terms
Which of these accurately represents protected classes specifically recognized in Hawaii law but not in federal law? 1 Age, marital status, gender identity, HIV infection, sexual orientation, ancestry 2 Marital status, gender identity, religion, sexual orientation, ancestry 3 Race, color, religion, familial status, national origin, sex, disability 4 Race, disability, ancestry, color, religion, HIV infection, familial status
1 Age, marital status, gender identity, HIV infection, sexual orientation, ancestry In addition to the seven federally protected classes, Hawaii adds age, marital status, gender identity/expression, HIV infection, sexual orientation, and ancestry.
Which of these statements best describes how brokers handle income and Social Security taxes for independent contractors? 1 Brokers don't withhold income or Social Security taxes for independent contractors. 2 Brokers withhold income and Social Security taxes for independent contractors. 3 Independent contractors don't pay income or Social Security taxes. 4 The IRS doesn't tax independent contractors.
1 Brokers don't withhold income or Social Security taxes for independent contractors.
Which of these situations is NOT a violation of Hawaii license law? 1 Claude placed Marvel's home on the MLS but didn't make it public until the listing agreement was on file. 2 Marvin's seller is desperate to sell his home. Marvin can't reach him, and a seller offers $10,000 less than the list price. Marvin verbally agrees to the offer. 3 Nicole placed a brokerage sign in a customer's yard before the listing agreement was signed. 4 Trent placed property flyers in the display box on Rob's yard sign without permission.
1 Claude placed Marvel's home on the MLS but didn't make it public until the listing agreement was on file.
Which state-level regulatory agency is responsible for enforcing Hawaii real estate laws and regulations? 1 Department of Commerce and Consumer Affairs 2 Hawaii Department of Planning and Development 3 Hawaii State Legislature 4 HUD
1 Department of Commerce and Consumer Affairs Hawaii's DCCA is responsible for regulating and licensing more than 140,000 professionals in Hawaii, among them real estate licensees.
Which of the following is a true statement about the real estate market? 1 It's cyclical; there will always be ups and downs in the market 2 The market goes up when there are fewer real estate licensees in the industry 3 The market will typically boom around the holidays. 4 There is no predictable pattern to market ups and downs.
1 It's cyclical; there will always be ups and downs in the market The real estate market is cyclical, and there are predictable patterns to the cycle.
Lawrence is the listing agent for Todd's property. Todd is moving out of state for a new job, so the house will be vacant for some time, depending on how long it takes to sell. Todd is pretty adamant about not having a sign in his yard, especially after he moves. Lawrence follows Todd's wishes, but a month after Todd moved, there hasn't been any movement on the property. Lawrence places a sign in the yard, hoping it will drum up some interest. Is this okay? 1 No, Lawrence shouldn't place a sign on Todd's property without Todd's written permission. 2 No, Todd's neighbors might tattle. 3 Yes, as the listing agent, Lawrence has the right to place a sign on the properties he has listed. 4 Yes, since Todd has moved, Lawrence can make decisions related to the property.
1 No, Lawrence shouldn't place a sign on Todd's property without Todd's written permission.
What's the purpose of PASH, Public Access to Shoreline Hawaii? 1 To allow native Hawaiians to access private property for ceremonial rights 2 To create recreational areas for locals and visitors 3 To create setback buffers for visual lines of sight to the sea 4 To restrict public access to shorelines for environmental protection
1 To allow native Hawaiians to access private property for ceremonial rights Part of Hawaii's coastal zone management is impacted by the rights of native Hawaiians to access private property, unless the property was fully developed, to hold traditional ceremonies and customary gatherings.
Which of these is a general outcome of zoning laws? 1 To control land use in support of land use laws 2 To enforce shoreline setbacks 3 To limit an area's growth and development 4 To permit a government to exercise its right to escheat
1 To control land use in support of land use laws Zoning laws, building codes and ordinances, and community planning are all part of a governing body's police power. These laws are designed to support overall land use plans.
What does the Public Access Shoreline Hawaii Act (PASH) do? 1 Allows Native Hawaiians free access to any public beach in Hawaii 2 Allows native Hawaiians to access privately owned shorelines for traditional, cultural, and religious needs 3 Provides access to Native Hawaiians on holidays 4 Provides residents of Hawaii access to all dwellings on the shoreline
2 Allows native Hawaiians to access privately owned shorelines for traditional, cultural, and religious needs The intent of PASH is to protect the Hawaiian way of life, and the rights of native Hawaiians, however many feel PASH is a little ambiguous
In Hawaii, which one of these scenarios would require a real estate license? 1 Brenda is selling her own home and isn't using the services of a real estate agent. 2 Carly is searching for a new home for a friend moving into town. After the friend buys a property, Carly will receive 2% of the sales price for her time. 3 Fred is acting as executor of his uncle's estate, which includes selling the property his uncle owned. 4 Joseph is helping his sister Doris find a new apartment. He's searching listings and calling property management companies, but won't receive anything in return.
2 Carly is searching for a new home for a friend moving into town. After the friend buys a property, Carly will receive 2% of the sales price for her time.
Constance, the principal broker, authorized Gina, an associated licensee, to deliver three earnest money checks to the escrow company that will hold them. Which of these is correct? 1 Constance has violated Hawaii laws, because only the PB or BIC may handle trust funds. 2 Constance may provide written authorization for another party to either deposit or deliver escrow funds to the appropriate place. 3 Gina is permitted to deliver earnest money to the appropriate place if the owner of the funds agrees. 4 Hawaii law explicitly permits licensees to deliver earnest money received directly to an escrow company.
2 Constance may provide written authorization for another party to either deposit or deliver escrow funds to the appropriate place.
____________ regulatory agencies regulate zoning and planning. 1 Federal 2 Local 3 Regional 4 State
2 Local Local regulatory agencies regulate zoning and planning.
Which of the following is a true statement about NAR? 1 All real estate professionals can refer to themselves as REALTORS®. 2 NAR's early license laws became the foundation for many states' license laws 3 Real estate licensees are automatically NAR members. 4 State REALTOR® associations aren't part of the national association.
2 NAR's early license laws became the foundation for many states' license laws The association formed in 1908, and in 1914 developed license laws that later became the foundation for many states' license laws.
What is the de minimis encroachment allowance for agricultural property? 1 18 inches (1.5 feet) 2 Nine inches (.75 feet) 3 Six inches (.5 feet) 4 Three inches (.25 feet)
2 Nine inches (.75 feet)
In the real estate business, which professional's primary role is to provide brokerage services to clients and to supervise licensees who work for them? 1 Real estate attorney 2 Real estate broker 3 Real estate counselor 4 Real estate salesperson
2 Real estate broker It's the real estate broker's role to provide brokerage services and to supervise any licensees who work for them. Brokers are liable for their licensees' actions.
Which of these statements about the real estate industry in Hawaii is true? 1 Pricing inland vs. oceanfront is similar. 2 The market varies from island to island. 3 There are very few timeshares and condos. 4 There's a lot of developable land available.
2 The market varies from island to island. Location, along with other unique island factors such as island size, climate, and available oceanfront property significantly impact the Hawaii market, and each island's market is unique
A new business moves into town, significantly increasing the availability of good paying jobs. How is this likely to affect the town's housing market? 1 Both demand and supply will go down, creating a stagnant market. 2 Demand will go up, creating a buyer's market 3 Demand will go up, creating a seller's market. 4 Supply will go down, driving home prices down with it.
3 Demand will go up, creating a seller's market. When the number of people who can afford a mortgage increases, this will increase demand for housing, which is likely to create a seller's market.
Lana is retiring to Hawaii, and wants to purchase her dream home. Which factor will most impact the pricing? 1 A pool 2 Home upgrades 3 Location 4 Square footage
3 Location The location of the home she chooses will have the most impact. A home located on or near an ocean or beach front will be significantly higher than if she purchases inland. Pricing also varies by island.
Under what ruling may native Hawaiians have a legal right to enter a private homeowner's land for certain traditional or cultural purposes? 1 ACCESS ruling 2 Kuleana Land ruling 3 PASH ruling 4 PSH ruling
3 PASH ruling The Public Access Shoreline Hawaii ruling is intended to protect native Hawaiian rights as well as to avoid unnecessarily trampling on the rights of Hawaii land owners.
What is the de minimis encroachment allowance for residential property? 1 18 inches (1.5 feet) 2 Nine inches (.75 feet) 3 Six inches (.5 feet) 4 Three inches (.25 feet)
3 Six inches (.5 feet) De minimis allowances range from .25 feet to 1.5 feet. The allowance for residential property is six inches (.5 feet).
Tristan believes that his real estate agent discriminated against him based on gender identity when he was trying to purchase a small manufacturing facility. Which of these statements about Hawaii discrimination laws is correct? 1 Gender identity isn't a protected class, so Tristan has no grounds for a complaint. 2 Tristan can file a complaint with HUD because gender identity is protected under federal law. 3 Tristan can file a complaint with the Hawaii Civil Rights Commission because gender identity is protected under state law. 4 Tristan can't file a complaint because the discriminatory action was related to a commercial property transaction.
3 Tristan can file a complaint with the Hawaii Civil Rights Commission because gender identity is protected under state law.
The city of River Heights is experiencing a shortage of skilled workers in the construction trades. Is this likely to affect the real estate market, and if so, how? 1 No, this situation would have no effect on the real estate market. 2 Yes, this would decrease demand for homes because there are fewer workers in the construction industry, potentially creating a buyer's market. 3 Yes, this would impact the supply of homes on the market, potentially creating a seller's market. 4 Yes, this would reduce the number of real estate licensees selling property, potentially creating a stagnant market.
3 Yes, this would impact the supply of homes on the market, potentially creating a seller's market. The availability of skilled labor to build homes is a factor that will affect the supply of homes on the market. Low supply can potentially create a seller's market.
The median sales price range for a single-family home on Maui, Oahu, and Kauai is ______. 1 $100,000-$200,000 2 $200,000-$300,000 3 $400,000-$500,000 4 $600,000-$700,000
4 $600,000-$700,000 The scarcity of developable land, its remote location, and the aspiration of living oceanfront all factor in to Hawaii's median home price value. On several islands, the median sales price range from $600,000-$700,000
Jackie and Sven are real estate licensees who aren't members of NAR. They may not refer to themselves as ______. 1 Licensed real estate professionals 2 Licensees 3 Qualified 4 REALTORS®
4 REALTORS® Only members of the National Association of REALTORS® can do this. It's unethical and possibly illegal to claim to be part of a real estate organization when you're not.
In the real estate business, whose primary role is it to make improvements to land? 1 Home inspector 2 Property manager 3 Real estate appraiser 4 Real estate developer
4 Real estate developer The real estate developer's role is to improve land through construction, which may include subdividing the land and developing the property
What type of pest insurance might local homeowners in Hawaii want to purchase to prevent and limit the damaging financial effects of an infestation? 1 Cane spider insurance 2 Centipede insurance 3 Cockroach insurance 4 Termite insurance
4 Termite insurance Hawaii's warm, humid climate is ideal for termites-their colonies can number in the millions. Termite insurance can be a great tool in the battle to fight termites.
Which of the following is true about NAR's Code of Ethics? 1 NAR can sanction all licensees for COE violations. 2 NAR members can decide whether or not to abide by the Code of Ethics 3 State REALTOR® associations can develop their own codes of ethics and use those instead of NAR's Code of Ethics 4 The Code of Ethics is widely accepted as a guideline for professionals who serve the public.
4 The Code of Ethics is widely accepted as a guideline for professionals who serve the public. Although NAR is a member-based organization, the COE is widely accepted as a guideline for professionals who serve the public.
What provisions does Hawaii's Professional and Vocational Licensing Act make for license suspension? 1 The act makes no provisions, instead leaving that to Hawaii license law. 2 The act permits individuals whose license has been revoked to re-apply three years after the revocation. 3 The act prohibits license revocation for any but the most grievous license offenses. 4 The act prohibits license suspension for a period of more than five years.
4 The act prohibits license suspension for a period of more than five years.
______ owns the newly created land when one of Hawaii's volcanoes erupts and there is lava flow that extends the shoreline. 1 The adjacent land owner 2 The king's descendants 3 The kuleana 4 The state of Hawaii
4 The state of Hawaii Newly formed land caused by lava flow is owned by the state.
The two best places for licensees to spend their marketing dollars are in their sphere of influence and in ______. 1 Downcycle survival kits 2 High-end advertising 3 Leads services 4 Their farm area
4 Their farm area The two best places for you to spend your marketing dollars are in your sphere of influence and in your farm area.
You're a Hawaii licensee and are thinking about joining the National Association of REALTORS®. Which of these statements is true about NAR membership? 1 Anyone who practices real estate legally can call him- or herself a REALTOR®. 2 Membership in NAR is mandatory to practice real estate in all states. 3 NAR has fewer than 500,000 members. 4 You can become a member of NAR by joining your state association.
4 You can become a member of NAR by joining your state association. The Hawaii Association of REALTORS® is Hawaii's NAR association.
How far inland does Hawaii's shoreline setback extend? 40 feet beyond the natural vegetation line 40 yards beyond the shoreline To the median water mark To the nearest highway
40 feet beyond the natural vegetation line
In Hawaii, what's the prelicensing education requirement for brokers? 100 hours 40 hours 60 hours 80 hours
80 hours
Tina is negotiating a lease in Hawaii. For which transaction is agency disclosure required? A lease of any length and value A lease that's longer than one year A lease that's six months or longer A lease with a total lease fee of $50,000 or more
A lease that's longer than one year Leases, both commercial and residential, of longer than one year require agency disclosure.
What must you have to apply as a real estate salesperson in Hawaii? A 90% or better on prelicensing education exams A bachelor's degree A principal broker to provide supervision A six-month reserve of operating funds
A principal broker to provide supervision
Eliza is an unlicensed assistant for the Ace Team at Acme Realty. Tom is an associate broker on the team. Jerry is a sponsoring broker. Which of these activities must either Tom or Jerry perform? A. Negotiating a commission with a client B. Writing advertisements for broker approval C. Assembling documents for closing D. Following up on a loan's processing status with a mortgage broker
A. Negotiating a commission with a client
Which of these is a violation of Hawaii license law? A. Sam lists a distressed property for Barbara. The property doesn't sell during the 90-day listing period, and Barbara lets the listing expire. A month later, Sam purchases the property. B. Marietta accuses her broker of incompetency, lying, and dealing unfairly with one of her clients. C. Though her seller client asked her not to, Nevina disclosed an impending zoning change to the buyer's broker. D. Myrna's seller asked for an open-ended listing agreement, but Myrna included a termination date.
A. Sam lists a distressed property for Barbara. The property doesn't sell during the 90-day listing period, and Barbara lets the listing expire. A month later, Sam purchases the property. While lying, dealing unfairly, and being incompetent when working as a licensee are certainly illegal, the accusation itself isn't. Rather than being illegal, Nevina's disclosure (option C), despite her client's wish that she keep it quiet, was the correct thing to do, both legally and ethically. Hawaii requires that listing agreements include a termination date, so Myrna's actions were legal (option D). Hawaii law prohibits listing licensees from purchasing a formerly listed distressed property until at least 365 days have elapsed from the date the listing terminated. Sam's actions in option A violated Hawaii law.
In which of these situations would the client be protected under Hawaii fair housing laws but not federal fair housing laws? A. Suny, who's a transgender woman, was refused an apartment lease because of her sexual identity. B. Morton was denied ownership of a cooperative unit when the board learned he was HIV positive. C. Kathleen accepted a listing, knowing that the owner intended to discriminate against families with children. D. Constance refused a lowball offer from a gay buyer.
A. Suny, who's a transgender woman, was refused an apartment lease because of her sexual identity. Both federal and Hawaii fair housing laws prohibit discrimination based on HIV status, so option B is incorrect. Federal law prohibits discrimination based on familial status, and Hawaii law mirrors that, so option C is incorrect. Constance is fully within her rights to refuse an offer that didn't meet her financial criteria, no matter who makes the offer, so option D is incorrect. Hawaii law specifically provides protection for transgender individuals, making option A the correct choice. You should know that court cases in some states have held that sexual identity protections also protect gender identity and transgender status.
HRS 515-3 adds the following protected classes:
Age Marital status Sexual orientation Gender identity/expression Ancestry HIV infection
In Hawaii, which commercial transactions require agency disclosure? All sales, and leases for longer than one year Neither sales nor leases Sales, but not leases Transactions above $1 million in value
All sales, and leases for longer than one year
When is agency disclosure required in a timeshare sale in Hawaii? Always. If the property was built after 2010. Never; timeshares are exempt from disclosure requirements. When the timeshare will be for one year or longer.
Always.
A brokerage firm's principal broker was involved in an auto accident and will be absent from the firm for at least two months. How does this impact the firm? A. The broker in charge automatically becomes the temporary PB. B. A temporary PB must be appointed within 30 days of the injured PB's absence. C. The firm can continue to operate as usual. D. The firm's license will be placed on involuntary inactive status as soon as the principal broker's absence is discovered.
B. A temporary PB must be appointed within 30 days of the injured PB's absence.
Anna Belle deposited Adam's earnest money check into the firm's trust account. Interest earned on the account will be credited to Adam's down payment at closing. Which of these statements is true? A. The State of Hawaii requires that earnest money funds earn interest that's payable to the buyer. B. Adam and the firm's principal broker agreed to deposit the funds in an interest-bearing account and pay the interest to Adam at closing. C. The seller and Adam agreed that earnest funds would earn interest payable to Adam at closing. D. This arrangement is a violation of Hawaii law, because earnest money funds may not be deposited into an interest-bearing account.
B. Adam and the firm's principal broker agreed to deposit the funds in an interest-bearing account and pay the interest to Adam at closing. The owner of the funds and the principal broker or broker in charge must agree, in writing, whether the funds will be deposited into an interest-bearing account, who will pay any penalty on early withdrawal of funds (if there is a penalty), to whom the interest will be paid, and when and how the funds will be disbursed.
Which of these represents an appropriate level of supervision by a principal broker in Hawaii? A. Jarod enforces strict rules for how his associated licensees may generate leads. B. Becca reviews every contract generated by the licensees in her firm. C. Willis requires that each of his associated licenses provide a complete transcript of every transaction-related telephone call. D. Teresa audits the financial records of each of her associated licensees.
B. Becca reviews every contract generated by the licensees in her firm.
Gene's firm was disciplined for a licensee's misrepresentation. Gene now requires all salespeople to work prescribed hours, attend all training, and follow the work methods outlined in the policies and procedures manual. Which of these is true? A. As the principal broker, Gene can make these requirements of his associated licensees. B. Gene is jeopardizing his licensees' independent contractor status. C. A licensee's independent contractor status isn't jeopardized unless Gene pays licensees a salary. D. Gene can take these actions for a limited time in order to discipline his associated licensees.
B. Gene is jeopardizing his licensees' independent contractor status.
Serenity's buyer, Rodney, agreed that Serenity could hold his uncashed earnest money check until the seller accepts his offer. What else does Serenity need to do? A. Get permission from the seller to hold the check. B. Notify the seller that the check has been received and is being held. C. Ask Rodney to post-date the check to the noted contract acceptance deadline. D. Note in the trust fund records that the check is being held.
B. Notify the seller that the check has been received and is being held. Because earnest money is typically to be delivered with the offer, the seller must be notified that the check has been received and is being held pending offer acceptance.
Which of the following actions would NOT be considered a violation of fair housing law in Hawaii? A. Refusing to allow a person with a disability to make reasonable modifications deemed necessary for full enjoyment of the property at the tenant's own expense B. Requiring that a person with a disability who made reasonable modifications to the property restore it to its original condition (excluding normal wear and tear) C. Implying in a listing advertisement that a property is more appropriate for persons without a disability D. Failing to provide accessible entrances and common areas in a new multi-family dwelling
B. Requiring that a person with a disability who made reasonable modifications to the property restore it to its original condition (excluding normal wear and tear) It's a violation to refuse to allow a person with a disability to make reasonable modifications at the person's own expense, but the owner can require that the person return the property to its original condition.
Roger became licensed on March 15, 2016. Which of these statements about Roger's biennial licensing period CE credits is true? A. Roger's 20 CE credits were due by November 30, 2018. B. Roger wasn't required to complete any CE credits for his first renewal period. C. Roger was required to complete 10 CE credits by the due date. D. Roger had to complete all 20 CE credits during his first renewal period.
B. Roger wasn't required to complete any CE credits for his first renewal period. Hawaii licensees are required to complete 20 continuing education credits during each biennial licensing period. The licensing biennium begins on January 1 of odd-numbered years and runs through December 31 of the next even number year. The state of Hawaii gives licensees who become licensed in an even-numbered year a break from completing 20 hours of CE. Licensees who become licensed in an even-numbered year and renew their license by the end of that year as required don't have to complete any CE hours for that first renewal, making option B the right choice.
For which of the following transactions is agency disclosure required in Hawaii? A. Martin, a Hawaii licensee, found a tenant for Andy's commercial building; the lease is for 10 months. B. Susan, a Hawaii licensee, helped Bob negotiate an option to purchase Nathan's hair salon. C. Ken, a Hawaii licensee, helped Rita rent out a room in her house for six months. D. Chanel found a short-term vacation renter for six weeks for Noni's timeshare.
B. Susan, a Hawaii licensee, helped Bob negotiate an option to purchase Nathan's hair salon. Disclosure is required in lease transactions, but only if the lease is for a term longer than one year, so option A is incorrect. This eliminates option C as well. Disclosure is also required for timeshares, but Chanel is working on a six-week timeshare lease, so it's also excluded from agency disclosure requirements. In option B, Susan helps negotiate an option to purchase, which requires agency disclosure.
Which of these is an example of commingling? A. Jenson deposited his client's earnest money check into the firm's trust account. B. Sean withdrew funds from the firm's trust account to pay the rent. C. Cynthia deposited her client's earnest money check into the firm's operating account. D. Jessica deposited her commission check into her brokerage firm's operating account.
C. Cynthia deposited her client's earnest money check into the firm's operating account. Commingling occurs when funds in or intended for a trust account are mixed with operating or personal funds. When Cynthia mixed her client's funds with the operating funds, this met the criteria for commingling.
Which of these is an example of vicarious liability at work? A. HREC brings a misconduct charge against a licensee. B. Marsha signs an agreement indemnifying her broker from any liability related to their real estate transaction. C. David's broker is fined because David was found guilty of misconduct. D. Cassie's license was deemed inactive because her principal broker's license wasn't renewed on time.
C. David's broker is fined because David was found guilty of misconduct.
Which of these best states the difference between laws and ethics? A. Laws are a set of guidelines; ethics are a set of rules and regulations. B. Laws are defined by individual, legal, and professional norms; ethics are defined by governments. C. Laws are a systematic body of rules; ethics relate to the moral philosophy by which an individual or group functions. D. Ethics are expressed and published in writing; laws are more likely to be abstract.
C. Laws are a systematic body of rules; ethics relate to the moral philosophy by which an individual or group functions.
Sharlise represents a seller who told her that the house floods if it rains more than two days in a row, but the seller doesn't want to include this on the property disclosure form. Which of these statements is most accurate? A. Sharlise will be in violation of Hawaii's ethics requirements if she fails to disclose this. B. Sharlise will be in violation of Hawaii statutes if she fails to disclose this. C. Sharlise will be in violation of both Hawaii's statutes and ethics requirements if she fails to disclose this. D. Sharlise isn't required by either statute or ethics to disclose this if her client requests that she keep it quiet.
C. Sharlise will be in violation of both Hawaii's statutes and ethics requirements if she fails to disclose this. In Hawaii, an ethical violation is also a statutory violation.
What's the relationship between the fiduciary duties owed by a licensee and the level of care provided by that licensee? A. None. They're separate concepts. B. The level of care expected of a licensee is specifically described by the six fiduciary duties. C. The fact that agents are fiduciaries raises the level of care required of licensees. D. A licensee who exercises an appropriate standard of care is automatically performing the required fiduciary duties.
C. The fact that agents are fiduciaries raises the level of care required of licensees.
Robert holds a Hawaii real estate salesperson's license and is selling his own property. Which of these is true? A. He can advertise the property as For Sale by Owner as long as he discloses his licensed status. B. He must list the property with his brokerage firm. C. He can't list his property with his brokerage firm. D. He must disclose his licensed status to potential buyers.
D. He must disclose his licensed status to potential buyers. Licensees are prohibited from marketing their own properties as For Sale by Owner. No matter whose property Robert is marketing, he must disclose his licensed status.
Which of the following agency relationship roles is NOT practiced in Hawaii? A. Cary represents both Roger (the buyer) and Cecile (the seller) in a single transaction. B. Mark represents just the buyer in a transaction. C. Katherine represents just the seller in a transaction. D. Margo represents neither the buyer nor the seller in a transaction but is helping them both with paperwork.
D. Margo represents neither the buyer nor the seller in a transaction but is helping them both with paperwork. Hawaii doesn't recognize what other states call transaction brokerage, which is where the licensee doesn't represent either consumer but instead treats both as customers. Therefore, option D is correct: this form of agency isn't practiced in Hawaii. Hawaii recognizes only single agency (the licensee represents either the buyer or the seller) or dual agency (where a single licensee represents both the buyer and the seller).
Hawaii licensee Giana manages Three Star Realty's main office. She's in charge of training and mentoring the firm's staff. What kind of licensee is she? A. Salesperson B. Broker associate C. Managing broker D. Principal broker
D. Principal broker Hawaii doesn't recognize the designations of broker associate or managing broker. Since Giana is managing the main office, she's a principal broker or broker-in-charge.
Desiree wrote an ad to be used in a very small space in the local paper. She wrote, "See Desiree Streeter (B, R) for all your real estate needs! Oahu Homes, Inc., dba Island Dream Homes, 1492 West Beach Way, Honolulu, HI, 555-555-5555." Which of these is true? A. This ad violates Hawaii real estate advertising regulations because it doesn't use the broker's name. B. This ad violates Hawaii real estate advertising law because it uses the abbreviation "dba." C. This ad violates Hawaii real estate advertising law because it uses the abbreviation "Inc." D. This ad complies with all Hawaii advertising law requirements.
D. This ad complies with all Hawaii advertising law requirements. All advertising that refers to an individual licensee's name must include the legal name, licensee's firm, broker or salesperson identification, and REALTOR® association membership, if applicable.
In which of these situations is it permissible to not include the brokerage firm's trade name in promotional materials? Brenda is co-branding a brochure with a lender. Damien is a sole proprietor and has no registered business name. The information won' fit in the space reserved for Cooper's ad. The marketing materials are for an individual salesperson.
Damien is a sole proprietor and has no registered business name.
Select the statement that most accurately describes a basic difference between independent contractors and employees. Employees set their own hours, pay their own expenses, and are compensated according to their results and not time spent. Independent contractors and employees are taxed differently. Independent contractors must file W-2s with the IRS. Most brokers are employees, not independent contractors.
Independent contractors and employees are taxed differently.
If a Hawaii company forfeits its real estate license, how long does the company have to restore it before the license is terminated? 30 days 90 days One year Six months
One year
Dean is the listing agent for Jane's property. After a couple of weeks on the market, two formal written offers come through. One is for well below the listing price, and another is a bit closer, but still under the list price. What should Dean do with the offers? Present both offers to Jane. Present the higher offer to Jane, but not the lower offer. Present the lower offer to Jane, but not the higher offer. Respond to the buying agents and tell them to submit new offers closer to the listing price.
Present both offers to Jane.
Federal fair housing laws prohibit discrimination in housing on the basis of these protected classes:
Race Color Religion Sex Disability Familial status National origin
In Hawaii, which of these actions would be considered discriminatory? Refusing to rent to a person who uses an emotional support animal Requesting verification of a disability that's not readily apparent Requiring a person with an assistance animal to pick up the animal's waste Requiring a person with a therapy animal to obey leash laws
Refusing to rent to a person who uses an emotional support animal
Jasmine's client presented her with an earnest money check on Friday evening. By when must Jasmine deliver the check to the escrow company? The next business day The next day Within three business days Within two business days
The next business day
For how long must a real estate brokerage firm retain trust account records? Five years One year Three years Two years
Three years
Trinity is creating some marketing material for a new leasehold listing. Which of these statements is true? All marketing materials must include the leasehold renegotiation term. The ads must identify how many years are left on the lease. Trinity must identify the property as a leasehold. Trinity must market the property as a periodic lease.
Trinity must identify the property as a leasehold.
Hawaii real estate recovery fund
is a state-regulated fund used to compensate consumers who have suffered a loss as a result of a real estate licensee's misrepresentation or fraud. Brokers and salespersons pay a one-time $50 fee when becoming licensed. Payment from the fund is limited to $25,000 per transaction. The license of any licensee on whose behalf the real estate recovery fund is required to pay a claim will be automatically terminated. The licensee will not be eligible for a license for a period of at least five years and in no case unless the licensee has reimbursed the recovery fund.
The set of fiduciary duties that licensees are required to perform
obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care and skill
