Hawaii Real Estate Exam State
Questions and Answers Rated A+
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. - ANSWER-D.
Each counter offer rejects the original offer and cancels all previous counter offers.
A division of land extending from the top of the mountain to the ocean is called -
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? - ANSWER-Under Hawaii's Uniform Probate Code for
properties sold after July 1, 1977.
A mutual right to cancel by either buyer or seller is: - ANSWER-TS7-RoR...time share 7
day right of recision.
A parking stall would be a good example of what kind of element in a condominimum? -
ANSWER-A limited common element.
A project may be removed from the CPR by what vote? - ANSWER-Agreement of the
unit owners of 80% of the common interest.
A prospectus of possible house plans that can be built on the site is: - ANSWER-a
public offering statement
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 - ANSWER-C. Real Property Tax Office
A special relationship of trust, confidence and responsibility between an agent and his
principal is known as: - ANSWER-a fiduciary relationship.
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. - ANSWER-B. Torrens System (Land Court).
, A title insured by a title insurance policy is generally considered a(n): A. Marketable title.
B. Defective title. C. Unclouded title. D. Unencumbered title. - ANSWER-A. Marketable
title.
According to the time share law, an exchange agent is a person who: - ANSWER-
operates an exchange program.
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? -
ANSWER-prior to or at the beginning of the presentation.
Agency disclosure is A. required by Hawaii law. B. a "best practice" to keep everything
above board. C. required only in a dual agency situation. D. required only of listing
brokers. - ANSWER-A. required by Hawaii law.
Agent A has been working with Buyer B for three months - showing her property,
arranging for her to be prequalified by a lender, and writing up one offer that was
rejected by the seller. Agent A and Buyer B have never addressed representation,
either orally or in writing. What type of agency does agent A have with agent B? -
ANSWER-implied agency.
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. - ANSWER-C. 20 year trespasser can file
adverse possession action.
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. -
ANSWER-C. Mediation AND Arbitration
An agreement of sale transaction requires two closings, one for possession and one for
title. Which charge is not included in both closings? A. Title search B. Escrow fee C.
Preparation of documents D. Conveyance tax - ANSWER-D. Conveyance tax
At least one member of the board of directors of a Hawaii corporation must be: -
ANSWER-a resident of Hawaii.
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. - ANSWER-Yes. There is
a 1 year redemption period for tax foreclosures (but none for mortgage foreclosures).
Questions and Answers Rated A+
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. - ANSWER-D.
Each counter offer rejects the original offer and cancels all previous counter offers.
A division of land extending from the top of the mountain to the ocean is called -
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? - ANSWER-Under Hawaii's Uniform Probate Code for
properties sold after July 1, 1977.
A mutual right to cancel by either buyer or seller is: - ANSWER-TS7-RoR...time share 7
day right of recision.
A parking stall would be a good example of what kind of element in a condominimum? -
ANSWER-A limited common element.
A project may be removed from the CPR by what vote? - ANSWER-Agreement of the
unit owners of 80% of the common interest.
A prospectus of possible house plans that can be built on the site is: - ANSWER-a
public offering statement
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 - ANSWER-C. Real Property Tax Office
A special relationship of trust, confidence and responsibility between an agent and his
principal is known as: - ANSWER-a fiduciary relationship.
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. - ANSWER-B. Torrens System (Land Court).
, A title insured by a title insurance policy is generally considered a(n): A. Marketable title.
B. Defective title. C. Unclouded title. D. Unencumbered title. - ANSWER-A. Marketable
title.
According to the time share law, an exchange agent is a person who: - ANSWER-
operates an exchange program.
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? -
ANSWER-prior to or at the beginning of the presentation.
Agency disclosure is A. required by Hawaii law. B. a "best practice" to keep everything
above board. C. required only in a dual agency situation. D. required only of listing
brokers. - ANSWER-A. required by Hawaii law.
Agent A has been working with Buyer B for three months - showing her property,
arranging for her to be prequalified by a lender, and writing up one offer that was
rejected by the seller. Agent A and Buyer B have never addressed representation,
either orally or in writing. What type of agency does agent A have with agent B? -
ANSWER-implied agency.
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. - ANSWER-C. 20 year trespasser can file
adverse possession action.
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. -
ANSWER-C. Mediation AND Arbitration
An agreement of sale transaction requires two closings, one for possession and one for
title. Which charge is not included in both closings? A. Title search B. Escrow fee C.
Preparation of documents D. Conveyance tax - ANSWER-D. Conveyance tax
At least one member of the board of directors of a Hawaii corporation must be: -
ANSWER-a resident of Hawaii.
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. - ANSWER-Yes. There is
a 1 year redemption period for tax foreclosures (but none for mortgage foreclosures).
