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Hawaii real estate brokers exam with complete solutions
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Hawaii real estate brokers exam with complete solutions
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Hawaii real estate brokers exam withcomplete solutions
A broker lists a property for sale at $100,000 with a 5 percent commission, and he later
obtains an oral offer from a prospective buyer to purchase the property. The seller
indicates to the broker that the offer would be acceptable if it were submitted in writing.
Before it can be put in writing, the buyer backs out and revokes the oral offer. In this
situation, the broker would be entitled to - ANSWER-no commission
A broker price opinion is a paid service that may be offered to consumers on what
conditions - ANSWER-disclose that it is not an appraisal, you are not an appraiser and
do not collect a commission for both the BPO and listing commission if you do get the
listing
A broker would likely have the right to direct which of the following instructions to an
independent contractor - ANSWER-Compensation schedule for the workers
A building was sold for $115,000. Earnest money in the amount of $15,000 was
deposited in escrow, and the buyer obtained a new loan for the balance of the purchase
price. The lender charged 2 discount points on the loan. What was the total amount of
cash used by the buyer for this purchase? - ANSWER-$17,000
A corporation takes title as what type of legal entity - ANSWER-severalty
A deed must be signed by the - ANSWER-The correct answer is: grantor
A deed that contains a guarantee that the grantor will compensate the grantee for any
loss resulting from the titles failure in the future. This is called what type of covenant -
ANSWER-warranty forever
A developer grants a local power company the right to install necessary transmission
lines. This right is an example of a(an) - ANSWER-easement in gross
A home with a floor plan that provides three bedrooms and one bath is best described
as - ANSWER-subject to functional depreciation
A licensee lists the residence of the Thomas family. For various reasons the owners
must sell the house quickly and confides to the licensee that a lower asking price is
acceptable. To expedite the sale the licensee tells a prospective purchaser that the
seller will accept up to $5000 less. Based on these facts, which of the following is true: -
ANSWER-the disclosure was improper and possibly illegal
A mechanic's lien can be filed against an owner's real estate by a(n) - ANSWER-:
lumber company furnishing materials ordered by the property owner.
, A mortgagor is the one who - ANSWER-gives a mortgage
A note requiring payments of interest only and principal only at maturity - ANSWER-a
straight note with a balloon payment
A person who has died leaving a valid will is called - ANSWER-testator
A property owner contracted to have a swimming pool installed on her property. When
the pool was completed, she refused to pay for the improvement, and the contractor
filed a lien for nonpayment. It is most likely this lien was file - ANSWER-by the 45th day
since completion
A purchaser of a unit having past due common expenses may be obligated to pay up to
how much of the past due amounts at the time of purchase - ANSWER-$3600
A statutory right that a family has in its residence is called - ANSWER-homestead
A time share unit is the purchase of real estate for a specified time. In Hawaii, what is
the maximum length of continuous stay per year. - ANSWER-The correct answer is: 60
days
A title insured by a legitimate title company is usually - ANSWER-marketable
A transient rental is considered any rental less than how many days - ANSWER-180
All of the following are considered as an interest in real property EXCEPT - ANSWER-
cooperative ownership
All the following clauses in a loan agreement enable the lender to demand the entire
remaining debt be paid immediately EXCEPT a(an) - ANSWER-defeasance clause
An appraiser is responsible for - ANSWER-estimating value
An association must meet at least how often according to HRS 514B-121 - ANSWER-
annually
An FHA-insured mortgage loan would be obtained from which of the following? -
ANSWER-Any FHA-approved lending institution
An owner or property manager managing a property other than the island of their
residence must name an agent in the contract that can be contacted for emergency or
to improve communication. Does that agent, used for that particular purpose, have to be
licensed? - ANSWER-No
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