Hawaii Real Estate Exam State Only With 100% Correct And Verified Answers, Exams of Advanced Education

Download Hawaii Real Estate Exam State Only With 100% Correct And Verified Answers and more Exams Advanced Education in PDF only on Docsity! Hawaii Real Estate Exam State Only With 100% Correct And Verified Answers Land ownership documents are recorded in the public record at - Correct Answer- Bureau of Conveyances in Honolulu The land classification containing the smallest amount of land state-wide is - Correct Answer-Rural A division of land extending from the top of the mountain to the ocean is called - Correct Answer-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? - Correct Answer-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? - Correct Answer-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? - Correct Answer-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: - Correct Answer-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 non-residents. - Correct Answer-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. - Correct Answer-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. - Correct Answer-True. T or F: A benefit of placing real property in a land trust may be that it prevents partitioning. - Correct Answer-True. The beneficial interest of the owner of real property held in a land trust is considered what kind of property? - Correct Answer-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. - Correct Answer-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. - Correct Answer-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. - Correct Answer-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. - Correct Answer-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? - Correct Answer-Uniform Land Sales and Practices Act (ULSPA) A prospectus of possible house plans that can be built on the site is: - Correct Answer-a public offering statement How many days must the subdivider give the prospective purchaser to review the public offering statement? - Correct Answer-Seven T 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. - Correct Answer-True. Early in the process of developing a condominium the Commission will examine the project and issue: - Correct Answer-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. - Correct Answer-True. T or F: The declaration of a condominium development would contain the names of the board of directors of the owners association. - Correct Answer-False. T or F: The declaration of a condominium development would contain a description of the limited common elements. - Correct Answer-True. T or F: When a leasehold condominium is converted to fee simple land ownership seventy-five percent of the unit owners must vote to approve the purchase. - Correct Answer-True. T or F: When converting an existing rental property to a condominium the existing tenants must be given the first right of refusal to purchase their units in fee simple. - Correct Answer-True. T or F: When converting an existing rental property to a condominium the existing tenants have the first right of refusal only if they are current on their rent payments. - Correct Answer-False. T or F: When converting an existing rental property to a condominium under the anti- discrimination laws, the tenants have no greater rights than the general public to purchase the units. - Correct Answer-False. According to time share law, when a prospect is given a gift to induce him to attend a time share presentation, the presenter must give the gift to the prospect when? - Correct Answer-prior to or at the beginning of the presentation. The priority of a mechanic's lien depends on the: - Correct Answer-date on which work commenced. What or who ultimately determines the seaward property line of an oceanfront property in Hawaii? - Correct Answer-Upper reaches of the wash of the waves. If a contractor skipped town and did not pay the roofer for his work, the roofer could file: - Correct Answer-a mechanic's lien Once a materialman's lien has been paid off, what should the owner do: - Correct Answer-File a satisfaction of lien T or F: A mechanic's lien filed for record today for work commenced two weeks ago has priority over a mortgage filed five days ago. - Correct Answer-True. The priority of a mechanic's lien depends on the date on which work commenced. T or F: A mechanic's lien filed for record today for work commenced two weeks ago has priority over a second mortgage recorded three days ago. - Correct Answer-True. The priority of a mechanic's lien depends on the date on which work commenced. T or F: A mechanic's lien filed for record today for work commenced two weeks ago has priority over an unrecorded mortgage that was given three months ago. - Correct Answer-True. The priority of a mechanic's lien depends on the date on which work commenced. Under what recent ruling may complete strangers may have a legal right to enter your land without your permission for certain purposes? - Correct Answer-PASH ruling. Brad Wattles fell behind in his real property tax payments, and lost his home to a speculator through foreclosure. Nine months later he received a cash settlement in a medical lawsuit. Can exercise his statutory right of redemption by paying the new owner the amount of the back taxes, fines, interest and all other expenses the speculator incurred in purchasing the property on the courthouse steps. - Correct Answer-Yes. There is a 1 year redemption period for tax foreclosures (but none for mortgage foreclosures). Hildo Tabisola, a dry land taro farmer, was drilling a new well on his farm when he discovered a rich vein of gold 125 feet down. His deed states, "Reservation in favor of the state of Hawaii of all mineral and metallic mines." What claim to the gold does Hildo have? - Correct Answer-Hildo would have no claim on the gold. Makuakane owns a papaya farm on the Big Island. His land stretches down to the ocean and includes 450 feet of spectacular shoreline. A lava flow covers the lower acres of his farm and extends the property almost a hundred feet out into the ocean, creating roughly an acre of new land. Who owns the newly created land? - Correct Answer-The state of Hawaii. T or F: In Hawaii an easement of necessity is created any time a parcel of land becomes landlocked by subdivision. - Correct Answer-False. T or F: In Hawaii an easement of necessity will not be granted to a landlocked dominant estate. - Correct Answer-True. T or F: In Hawaii an easement of necessity will be created only when agreed to by all the adjacent property owners. - Correct Answer-False. T or F: In Hawaii an easement of necessity will be created any time a parcel of land does not have access to a public road. - Correct Answer-False. T or F: A property owner who resides out of state is exempt from the rules regarding invasive species. - Correct Answer-False. T or F: If a plant that has been declared an invasive species is found growing on private property, the appropriate government agency may enter the property to control or eradicate the offending plant after reasonable notice is given to the property owner. - Correct Answer-True. T or F: Regarding a judgment lien in Hawaii, the encumbrance on the property is removed when the debt is paid, the debtor files a satisfaction of lien and the satisfaction of lien is recorded. - Correct Answer-True. T or F: Regarding a judgment lien in Hawaii, in order to be effective the lien must be recorded with reference to a specific piece of real property. - Correct Answer-True. T or F: Regarding a judgment lien in Hawaii, the statutory time limit for a judgment lien is 10 years. - Correct Answer-True. T or F: In order to acquire a right in the land of another by prescriptive easement in Hawaii, hostile use must occurr. - Correct Answer-True. T or F: In order to acquire a right in the land of another by prescriptive easement in Hawaii, open, notorious and visible use must occurr. - Correct Answer-True. T or F: In order to acquire a right in the land of another by prescriptive easement in Hawaii, continuous and uninterrupted use for 20 years must occurr. - Correct Answer- True. T or F: In order to acquire a right in the land of another by prescriptive easement in Hawaii, permission of the owner must occurr. - Correct Answer-False. T or F: Regarding independant contractors, compensation is based on performance, not hours worked. - Correct Answer-True. The duties that live forever after termination of an agency relationship are the duties of: - Correct Answer-confidentiality and accounting T or F: A salesman who is an independent contractor should obtain a general excise tax license. - Correct Answer-True. T or F: A salesman who is an independent contractor should file estimated quarterly income taxes. - Correct Answer-True. T or F: A salesman who is an independent contractor should adhere without exception to the broker's schedule for floor duty, prospecting, and open houses. - Correct Answer- False. Kama'aina Kokua Realty has entered into signed agency agreements with both Seller A and Buyer B. Buyer B is interested in purchasing Seller A's property. Is Kama'aina Kokua Realty allowed to facilitate this transaction? - Correct Answer-Yes, if both Buyer and Seller give their written consent to the dual agency. T or F: A general agent has broad authority to act on behalf of his principal, while a specific agent is authorized only to perform specific tasks for his principal. - Correct Answer-True. In order to enter into a legally enforceable contract in Hawaii, a person must be at least how old? - Correct Answer-18 years old Under the 1997 Hawaii law regarding "de minimus" structure position discrepancies" in residential property, which of the following would NOT be considered an encroachment? A. A Swimming pool that was built 1 foot into the neighbor's property. B. The corner of a roof that overhangs 9 inches onto a neighbor's yard. C. A chain link fence that crosses the next door back yard four inches beyond the boundary. D. A driveway that overruns the county right of way by 2 inches. - Correct Answer-C. A chain link fence that crosses the next door back yard four inches beyond the boundary. Under Megan's Law, A. a licensee would most likely personally search the police records on the Internet for the names of any convicted sex offenders who live in the area where a buyer client is considering B.ying a home. B. neither the seller nor the licensee is required to obtain information regarding sex offenders. C. a licensee should knock on all the doors on the streets where she has listings and inquire as to whether or not any convicted sex offenders live there. D. a seller has full disclosure responsibilities under Megan's Law. - Correct Answer-B. neither the seller nor the licensee is required to obtain information regarding sex offenders. The statute of limitations on undisclosed defects in a residential real property transaction, provided the seller acted in good faith and provided the statement, is: A. Two years from the discovery of the defect. B. Two years after closing. C. Two years from the date the buyer received the disclosure statement. D. Two years after acceptance of the Purchase Contract. - Correct Answer-C. Two years from the date the buyer received the disclosure statement. All of the following pairs of standard Purchase Contract terms are mutually exclusive (i.e., you must choose one or the other) EXCEPT: A. Survey AND Staking. B. Unilateral one-time right to extend closing date AND Time is of the Essence. C. Mediation AND Arbitration D. Buyer to earn interest on deposits AND Buyer not to earn interest. - Correct Answer-C. Mediation AND Arbitration Which of the following is NOT addressed by a standard term of the Purchase Contract? A. Buyer's right to inspect the property after acceptance. B. Termite inspection and treatment. C. Pet related treatment. D. Tenant's rights regarding notice of eviction. - Correct Answer-D. Tenant's rights regarding notice of eviction. Which of the following is NOT provided to the buyer at closing, per the Purchase Contract? A. Keys B. Possession C. Marketable title D. Preliminary title report - Correct Answer-D. Preliminary title report Which of the following is mentioned in the Purchase Contract, but left open to negotiation if and when the situation arises? A. Proration of existing assessments between the buyer and the seller. B. Transfer of the tenant's security deposit from seller to buyer. C. Proration of a new assessment against the property that is authorized between the acceptance D.te and the scheduled closing date. D. Removal of all trash, junk and brush on the property prior to closing. - Correct Answer-C. Proration of a new assessment against the property that is authorized between the acceptance date and the scheduled closing date. Under the residential disclosure law, a licensee would most likely A. Personally search the police records on the Internet for the name of any convicted sex offenders who live in the area where a buyer client is considering buying a home. B. Inform a seller client that he has a duty to disclose any certain knowledge he has of a convicted sex offender living next door to his listed home. C. Knock on all the doors on the streets where he has listings and inquire as to whether or not any C.nvicted sex offenders live there. D. A licensee has no responsibilities under the residential disclosure law. - Correct Answer- B. Inform a seller client that he has a duty to disclose any certain knowledge he has of a convicted sex offender living next door to his listed home. Regarding an Exclusive Right To Sell Listing Agreement, which is NOT true? A. It must be signed by all owners of record and the listing broker. B. It must be dated. C. The seller must accept any full price offer that meets all the terms and conditions of the listing A.reement. D. It must contain a specific expiration date. - Correct Answer-C. The seller must accept any full price offer that meets all the terms and conditions of the listing agreement. In order to enter a listing into the MLS A. the property must be located on the same island as the brokerage of the listing agent. B. the listing agent may do so without the seller's express permission. C. a data input sheet must be submitted to the MLS and becomes Exhibit A of the listing A.reement. D. All of the above. - Correct Answer-C. a data input sheet must be submitted to the MLS and becomes Exhibit A of the listing agreement. Under an Exclusive Right To Sell Listing Agreement the seller agrees to pay the listing broker a 6% commission. Under what circumstances will this commission be paid? A. The seller accepts an offer that meets most of the conditions of the listing agreement. B. A ready, willing and but financially unqualified buyer is found who makes a full price offer that meets all the terms and conditions of the listing agreement. C. The seller counters a buyer's offer at less than full price but the buyer rejects the counter offer. D. The seller does not respond the to buyer's offer that is full price but contingent upon the sale of his existing home. - Correct Answer-A. The seller accepts an offer that meets most of the conditions of the listing agreement. A buyer and seller go through several rounds of negotiations on an offer. What statement is true? A. When opening escrow after reaching a meeting of the minds, the original Purchase Contract plus all counter offers should be submitted in order to provide a complete paper trail. B. If the only change on a counter offer is the price, it is preferable to simply cross out the original price on the Purchase Contract and write in the new price, initialed by all parties. C. Only the seller may make a counter offer. The buyer must create a new Purchase Contract to C.ntinue negotiations. D. Each counter offer rejects the original offer and cancels all previous counter offers. - Correct Answer- D. Each counter offer rejects the original offer and cancels all previous counter offers. The use of HAR standard forms A. requires the services of a licensed attorney for review in order to ensure that the licensee is not C.mmitting the unauthorized practice of law. B. is recommended but not required. C. is required for every residential real estate transaction. D. is required for every residential real estate transaction in which one or more licensees is involved. - Correct Answer-B. is recommended but not required. All of the following are true of Land Court except: A. Lien letter filed. B. Ownership transfer at registration. C. 20 year trespasser can file adverse possession action. D. A TCT is assigned to each registered property. - Correct Answer-C. 20 year trespasser can file adverse possession action. In the Land Court System, title transfers at: A. Delivery of the deed. B. Registration of the new title on the Transfer Certificate of Title. C. Acceptance by the buyer. D. Issuance of a lien letter. - Correct Answer-B. Registration of the new title on the Transfer Certificate of Title. In Hawaii a conveyance tax would be paid on properties conveyed by way of: A. Gift deeds B. Devisee's deeds C. General warranty deed D. Satisfaction of an agreement of sale - Correct Answer-C. General warranty deed The basic system of describing real property in Hawaii is: A. Plat and Parcel system B. Metes and Bounds System C. Government Survey System D. Azimuths and Benchmarks System - Correct Answer-B. Metes and Bounds System A system of land title registration in which the state guarantees title: A. Upstate New York System. B. Torrens System (Land Court). C. Australian System. D. State Guaranteed Registration System. - Correct Answer-B. Torrens System (Land Court). Which of the following is NOT true of Land Court property: A. It can also be recorded in the regular system. B. All properties are accepted for registration, regardless of the state of the title. C. Once accepted, the state guarantees the title. D. Once the title is searched, any future search of covering that same period is unnecessary. - Correct Answer-B. All properties are accepted for registration, regardless of the state of the title. Prior to recording a deed at the Bureau of Conveyances, what must happen? A. The conveyance tax must be paid. B. The buyer must sign the deed. C. The escrow company, title company, and the real estate brokerage must all be paid. D. Any repairs agreed to by the buyer and seller in the Purchase Contract must be completed. - Correct Answer-A. The conveyance tax must be paid. A readily available source of information on the lots dimensions, size and nature of improvements, and current assessed value of a property a licensee plans to list is: A. Bureau of Conveyances B. Land Court C. Real Property Tax Office D. Multiple Listing Service - Correct Answer-C. Real Property Tax Office