs The landlord must refund the security deposit unless the landlord has grounds for keeping all or some of it. In such a case, the landlord must notify the tenant in writing; the notice must be given to the tenant within 14 days of termination; the cost the landlord incurs must be itemized in the notice; and all receipts must be attached. (8)With an absentee landlord - Correct Answer-With an absentee landlord, an agent must be appointed who resides on the same island as the unit. If there is an oral agreement to rent, the tenant may demand the name and address of the owner's agent and the information must be supplied to him within 10 days. If the landlord does not comply with the required disclosures, the landlord will be liable for $100 plus attorney's fees. (9)Long-term ground leases grant property rights beyond possession in the State of Hawaii, including - Correct Answer-the lessee is considered to be the owner of the real property for the purpose of assessing property taxes, if the lease term is for 15 years or more. Long-term ground leases grant property rights beyond possession in the State of Hawaii. Although leasehold property is personal property pg. 37 professoraxe l the ground lease. What can happen when a ground lease expires? - Correct Answer-The ground lease can be renewed under new terms (increased fees) for a set period of time or The condo association may purchase the ground lease and transition the condominium to fee simple ownership. Latisha may have to vacate the unit and not receive any compensation for her unit. or When a ground lease expires, there are a number of possible outcomes which are typically defined in the surrender clause of the lease. Potential purchasers of leasehold properties are legally required to get a leasehold disclosure statement to ensure they understand the risks of purchasing this type of property. (9) What information does not need to be included in leasehold disclosure statements? - Correct Answer-The leasehold disclosure statement does not include the tax schedule, but does include all of the pertinent information regarding the lease - when it will expire, the particular terms of the lease , and when the amount paid increases periodically in the lease. (9) Within how many days of acceptance of the Purchase Contract must the seller of a leasehold property give the buyer a copy of the lease for review? - Correct Answer-10 days. The Seller must provide the buyer a Leasehold Disclosure and a copy of the lease, and other pertinent documents relating to the lease. The buyer has 10 days to pg. 40 professoraxe l accept and sign the disclosure or they may cancel the transaction within the 10 day review period. (9) Which of the following must be provided to a buyer purchasing a leasehold property in Kona, Hawaii? - Correct Answer-The leasehold disclosure form and copy of the lease. Both the leasehold disclosure form and a copy of the lease, as well as other pertinent documents relating to the lease must be given to the buyer within 10 days of acceptance by the seller. pg. 41 professoraxe l