2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
HAWAII STATE REAL ESTATE
QUESTIONS AND CORRECT ANSWERS |
LATEST UPDATE
lands extending inland from the shoreline as delineated on the maps filed with the counties
✓ -:- Special Management Area (SMA)
A brokerage firm may associate or employ a salesperson or broker- salesperson who
resides on an island different from that of the principal place of business, provided that the
salesperson or broker-salesperson shall not maintain or advertise a place of business other
than the principal place of business
✓ -:- TRUE
A brokerage firm may associate or employ a salesperson or broker- salesperson who
resides on an island different from that of the principal place of business, provided that any
advertisements on an island different from that of the principal place of business shall
disclose the name of the brokerage firm and the address and phone number of the principal
place of business.
✓ -:- TRUE
1|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
A brokerage firm may associate or employ a salesperson or broker- salesperson who
resides on an island different from that of the principal place of business, provided that all
agency disclosures required by section 16-99-3.1 shall include that the principal place of
business is located on a different island.
✓ -:- TRUE
What kind of title does Vendee (buyer) initially receive in an agreement of sale?
✓ -:- Equitable Title
Which closing is the conveyance tax paid in an agreement of sale?
✓ -:- First closing
Which closing is legal title given in an Agreement of Sale?
✓ -:- 2nd closing, as Equitable is given in the first closing.
Conveyand tax paid on Satisfaction of Agreement of Sale. T or F
2|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
✓ -:- False. It is paid on 1st closing when purchased initally. It is also paid
when conveyed by a General Warranty Deed.
Time share 7 right of recision allows who to cancel?
✓ -:- buyer or seller
Time share 7 right of recision should be written or just oral?
✓ -:- Both written and oral.
time share acquisition agents who are not licensed as sales persons still must be registered
with the Commission as a time share acquisition agent. T or F
✓ -:- TRUE
The maximum allowable rate for USERY loans (person to person) is
✓ -:- 1%/month OR 12%/year
3|P a g e | G r a d e A + | 2 0 2 0 2 5
HAWAII STATE REAL ESTATE
QUESTIONS AND CORRECT ANSWERS |
LATEST UPDATE
lands extending inland from the shoreline as delineated on the maps filed with the counties
✓ -:- Special Management Area (SMA)
A brokerage firm may associate or employ a salesperson or broker- salesperson who
resides on an island different from that of the principal place of business, provided that the
salesperson or broker-salesperson shall not maintain or advertise a place of business other
than the principal place of business
✓ -:- TRUE
A brokerage firm may associate or employ a salesperson or broker- salesperson who
resides on an island different from that of the principal place of business, provided that any
advertisements on an island different from that of the principal place of business shall
disclose the name of the brokerage firm and the address and phone number of the principal
place of business.
✓ -:- TRUE
1|P a g e | G r a d e A + | 2 0 2 0 2 5
,2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
A brokerage firm may associate or employ a salesperson or broker- salesperson who
resides on an island different from that of the principal place of business, provided that all
agency disclosures required by section 16-99-3.1 shall include that the principal place of
business is located on a different island.
✓ -:- TRUE
What kind of title does Vendee (buyer) initially receive in an agreement of sale?
✓ -:- Equitable Title
Which closing is the conveyance tax paid in an agreement of sale?
✓ -:- First closing
Which closing is legal title given in an Agreement of Sale?
✓ -:- 2nd closing, as Equitable is given in the first closing.
Conveyand tax paid on Satisfaction of Agreement of Sale. T or F
2|P a g e | G r a d e A + | 2 0 2 0 2 5
, 2024 /2025 | © copyright | This work may not be copied for profit gain | Excel!
✓ -:- False. It is paid on 1st closing when purchased initally. It is also paid
when conveyed by a General Warranty Deed.
Time share 7 right of recision allows who to cancel?
✓ -:- buyer or seller
Time share 7 right of recision should be written or just oral?
✓ -:- Both written and oral.
time share acquisition agents who are not licensed as sales persons still must be registered
with the Commission as a time share acquisition agent. T or F
✓ -:- TRUE
The maximum allowable rate for USERY loans (person to person) is
✓ -:- 1%/month OR 12%/year
3|P a g e | G r a d e A + | 2 0 2 0 2 5
