Hawaii real estate Exam Questions With Verified Answers.
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Course
Hawaii Real Estate
Institution
Hawaii Real Estate
Hawaii real estate Exam Questions With
Verified Answers.
4 land districts - answerUrban
Rural
Agricultural
Conservation
What is UCC? - answerUniform Commercial Code- it's a legal form a creditor files to give
notice that it may have interest in personal property of debtor. Gives public notic...
Hawaii real estate Exam Questions With Verified Answers. 4 land districts - answer✔✔Urban Rural Agricultural Conservation What is UCC? - answer✔✔Uniform Commercial Code - it's a legal form a creditor files to give notice that it may have interest in personal property of debtor. Gives public notice of right to take possession of and sell property for repayment. Can also be se curity or financing agreement, bulk sales, business opp or direct taxation. Tenancy in entirety is same as? - answer✔✔Reciprocal beneficiaries Land trust - answer✔✔People use it for privacy and to avoid probate. Allows property to pass to owners heirs vs probate. Property taxes lower Judgements or liens(such as IRS liens) can not be used against their land trust property. Prescriptive easement - answer✔✔An Easement on another persons property acquired by continued use w/out permission of owner for a pe riod provided by state law. Easement - answer✔✔A right, privilege or interest which one party has of another's land. Easement by necessity - answer✔✔When absolutely necessary for the reasonable use of the property. Servient provides easement and dominant h as access to where it's located. 2 types of easement - answer✔✔Easement in gross (gov or public utility) Easement appurtenant: its permanent and runs with the land Adverse possession - answer✔✔A process where premises can change ownership in title, witho ut permission or prior relationship with owner. For 20 years or more, unless owner re enters . How many types of agency choices are there? - answer✔✔Single -represents one Dual -represents both seller n buyer Sub-agent - principal broker is How many times do you have to disclose? - answer✔✔3 times - agent preparing listing contract for seller - agent producing buyer to disclose who he represents -agent of of buyer must tell seller then listing broker How many times do you have to disclose? - answer✔✔3 times - time broker obtains the listing -prior to preparing a contract between buyer and seller -prior to presenting a contract between the buyer n seller to seller Termination of agency - answer✔✔1- mutual agreement 2-accomplishment of agency 3-expiration of an agreed upon time limit 4-death ,insanity, bankruptcy of broker(agent) 5-destruction of subject matter 6-change of law making agency illegal Contractual ability - answer✔✔All parties must be sound mind and of legal capacity - no minors, mental defective, or intoxicated Encroachment - answer✔✔A building or fixture that intrudes partly or wholly upon the property of another What does DROA mean? - answer✔✔Deposit, Receipt, Offer Acceptance aka Purchase Contract Counter Offer - answer✔✔When seller doesn't accept buyers Offer and makes changes, a new counter offer cancels all prior offers Contracts in order - answer✔✔Purchase contract Counter offer form
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