Determine your answer, then click the arrow to see the correct response.
Which of the Following Best Describes "Ohana Housing" in Hawaii?
A) Housing exclusively for elderly residents
B) A separate dwelling unit on the same property as the main home
C) Government-subsidized housing
D) Temporary rental housing for tourists
Correct Answer: B) A separate dwelling unit on the same property as the main home
Explanation: Ohana housing refers to a secondary dwelling unit on the same property as the main residence, often used for family members.
What Is a Common Element in a Condominium in Hawaii?
A) An individual unit
B) A personal garage
C) The building’s roof
D) A privately owned yard
Correct Answer: C) The building’s roof
Explanation: Common elements in a condominium typically include parts of the property shared by all owners, such as the building’s roof, hallways, and amenities.
In Hawaii, What Must Be Included in the Condominium Public Report?
A) The previous owner’s contact information
B) Detailed financial statements of all unit owners
C) Disclosures of all material facts affecting the project
D) Architectural plans for neighboring buildings
Correct Answer: C) Disclosures of all material facts affecting the project
Explanation: The Condominium Public Report must include disclosures of all material facts affecting the project to ensure potential buyers are fully informed.
What Is the Minimum Number of Continuing Education Hours Required for a Real Estate License Renewal in Hawaii Every Two Years?
A) 12 hours
B) 20 hours
C) 18 hours
D) 24 hours
Correct Answer: B) 20 hours
Explanation: Hawaii requires real estate licensees to complete 20 hours of continuing education every two years for license renewal.
Under Hawaii Law, What Is the Rescission Period For Purchasing a New Timeshare?
A) 3 days
B) 5 days
C) 7 days
D) 10 days
Correct Answer: C) 7 days
Explanation: Hawaii law provides a 7-day rescission period for buyers of new timeshares, during which they can cancel the purchase without penalty.
What Is Required for a Real Estate License Applicant in Hawaii To Qualify for the Licensing Exam?
A) Proof of U.S. citizenship
B) Completion of a pre-licensing course
C) A minimum of two years of college education
D) A background in finance
Correct Answer: B) Completion of a pre-licensing course
Explanation: Hawaii requires real estate license applicants to complete a state-approved pre-licensing course before qualifying for the licensing exam.
In Hawaii, What Is the Primary Difference Between Fee Simple and Leasehold Ownership?
A) Fee simple ownership includes the land; leasehold does not
B) Leasehold ownership is for a limited period; fee simple is permanent
C) Fee simple ownership requires higher property taxes
D) Leasehold ownership can be passed to heirs; fee simple cannot
Correct Answer: B) Leasehold ownership is for a limited period; fee simple is permanent
Explanation: Fee simple ownership is permanent and includes both the land and the property, while leasehold ownership is for a specified period, after which ownership reverts to the lessor.
Which of the Following Best Describes a "Short Sale" in Real Estate?
A) Selling a property below market value to avoid foreclosure
B) Selling a property in less than 30 days
C) Selling a property with a shorter escrow period
D) Selling a property without using a real estate agent
Correct Answer: A) Selling a property below market value to avoid foreclosure
Explanation: A short sale involves selling a property for less than the amount owed on the mortgage to avoid foreclosure, usually requiring lender approval.
In Hawaii, How Often Must a Real Estate Salesperson Renew Their License?
A) Annually
B) Every two years
C) Every three years
D) Every five years
Correct Answer: B) Every two years
Explanation: Real estate salespersons in Hawaii must renew their licenses every two years to remain active.
What Is Required for a Property Manager License in Hawaii?
A) A high school diploma
B) A degree in business administration
C) A real estate salesperson license
D) Certification in property management
Correct Answer: C) A real estate salesperson license
Explanation: In Hawaii, property managers must hold a real estate salesperson license, which requires passing the real estate exam and meeting other licensing requirements.