Ownership

What is a public offering statement?

A full and accurate disclosure of all material and relevant facts concerning the subdivision.

hich of the following best describes Planned Development Housing?

A higher density development with smaller lots, closer dwellings and recreational space set aside for the use of all owners and tenants.

An example of a limited common element in a condominium might be:

A parking stall

What may the Director do if the developer does not provide a public offering statement to each buyer of non-exempted subdivided land? Issue a cease and desist order. All of these answers are correct. Revoke the registration. Stop all sales.

All of these answers are correct.

When a leasehold condominium is converted to fee simple land ownership: The owner/lessor of the land must first offer the association a first right of refusal to buy the fee simple interest. Seventy-five percent of the unit owners must vote to approve the purchase. All of these answers are correct. The association has 120 days to accept or reject the offer.

All of these answers are correct.

A periodic charge payable by condominium owners for the maintenance of the property's common elements.

Assessment

A party named to benefit from the yield or disposition of an asset identified in a trust, insurance policy, or will.

Beneficiary

1. Portions of a condominium property that are owned by all unit owners, for example the grounds, parking facilities, lobby, and elevators. 2. Portions of a commercial property used by all occupants as well as the public, for which the tenants may have to share in the repair and maintenance costs.

Common Elements

An estate distinguished by fee simple ownership of the airspace of a unit plus an undivided interest with the other unit owners in the overall property's common elements.

Condominium Estate

Ownership of shares in a cooperative association which acquires a multi-unit dwelling as its primary asset. Shareholders also receive a proprietary lease on a unit for the duration of their share ownership.

Cooperative Estate

What department regulates subdivision approval in Hawaii?

DCCA

A right of a surviving spouse to claim a prescribed portion of the decedent's real and personal property in place of the provisions of the decedent's will.

Elective Share

Which of the following is true regarding condominiums?

Individual unit owners may insure their units separately.

A fee or leasehold interest in a property that is shared by owners who have use of the property at different times.

Interval Ownership

A form of real property ownership in which co-owners share all rights and interests equally and indivisibly; entails right of survivorship. Parties must establish tenancy at the same time and with a single deed.

Joint Tenancy

A trust in which a trustor conveys a fee estate to a trustee and names himself or herself as beneficiary. The beneficiary in turn controls the property and the actions of the trustee.

Land Trust

Regarding condominiums under HRS 514B:

Owners have equal rights to usage of the common elements.

A lawsuit requesting the court to alter or cancel the interests of a co-owner in a parcel of real property. Initiated when co-owners do not agree to make the change voluntarily.

Partition Suit

A multi-use development project requiring special zoning and involving deed restrictions.

Planned Unit Development

A cooperative owner's lease on a unit in the cooperative building. The lease runs concurrently with the owner's ownership interest in the cooperative.

Proprietary Lease

A surviving joint tenant's right to receive all rights and interests in the property enjoyed by another joint tenant in the event of the latter's death.

Right of Survivorship

A type of personal property investment, for example, bonds, stocks, and mutual funds.

Security

How many days must the subdivider give the prospective purchaser to review the public offering statement?

Seven

A business entity with an individual as sole owner. The death of the owner terminates the business.

Sole Proprietorship

An estate where each co-owner owns an electable share of the property and can transfer this share to any other party. Does not include right of survivorship; interests of deceased owners pass to heirs.

Tenancy in Common

An estate in real property owned by a single party.

Tenancy in Severalty

When converting an existing rental property to a condominium:

The existing tenants must be given the first right of refusal to purchase their units in fee simple.

Who owns the property in a time-share estate?

The property is owned by tenants in common or by a freehold owner who leases on a time-share basis.

A fee or leasehold interest in a property that is shared by owners who have use of the property at different times.

Time Share

If Sally purchases a "vacation license," she is buying a:

Time share unit

Who are the essential parties involved in an estate in trust?

Trustor, trustee and beneficiary

The time share 7 day right of rescission must be: oral. all of these answers are correct. clearly stated. written.

all of these answers are correct.

Unlike tenants in common, joint tenants:

cannot will their interest to a party outside the tenancy.

Three people have identical rights but unequal shares in a property, share an indivisible interest, and may sell or transfer their interest without consent of the others. This type of ownership is:

tenancy in common

When a single individual or entity owns a fee or life estate in a real property, the type of ownership is:

tenancy in severalty.