Hawaii Real Estate Final Exam

Which of the following is true with regard to timeshare sales? - Answer- Within seven calendar days after the execution of the contract to purchase an interest in a timeshare plan or receipt of a disclosure statement, whichever occurs later, either party may cancel the contract without penalty. If 40% or more of a condominium project has been sold and recorded, the first meeting of a condominium unit owners' association must be held within how many days after the recordation of the first unit sale? - Answer- 180. A Hawaii property owner can redeem his property within one year after... - Answer- a real property tax sale. Under Hawaii's Land Use Law, land is classified into four categories. One of these is... - Answer- conservation. Hawaii's Land Use Law is administered by the... - Answer- State Land Use Commission. Long-term ground leases grant property rights beyond possession in the State of Hawaii, including... - 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. 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? - Answer- He must itemize his costs in the notice. With regard to lawsuits over security deposits... - Answer- the tenant has one year to bring action to recover all or part of the security deposit. Money held in trust for others... - Answer- must be kept in separate special bank accounts, separated from the money of the principal broker or broker in charge. Regarding supervision of a brokerage office... - Answer- Neither A nor B (none of the above). A Hawaii brokerage firm must do each of the following EXCEPT... - Answer- register all of its branch offices with the Real Estate Commission. Before a principal broker or broker in charge is absent from the principal place of busi