Hawaii Real Estate State Complete Solutions

Hawaii Real Estate State Complete Solutions What are the land use districts? "Chef RAgU" Conservation Rural Ag Urban Who has control over the different land use districts? Conservation controlled by DLNR Counties control the rest What is adverse possession? The occupation of land to which another person has title with the intention of possessing it as one's own. What is tacking? One adverse possessor may tack on to his time with the land his predecessor's time, so long as there is privity, which is satisfied by any non-hostile nexus, such as blood, contract, deed or will. Tacking is not allowed when there has been ouster What are the elements of adverse possession? OCEANH Open Continuous Exclusive Actual Notorious Hostile What is the difference between adverse possession and prescriptive easement? What is a purchase money mortgage? Anytime using another mortgage to purchase another property What situations does the de minimis law apply to? Allows tolerances regarding minimum encroaching onto the property of another; encroachments What are the allowable tolerances for the various land use districts? CRAC Commercial - 0.25 ft or 3 in Residential - 0.5 ft or 6 in Agricultural - 0.75 ft or 9 in Conservation - 1.5 ft or 18 in What is the de minimis rule? If the encroaching property is within the tolerance, it is NOT an encroachment. Can a sales contract be amended after the offer has been accepted? Yes If so, what is required when the sales contract is amended after the offer has been accepted? Both parties have to agree and it has to be in writing. What is a land trust? A trust formed specifically to hold real estate--real property is the only asset within the trust. Who has legal title in a land trust? The trustee What interest does the beneficiary have? Personal property interest What happens to the agent's real estate license if the agent fails to renew their license? License becomes forfeited. What happens to the agent's real estate license if the agent fails to complete their continuing education by Dec 31 of the even-numbered year? License becomes inactive. What is a Special Management Area? Area managed by the DLNR granting use permits from the county for any development within certain guidelines. What is a Special Management Area near? Shoreline What documents establishes the shoreline boundary? Shoreline certification - signed by DLNR specifies the shoreline boundary, as of a certain date. How long is this document valid? 12 months from the date of the certificate What does "time is of the essence" mean as used in the Purchase Contract? Time is essential. If performance doesn't occur by the contract date, the contract is breached, allowing remedies to the non breaching party including termination of the contract. When are deposit monies required to be deposited into the client trust account? Next business day What is escrow? A third party that handles monies and makes sure the contract is fulfilled. Name the different legal descriptions. Metes and Bounds Lot number Tax Map Key Which legal description uses monuments as boundaries? Metes and Bounds Which legal description starts with "beginning at"? Metes and bounds What is the equity of redemption? The right that a mortgagor has to redeem his real property PRIOR