REMI School of Real Estate EXAM PREP STUDY GUIDE

1 1 REMI School of real Estate EXAM prep STUDY GUIDE Hawaii: 1. In Hawaii the statutory usury ceiling on a conventional loan is : there is no ceiling 2. What is Usury: Illegal Interest 3. In Hawaii the statutory usury ceiling on loans by individuals who are not seller is:12% 4. Unclaimed real Estate escheats to the state after how long: 15 years 5. What is the recission period for the sale of land under the ULSPA: 7 days 6. What is the recission period for the sale of a new condominium: 30 days 7. What is the recission period for the re-sale of a condominium: none 8. What is the age of majority in Hawaii: 18 years of age 9. How long is the prescriptive period for adverse possession: 2 years 10. Which of the following is not a cure for adverse possession: D a. Prescriptive easement b.

2 Suit for quiet title c. Quit claim deed d. Easement by necessity 11. If the rent of an apartment is $1,000 per month, what is the maximum security deposit plus pet deposit that may be charged: $1,000 12. How long is the right of redemption in Hawaii for a mortgage foreclosure: zero 13. How long is the right of redemption in Hawaii for real Estate tax foreclosure: 1 yr 14. Where are land court and regular system deeds recorded: Bureau 15. To be eligible for recordation a document must be : Acknowledged 16. To raise rent on a MTM tenancy a landlord must give how many days notice: 45 17. To notify a tenant to move out of a MTM tenancy a landlord must give how many days notice: 45 18. What is the conveyance tax on a $350,000 sale: it is 1% or $350. 19. Who pays the conveyance tax in Hawaii: seller 20.

3 After how many years of non payment of real Estate taxes may the county foreclose the property: 3 21. Conveyance tax is based on which value: the sale price 22. A 35 year old person who is the owner occupancy of a primary residence may receive how much of a homeowners exemption: $40,000 23. Refer to question #21: how much is the exemption for a person 66: It is $100,000 a. Under 55 $40,000 = 1 b. 55-59 $60,000 = c. 60-64 $80,000 = 2 d. 65-69 $100,000 = e. 70+ $120,000 = 3 24. How often does the county adjust the assessment of real Estate : annually 25. An aggrieved person has the right to: $25,000 from recovery fund a. It is maximum of $25,000 per incident or $50,000 per agent 26. What is the statute of limitations on a claim against a licensee: 2 years 2 27. What is the minimum balance of the recovery fund prior to an assessment to all agents: $350,000 28.

4 What is a disadvantage of land court: original ( first time ) is slow and expensive 29. What form of ownership is not recognized in Hawaii: community property 30. What type of state is Hawaii: Lien Theory 31. What three documents are common in Land Court: Transfer Certificate of Title, Lien Letter and Deed 32. If a payment is made from recovery fund: licensee license is suspended 33. The surviving spouse of the decedent, who is married sixteen years is entitled to: 50% of decedents Estate . 34. The vendor of an agreement of sale has what title: legal or beneficial 35. The vendee of an agreement of sale has what title: equitable 36. Which party holds title during the term of an agreement of sale: vendor 37. In Hawaii curtesy & dower are recognized for properties occupied prior to: 7/1/77 38.

5 Time share is : real property 39. Time share is : the sale of an interval of time 40. Right to Use timeshare is a less than freehold Estate 41. Time Share Ownership ( TSO ) is a freehold Estate 42. Unless a buyer clearly specifies tenancy what is presumed: Tenant in Common 43. What special form of joint tenancy does Hawaii recognize: Tenants in the Entirety 44. When is potential time share buyer entitled to a prize: prior to sales presentation 45. real Estate commissions are : negotiable 46. When advertising real Estate properties: include brokerage company name 47. When must earnest money be deposited: the next business day 48. A person who feels they have been discriminated against in Hawaii may complain to : Hawaii Civil Rights Commission 49. A licensee who changes her/his address must notify the REC within: 10 days 50.

6 A licensee may only accept commissions from : their employing broker 51. Before a salesperson may begin to sell after leaving any agency, the salesperson must : complete proper form, proper fee, and receive sign off of former broker 52. Can a broker offer an opinion of title: no 53. If you fail to complete 10 hours of continuing education by the end of an even numbered year what will happen to your license: automatically inactive 54. Under PASH: (1) a complete stranger may walk across your unimproved land and (2) native Hawaiians have access to undeveloped land for religious ceremonies 55. How many members are on the real Estate commission: 9 56. Who appoints real Estate commission members: Governor 57. What is the boundary between private property and state property at the shoreline: high water mark or vegetation line 58.

7 How long must a brokerage company maintain records: 3 years 59. A plain language addendum is required for a price less than: $25,000 60. real Estate License Law is administered by whom: real Estate commission 61. Who must complete the real property disclosure statement: seller 62. Besides the owner/seller, who may sign the deed: attorney in fact 63. In Hawaii mineral rights are usually owned by: State of Hawaii 64. Which agency conducts investigations of License Law violations: Regulated Industries Complaint Office 3 65. If the broker is absent for more than 30 days, the licensees licenses must be placed on what status: inactive status 66. How does a corporation take title to property: severalty 67. How does a partnership take title to real property: as a partnership 68. Can you be fined $500 and spend three months in jail for license law violation: yes, you can be fined up to $1,000 and spend up to one year in jail.

8 69. In Hawaii is an attorney in fact, operating under a power of attorney exempt from having a real Estate license: yes, they act on behalf of principal for the principal 70. License renewal occurs how often: by 12/31/ of each even numbered year 71. What is penalty for engaging in real Estate practice without a license: $5,000 fine 72. May a broker collect a commission from both the buyer and seller: yes, if it is mutually agreed to in writing by both principals 73. The broker knew the roof leaks and decides to only tell a buyer if he/she asks. Must the broker disclose if no one asks: yes, it is a material fact 74. When do you disclose agency: upon the first serious occasion demonstrating an interest in the property, or, before any offers are prepared 75. What is exempt from Uniform Sales Practices Act: sales to professionals in the industry, sales of less than 20 lots, sales to less than 10 persons 76.

9 What is the latest a Sellers real Property Disclosure Statement must be presented to the buyer: 10 days from date of acceptance. 77. Condominium Public Reports expire when: after 13 months 78. A Hula Mae Borrower may be subject to a profit recapture is he/she sells prior to : the end of the 9th year of ownership 79. A Hula Mae Buyer must be : primary owner occupant, US Resident, Hawaii resident, not have a prior Hula Mae loan and an income less than $74,000 80. Who is eligible for an ERS loan: a primary residence buyer who: is an employee or retiree of the State or County, and monthly income must be 3 times the mortgage payment 81. Hawaii discrimination laws add what to the seven Federally protected classes: (1) HIV/Aids and Service Animals 82. How many days does a landlord have to return a security deposit: 14 days 83.

10 How many days notice does a landlord have to give to raise rent on MTM: 45 days 84. When does a licensee renew his or her license: by end of each even numbered year. 85. What must a licensee do to renew at the end of each even numbered year: take ten hours of CE courses, pay fees and submit renewal form by deadline 86. If you are newly licensed in the even numbered year, are you required to take CE in that year in order to renew: no 87. If you are newly licensed in an odd numbered year, are you required to take CE the next year (an even numbered year) to renew: yes 88. Within how many days must you notify the director of taxation of a bulk sale: 10 89. Is the buyer or the seller ultimately responsible for capital gains taxes if you fail to withhold under the terms of HARPTA: buyer 90.